Posted on 31 Jul 2024
The US has announced that tariffs on a range of Chinese imports, such as electric vehicles and some critical minerals, will take effect later than planned.
US Trade Representative (USTR) Katherine Tai unveiled the duty increases in May, Kallanish Power Materials reports, some of which were anticipated to be applied from 1 August.
The new hikes under Section 301 of the Trade Act of 1974 are intended to address “China’s unfair trade practices concerning technology transfer, intellectual property, and innovation,” which Washington says “are threatening American businesses and workers.”
However, the USTR office said on Tuesday it received more than 1,100 comments from the public, and those comments are still under review. It now expects to issue its final determination in August, with the new tariffs coming into force two weeks later.
These include a rise from 7.5% to 25% for rates on lithium-ion EV batteries and battery parts. Other products being affected are lithium-ion non-EV batteries, natural graphite and permanent magnets, although their tariffs will increase in 2026.
Source:Kallanish Power Materials
