The Biden administration’s decision to raise tariffs on $18 billion worth of imports from China has sent ripples across various sectors, including semiconductors and aluminum and steel. The new trade policy particularly targets China’s electric vehicle sector, where tariffs have quadrupled from 25% to a staggering 100% to “protect the American autoworkers” according to President Biden.
Yahoo Finance’s Pras Subramanian breaks down the details, discussing how this will impact the sector moving forward.
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Sooner or later China will break that tariff barrier in all fronts
Protecting government motors selling inferior in quality overpriced cars will hurt American consumer. We already have persistent high inflation that hurt middle class.
Inferior in quality, you say? Never heard of burning EVs?
@@kylorokx1552 never heard of burning ICE car?
Not to worry most countries will be driving quality and affordable Chinese Ev’s ..Ameicans just get to pay a lot more.
Can US auto build $20,000 EV to compete with $10,000 Chinese BYD Seagull ($20,000 after 100% tariff)?
@@LivingLonger Tesla made a huge mistake not targeting the econo Ev market. So the Chinese did and by the reviews from AU and the UK these cars are awesome.
China should ban all its green tech exports to US.
When US was selling products in China, US called for free market. But now when China out competes US, US wants to impose tariffs. This is US ‘ rules based order. The entire world is watching.
The whole world will decouple from US
Feel sorry for American they have to pay high price for quality Chinese EV. Sleepy Joe tje way to go!
What quantity? You mean burning EVs?
@@kylorokx1552
nah the charcoal Yankees, but I guess the smoked Yankees can never complain
Key Electric Car Fire Statistics
Electric-powered vehicles have the least risk of catching fire according to data from NTSB.
Hybrid-powered vehicles are at the highest risk of catching fire.
Battery-electric vehicles are only .03% likely to ignite, compared to 1.5% for gas-powered vehicles and 3.4% for hybrid vehicles.
During 2018, vehicle fires caused $1.9 billion in direct property damage in the US.
Type Fires (per 100K vehicle) Total Fire
1. Hybrid 3474.5 16,051
2.Gas 1529.9 199,533
3.Electric 25.1 52
@@kylorokx1552according to euro auto insurance stats, legacy ICE cars are 10 times more likely to catch fire than EVs….
So US has created problems it Wants China to pay to solve. How about 5% max previous years total sold EV’s can be imported from China. Or 1.25% per quarter? No US wants to give and pay other countries to be our Friends (Foreign Aid) to support our flawed logic, lack of Global Competitive ability
@@TaiwanSausage I can give you a lot of links that BYD, Xiaomi SU7, Huawei EV and others Chinese EVs are made in low quality, flammable materials. 💀.
So what do we make in America that is cheaper or more competitive than China? If we continue to add tariffs to everything, then it is just a form of taxation.
Finally someone sees the light ! Yes, it is a train. Wham !
Nothing. If US want to make a competitive products, you have to have integrated supply chains, huge market, motivated and skilled labor that isn’t affraid of automation will kill their jobs and trust to goverment not to screw you over.
US exports a lot of US Dollar
When the US violates free market and fair competition, western media like Yahoo, CNN, etc. don’t smear US and talk as if it is a normal thing happening. . If China did this to US products, imagine the uproar in the media. Western Media Propaganda is vivid.
if you want your job back to states , worker must accept pay $5 / hour . or else US manufacture are doom
union power destroyed the whole industry….. even if they break even, there’s no money to do R&D for next models…
Free market until the corporations want to keep their car prices inflated
also oil companies want them to drive ICE cars
China is doing the same so what’s the difference? If China can do it, the US can do it too.
@@kylorokx1552For instance?
@@kylorokx1552 Apple has sold hundreds of millions of iphones in China, Starbucks and McDonald’s have opened tens of thousands in China, Tesla and EU cars are all over the Chinese cities.
What others pay cheap for, we must pay at least double for the exact same thing🤣😂
Thats a Tax Hike.😂😂😂
Great that Biden is digging graves for the US auto industry today, as he won’t be able to do it a few years down the line.
What about cheap electrical appliances, decorative Christmas trees, etc, n even lingerie?
Not complaining about overcapacity? 😂
Lingerie? Cheaper to run around naked😂😂😂😂
Victoria’s a secret
With the tarrif, the US auto companies will thrive, and pretty soon, Americans will enjoy the best and cheapest EVs on earth
It wouldn’t work. Taiwan has tariff for imported cars to protect the local producer. But the local producer just resort to local assembly of Japanese car slapped on with a local badge.
Even after decades of protection, the car manufacturing never progress beyond that. And the quality is sub par compared to the Japanese’s original.
This is what happened under protection, no progress. At the end, consumer has to pay more tax to get a decent cars.
Chinese manufacturer will set foot in market around the world and Local US makers will be dropped out of the competition and become some local only brand.
That is your dream. Tesla starts way earlier than those Chinese car campanies and now what. If Tesla could not outcompete the Chinese ones, how are the others any better.
US auto worker union is behind this.
that’s right! you’re only allowed to have higher prices items after 30%+ increase cost of living
current china ev sold in US on very limited amount
That’s bcz USA hates china
American steel now belongs to Japan in a 15 billion dollar deal to Nippon Steel, so Joe you are totally wrong
Us Americans are gonna be stuck with shitty uncompetitive vehicles.
You means the Made in USA ” EV Cars .
Buy Tesla, on the other hand,
This will only hurt the USA, not the Chinese. USA has no replacements, nor the industry or manpower to compete anymore.
government never invest in piblic transportation to make us buy cars and help auto companies
Public transportation like subways in NY and LA where the thugs and the crazies attack people? No thanks
0:30. Then the play here would be to buy a whole lot more. Bankrupt them! You’re not making sense
Oh! here we go again. America the champion of free enterprise and trade. What a rogue state.
Greta would say how dare you, sleepy joe!
It’s not fair he’s selling it cheaper hes snarter he’s prettier waaaa.
US just use 50% of its military budget to subsidize its own EV industry. It will drive all other makers out of the market in no time.
Chinese are not taking americans job now or future, its all big F lie .
Why? Just ask Musk , hes sacking many employees ,and bringing in Robots to do simple tnings .
I don’t trust that guy(the guest speaker). he’s trouble for me.
America should get off its backside and compete.
it shows how RICH a merican are… they are more than happy to buy cars worth $ 50 k and above
Competition bring best out of us
China doesn’t have the full and unrestricted right to access and sell its products esp EVs and solar panels at a very unfair and predatory price with inherent huge secret subsidy from the chinese govt.. The US has the right to protect its market, it’s industry and workers from being dislocated due to such chinese invasive products. It is perfectly within the US prerogative to defend its economy.
Like you said, free market dude unless you can’t compete. Let’s bribe the referee
@@jsyo9639 China is not a free market economy. It’s communist, secretive and destructive policy on their exports. Protecting your industry from closure and your workers from unemployment due to unfair and unimpaired imports is probably what China doesn’t want. Free trade doesn’t mean you destroy your own industry and economy.
Free market??
the US worse then the CCP.😂
That’s free market ..😂😂😂😂😂😂
Back in the 60s, UK did something similar. The result? UK no longer has a car industry
It means that President Trump is indeed a Regular Genius!
Also American people are rich, so they should not pay less for good stuff, they should pay more. The tariff (tax) will go help the Ukrainian and Israel people, since the US govt needs the money from the American people to fund the wars abroad as well as making American people richer (I mean the weapon manufacturers). I think what Biden is doing, is the right thing to do (for the USA stakeholders)
Placing a quota would have been smarter
@Yahoo Finance
np worry be happy. revert back to wood fired vehicles. USA 100% sure win
Sure, the crooks always gouge on us consumers. The hypocrisy lie about protecting our environment when they gouge us out of gasoline. Now they are ripping us of on EV.
No Chinese EV import to US right now, sleepy Joe is cheating for dummy people votes.
Buying votes attempt… screw the public
American President Biden cruel move against his own. Screw your own people out of opportunity to buy affordable cars that meet American and European standards, BYD Seagull $8,000 but with 100% import tariffs 🤬
Biden announces 100% tariff on Chinese-made electric vehicles
Will British PM and Europeans do same to their people?
100% import tariffs doubling price of a new ALL EV car … not a green eco friendly climate catastrophe preventing move 🤬
This is an admission of defeat in yet another sector. I’ll continue avoid overpriced American products where possible. Especially greedy companies that focus on boosting their ROE
BS… u r saving your position
Good Luck USA, YOU GONNA FAIL🤣😂
Let’s be real, this is a blatant bailout for the US Big 2 and the UAW. It’s happening now to buy votes in battle ground states. Ultimately China will win any tariff war with US. Pathetic! And I only have a US public school education.
I thought the Chinese economy is collapsing😂😂😂
WUMAO are covering up ..false publish by CCP….WUMAO are Chinese paid propaganda
The number of Chinese EV export to America is insignificant. Joe is buying votes to fool American in the up coming election.
Saudis just imposes 100% tariff on US oil import in order to preempt in the case they run out of oil reserve.
What happened to climate change initiatives? EV was one of them isn’t it?
It means same old same old for Detriot.
2.4 millions US brand cars sold in China 2023(eg.Tesla 600k+)， 10,789 China brand EVs sold in the U.S 2023.
As of march 2024,there are currently no Chinese-branded passenger vehicles for sale in the United States.Just five cars sold in the U.S. are made in China: the Lincoln Nautilus, Buick Envision, Volvo S90, Polestar 1 and Polestar 2.
China’s auto tariff 17.5%.
US tariff on Chinese cars : 27.5% >>>>102.5%
US stays Alive with Sanctions and Tarifs and Subsidies. Biden is a kindof Baron von Munchhausen. Pull yrself out the Swamp with yr own hair. No Innovation, no Progress, no Free Market in the USA. China is the new Land of the Free. Not the US anymore.😂
So what Biden said is completely false. Chinese brands are making a profit. I don’t know where he comes up with this garbage.
Inflation Joe is trying again to maintain inflation for common Joes in America. Not good for his bid for 4 more years. Americans do not want fourore years of inflation.
No amount of economic cooperation or diplomacy will make PRC government (China) an ally of USA. Not even massive outsourcing by US corporations for over 3 decades! PRC government’s diplomacy is deceptive and coercive! Japan’s playbook, on the other hand, abandoned its imperialistic stance, no territories, practices friendly economic competition, no debt traps, outsourced its massive automobile industry to other countries (USA, Canada, and other countries) to provide employment, and a true ally! Japanese government genuinely protected its people by postponing the Tokyo 2020 Summer Olympics (sabotaged by the covid-19 epidemic) because the Japanese officials listened to its medical experts/people, put down their pride and honor, risked billions of US dollars worth of investments, profits and revenues in order to protect the people of Japan. Did Xi postpone the Beijing Winter Olympics??? NO! PRC government is both an economic FOE and military FOE! Japan, former mortal enemy of USA and nuked twice, is the BEST US ALLY in the whole Pacific region!
US & Western automakers can’t compete against newer tech & Chinese automakers.
Solution: toss all western economics theories and textbooks out of windows & tax the hell out of our own citizens……🤣🤣🤣🤣🤣🤣
Ask yourselves, how many Made in China EV sold in the US? The raise of tariff rate is a joke, do you think Chinese would like to go to a hostile market? And, why BYD goes to Mexico to set up their factory but not Detroit? How many American auto makers loss the opportunity to work in a New Energy car industry? Well, it’s American’s choice, who cares about the high import tariff rate!
We have to protect our companies. Buy Made in the USA ONLY
He was backed 9 million by two financial companies invested into green products, mainly stuff for making electric cars. He then mandated American car companies forcing them to be selling electric cars as half their line by 2030. He could care less about the economy, it’s been bad since he took office, tax is on the dollar, so the higher stuff is the more he makes. He is old school politics, he doesn’t want China flooding the market so they buy American, because his backers will make no money back then. Just like the Bushes, gotta pay back those backers…..
When Japan flood China and America with Japanese made cars it’s fair
When China flood America with Chinese made vehicles it is unfair
No thanks , i dont want to buy an American 60k ev car and be in debt paying banksters monthly interest. Give me that affordable chinese ev cars now!!!
There is a possibility that even with a 100% tariffs, Chinese EVs are still cheaper than Western products
BUT BUT AMERICA LOVES FREE TRADE IT’S THE AMERICAN WAY
THIS JUST SHOWS US GOVT IS FULL OF SMOKE
It means American car sucks
Look who’s the champion of the free trade!
Did CO2 emissions go down during COVID lockdown?
The most surprising result, the authors noted, is that while Man made carbon dioxide (CO2) emissions fell by 5.4% in 2020, the amount of CO2 in the atmosphere continued to grow at about the same rate as in preceding years. Politicians are F-=ing you out of your tax dollars and jobs for nothing.
100% tariff on China’s auto sector doesn’t hurt China a bit, as China is not exporting Ev vehicles to US.
China want to upend the US. How do we know this? because they’ve said so.
This is a good move for the domestic economy in the US, but why not couple it with saving the steel industry? He needs to let the Nippon deal go through already and that’ll boost American steel production even more than the tariffs
The Tarifs mean that US Car Industry can flood the Chinese Market with expensive American ICE Cars. Made in USA sold in China. Tarifs Make America Great Again.
The Tarifs mean that USA made Solar Panels can be sold in China. Made in America sold in China. That Makes America Great Again. That is what Tariffs do.👍