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The United States imposes tariffs on automobiles, batteries, and key minerals

iconMay 15, 2024 19:22
Source:SMM
The tariff rate for electric cars under Section 301 will increase from 25% to 100% by 2024.

The tariff rate for electric cars under Section 301 will increase from 25% to 100% by 2024. In terms of batteries, battery components and parts, and critical minerals, by 2024, the tariff rate for lithium-ion electric vehicle batteries will increase from 7.5% to 25%; by 2026, the tariff rate for lithium-ion non-electric vehicle batteries will increase from 7.5% to 25%. In 2024, the tariff rate for battery components will increase from 7.5% to 25%. The tariff rate for natural graphite and permanent magnets will increase from zero to 25% by 2026. The tariff rate for certain other critical minerals will increase from zero to 25% by 2024.

If you would like to understand or discuss further the far-reaching impact that this section will have on pricing and the market, please contact: joannexu@smm.cn.

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