May 14, 2024

Client Advisory: New China Tariffs announced by President Biden

U.S. President Biden announces new China tariffs on electric vehicles, solar, chips and more

On May 14th, 2024, President Biden announced new tariffs on $18 billion worth of Chinese imports. The targets of the tariffs include: Electric Vehicles (EVs), Solar cells, Steel, Aluminum, Semiconductors, Advanced batteries, Critical minerals, Solar and medical products.

ProductTariff Percentage Increase & Timing
Battery Parts (non-lithium-ion batteries +25% in 2024 
Electric Vehicles (EVs) +100% in 2024
Facemasks +25% in 2024
Lithium-ion EV batteries+25% in 2024
Lithium-ion non-EV batteries+25% in 2026
Medical gloves+25% in 2026
Natural graphite+25% in 2026
Other critical minerals+25% in 2024
Permanent magnets+25% in 2026
Semiconductors+50% in 2025
Ship-to-shore cranes+25% in 2024
Solar cells (whether or not assembled into modules)+50% in 2024
Steel and aluminum products+25% in 2024
Syringes and needles+50% in 2024




More tariffs will follow in 2025 and 2026 on semiconductors, as well as lithium-ion batteries that are not used in electric vehicles, graphite and permanent magnets as well as rubber medical and surgical gloves.

What does this mean to an Exporter/Importer?

US. Importer/Exporter, please be aware of the situation and start preparations early for the upcoming changes.

If you have any queries relating to the above, please don't hesitate to contact our Trade Advisory teams, or reach out here

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