On May 14, local time, the U.S. government announced tariffs on $18 billion of imported goods from China, including steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ships and other fields.
Among them, the tariff on semiconductors will be increased from 25% to 50% by 2025.
The electric vehicle (EV) tariff rate will increase from 25% to 100% in 2024.
Batteries, battery components and parts, and critical minerals: In 2024, the tariff rate will increase from 7.5% to 25% for lithium-ion batteries for electric vehicles, from 7.5% to 25% for lithium-ion batteries for non-electric vehicles in 2026, and from 7.5% to 25% for battery components by 2024. In 2026, tariffs on natural graphite and permanent magnets will be increased from zero to 25%. In 2024, tariffs on certain other critical minerals will increase from zero to 25%.
By 2024, tariffs on solar cells, whether assembled into modules or not, will increase from 25% to 50%. That's because China dominates some parts of the global solar supply chain of more than 80 to 90 percent and is trying to maintain the status quo, the announcement said.