TSLA - Despite Trade Barriers Chinese EVs Will Pose Major Threat To American Automakers Say Experts: 'Picture A Modern Day Godzilla' | Benzinga
While Chinese electric vehicles (EVs) have been gaining popularity globally, their entry into the U.S. market has been notably restricted.
What Happened: A report by the Wall Street Journal sheds light on the trade barriers set up by the federal government, which have effectively limited the presence of these affordable EVs in the American automotive landscape.
Initiated by former President Donald Trump, the 25% tariff on Chinese auto imports has been a significant hurdle. This policy was further reinforced by President Joe Biden, who also excluded Chinese EVs from the advantageous "Buy America" credits.
These measures have created a challenging environment for Chinese automakers to compete in the U.S., contrasting with their growing market presence elsewhere.
Despite these obstacles, the global influence of Chinese automakers continues to expand, raising concerns among U.S. officials about the long-term effectiveness of these trade barriers.
"China is determined to dominate the electric-vehicle market by using unfair trade practices, but I will not let them," Biden assured auto-union workers in Illinois in November.
China's automotive prowess is evident as it is set to surpass Japan ...