Asianfin--The U.S. government has confirmed a significant increase in import tariffs on Chinese products, including a 100% tariff hike on electric vehicles (EVs) to enhance protection for domestic strategic industries. The Office of the United States Trade Representative (USTR) announced that some of these tariffs will take effect on September 27.

The increased tariffs include a 100% hike on Chinese electric vehicles and a 50% increase on Chinese solar cells. Additionally, the U.S. will impose a 25% tariff on Chinese steel, aluminum, EV batteries, and critical minerals. In a move targeting the semiconductor industry, the U.S. will raise import tariffs on Chinese semiconductors by 50%, with this new rate set to take effect in January 2025. Notably, the semiconductor category will now include polysilicon and silicon wafers used in solar panels.