President Biden came out swinging this week when he announced a series of steep tariffs on Chinese imports, including 25 percent on certain steel and aluminum products, 50 percent on semiconductors and solar panels and 100 percent on electric vehicles.
The administration’s official reason for the policy is simple: Chinese imports are undercutting American manufacturers in swing states like Michigan, Wisconsin and Pennsylvania.
And Mr. Biden wants to protect them from competition, as he pours huge amounts of government money into building up the manufacturing of electric vehicles and solar panels that can eventually compete with China’s inexpensive offerings.
But the truth is, these new tariffs on electric vehicles are little more than a handout to legacy car companies like General Motors and Ford.
With more cash and better credit, wealthy Americans are the only ones who can afford the electric vehicles currently on the market, which cost over $55,000 on average.
Persons:
Biden, aren’t
Organizations:
General Motors, Ford
Locations:
American, Michigan , Wisconsin, Pennsylvania, United States, U.S