The oil industry is asking for carveouts from tariffs which will raise its cost of doing business – and your cost of energy – after spending tens of millions in bribes on a candidate that promised to raise everyone’s costs.
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Trump’s new trade tariffs and more import restrictions could drive up costs for US onshore wind power, potentially slowing down the industry’s momentum, according to a new report from Wood Mackenzie.
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With the flick of a Sharpie marker, new tariffs on goods imported from Canada, Mexico, and China were imposed this morning and will take effect next week on February 4, 2025. According to President Trump, the tariffs are intended “to protect Americans”, though nearly all economists agree that they will result in higher prices for consumer goods and increased inflation, devaluing the US dollar.
The Trump Administration’s new 25% tariffs on goods from Canada and Mexico are larger than the 10% additional tariffs on Chinese goods, but the latter will have the biggest impact on the electric bicycle industry in the US.
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The US has imposed new anti-dumping tariffs on solar panels imported from Southeast Asia, tightening restrictions on Chinese manufacturers accused of using these countries to avoid fair trade rules.
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China has reportedly already told its major automakers to hold off investments in EU countries that supported Europe’s new EV tariffs, according to Reuters.
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The European Union has voted to move forward with its plan to impose tariffs on electric cars imported from China, despite recent moves by Germany to attempt to block the proposal.
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The saga of impending tariffs on Chinese-built EVs imported into Europe continues, but the situation could be resolved before the duties take effect next month. Representatives from China and the EU are reported to be in talks about a minimum pricing deal for all Chinese EV imports that could help alleviate some of the upcharges the tariffs will impose.
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Three months after opening up sales of its ES8 SUV in Europe, NIO has begun customer deliveries. The refreshed all-electric SUV, renamed the EL8 for the European market, is the sixth NIO model to enter Europe, and the Chinese automaker is showing no signs of slowing down, even as the EU Commission imposed tariffs on imports.
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Four months after the Biden Administration announced plans for the Office of the United States Trade Representative to quadruple tariffs on certain Chinese imports, including EVs, to 100%, the White House has confirmed the action, which will go into effect in two weeks. China has threatened retaliation as the trade war continues to intensify.
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XPeng Motors appears to be the latest Chinese automaker looking to bring localized EV production to Europe. During a recent interview, XPeng’s founder, chairman, and CEO, He Xiaopeng, shared that the company is exploring potential sites in the EU to set up local BEV production.
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A new report states that the European Union has slightly tweaked its proposed tariffs on imported EVs from certain Chinese automakers after those companies divulged more details of their businesses. The tariff cuts are marginal but could offer a shred of hope that the EU is still willing to negotiate said duties before they are imposed next week.
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The threat of tariffs and an all-out trade war over Chinese EVs is expanding globally, and Canada is reportedly joining the turmoil. The Canadian government is preparing tariffs on Chinese-made EVs to align with the US and European Union, which have already proposed heavy duties to deter “unfair” competition imported from overseas.
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As anticipated, China and its massive network of EV OEMs are not pleased with the EU Commission’s recent decision to impose tariffs on Chinese-built vehicles. In retaliation, Chinese automakers have implored their government to increase tariffs on imported European cars.
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Ten days after the Biden administration introduced a 100% tariff on on several categories of Chinese goods, including EVs, China has threatened to retaliate with tariffs on its own vehicle imports. Those threats are also targeted at the EU, as China’s Ministry is requesting the results of a recent probe while imploring Europe not to take the same action as the United States.
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The US government has announced wider tariffs on several categories of Chinese goods, including various green products like solar panels and batteries, medical goods, and in particular an increase of tariffs on Chinese EVs from 25% to 100%.
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News came out on Friday that President Biden is set to quadruple tariffs on Chinese EVs to protect the US auto industry from the rapid growth of Chinese EV manufacturing.
But instead of just de facto banning the competition from giving Americans access to affordable hot new EVs, the US should instead try making affordable hot new EVs itself.
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The US government is reportedly set to announce wider tariffs on several categories of Chinese goods, including various green products like solar panels and batteries, medical goods, and in particular an increase of tariffs on Chinese EVs from 25% to 100%.
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