US Treasury Secretary expects China to retaliate against US tariffs on electric cars
US Treasury Secretary Janet Yellen said China could retaliate against imposing tariffs on electric cars produced in China.
In an interview with Bloomberg TV, Yellen said, “We hope that China won’t respond with heavyweight, but that’s still a possibility,” she said, noting that US economic decisions are aimed at addressing our concerns and are not broad-based.
The US Treasury secretary appears to confirm press information published Friday about an expected increase in tariffs on Chinese products related to clean energy and electric cars, up to four times.
“I don’t want to expect a tariff review, but it’s a commitment from President Joe Biden and I agree to that possibility,” Yellen said.
These tariffs are expected to be imposed in the coming days, after a reassessment of what was imposed during the trade war between Washington and Beijing.
Former US President Donald Trump imposed tariffs on $300 billion worth of goods from China, and then Joe Biden’s administration began reviewing those measures, but failed to end them during this period.
According to the Wall Street Journal, the tariff increase should particularly affect base metals, solar products and batteries made in China.
Tariffs on electric vehicles are also expected to increase from 25 to 100%.
“It’s imperative that the United States play a role and have a presence in vital industries, such as semiconductors or clean energy, to make them the foundation for good jobs and national security for decades to come,” Yellen stressed.
