Biden is raising tariffs on China's EVs, chips and more as a trade war intensifies

The United States has announced plans to impose new tariffs on China's exports of products in key industries as it seeks to weaken the country's flood of goods into the West. Tariffs on some EV imports will quadruple, the Biden administration said, from 25% all the way to 100%. \u200b\u200b"As President [Joe] Biden says, American workers and businesses can outcompete anyone - as long as they have fair competition," the White House said in a fact sheet detailing the tariffs early Tuesday morning. Tariffs on semiconductors will double from 25% to 50%; tariffs will also rise on lithium-ion batteries, battery components, and necessary minerals to 25%. The U.S. also aims to increase tariffs on solar cells to 50% from 25%. Some medical supplies, including syringes and needles, and ship-to-shore cranes will also be subject to higher taxes. The Biden administration added that tariffs on some steel and aluminum products will rise to 25%, from a current range of 0 to 7.5%. President Joe Biden last month asked the U.S. Trade Representative to consider tripling tariffs on Chinese steel and aluminum. The new tariffs will most affect China's automakers, which have been rapidly increasing their investments in electric vehicles and associated industries, like batteries. Chinese EV makers largely avoid exporting to the U.S. due to existing tariffs imposed by former President Donald Trump's administration. The White House on Tuesday said the stronger tariffs will project the U.S.'s investments - and jobs - from "Unfairly priced Chinese imports." The European Union has launched in investigation into subsidies that Beijing provides EV makers, which helps keep their prices low.