Summary
- Joe Biden is imposing 100% tariffs on Chinese-made electric vehicles.
- These tariffs will likely keep Chinese EVs out of the US market.
- The tariffs are preventative to avoid flooding the US market with Chinese EVs.
- Chinese-owned car factories in Mexico can still produce Chinese-designed EVs for the US market, avoiding the tariff.
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- Biden’s tariffs will provide temporary relief for US car companies like GM and Ford from Chinese competition
- EVs are likely to displace ICE cars due to various factors favoring EVs in the long run
- Tariffs may not be enough to help US automakers compete in foreign markets
- Protectionism is now the consensus economic policy of both major political parties in the US
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- Tariffs are being used to address concerns about trade imbalances
- Security risks from Chinese-made goods, especially with connected vehicles, are a major concern
- Defense manufacturing capacity is at risk due to heavy competition from China
- Trade barriers may be necessary for domestic manufacturing in times of war
