[BREAKING] The U.S. government raises tariffs on electric vehicles and lithium batteries

Published: May 14, 2024 19:47 (GMT+8)

Source: SMM

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The U.S. government announced significant tariff increases on electric vehicles, lithium batteries, and other products imported from China.

On May 14th, local time, President Biden of the United States issued a statement announcing that under Section 301, the tariff rate on electric vehicles imported from China will be adjusted from 25% to 100%.

Also:

The tariff rate on lithium-ion batteries for EVs will be increased from 7.5% to 25%
The tariff rate on lithium-ion batteries for non-EVs will be increased from 7.5% to 25%.
Starting in 2026, the tariff rate on battery components will be increased from 7.5% to 25%.
The tariff rate on natural graphite and permanent magnets will be increased from zero to 25%.

The tariff rates on certain other key minerals will also be increased. Additionally, tariffs on semiconductors, steel, aluminum, solar cells, some medical products, and marine cranes will also be raised. These increases apply to China.

If you have any questions regarding this (e.g. how this would affect the industry and your business), please don’t hesitate to reach out.

We are also internally analyzing the potential impacts, and we will potentially present a webinar on the topic. If you are intersted, please also feel free to let me know:

Robin He

SMM Li-ion Battery Materials Department

E: robinhe@smm.cn | T: +86-21-51595884

Macro economy Policy Energy Storage EV New Energy Lithium Prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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