May 14, 2024
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.
| Product | Tariff 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.
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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