US Treasury Secretary Janet Yellen on Wednesday reiterated the Biden administration's commitment to boost the domestic electric vehicle (EV) industry and counter China's burgeoning exports in the sector.
A Reuters report quoted Yellen, who was visiting a battery materials plant in Kentucky, as saying, "We're going to want our domestic industry to be successful."
With China's increasing exports of EVs to global markets raising concerns in Washington, the Biden administration has been exploring various avenues to safeguard US automakers and industry interests.
Highlighting the potential impact of Chinese EV exports on the US automotive sector, Yellen acknowledged the need for strategic measures to address the situation.
Notably, current tariffs imposed by former President Donald Trump have effectively restricted Chinese EVs from entering the US market.
However, with Chinese EV giant BYD already exploring avenues such as exports to Mexico and the establishment of a Mexican factory, concerns persist regarding the future competitiveness of US automakers.
In response to mounting concerns, some US senators have urged the Biden administration to consider further tariffs on Chinese EVs.
Additionally, the US Commerce Department has initiated an investigation into whether Chinese vehicle imports pose national security risks due to the data they transmit.
This investigation could potentially result in additional restrictions on both EVs and conventional vehicles, further shaping the landscape of international trade in the automotive sector.
Yellen has been talking about the need for reducing US dependence on Chinese supply chains for EV components and minerals, particularly in light of the Inflation Reduction Act.
Reuters quoted Yellen as saying, "It is true that China is investing very massively in this industry and the United States is taking steps to ensure that our industry is successful."
Provisions within the Inflation Reduction Act, such as "foreign entity of concern" rules, aim to incentivise the use of domestically sourced materials in EV production while limiting the inclusion of Chinese content.
US Treasury Secretary Janet Yellen on Wednesday reiterated the Biden administration's commitment to boost the domestic electric vehicle (EV) industry and counter China's burgeoning exports in the sector.
A Reuters report quoted Yellen, who was visiting a battery materials plant in Kentucky, as saying, "We're going to want our domestic industry to be successful."
With China's increasing exports of EVs to global markets raising concerns in Washington, the Biden administration has been exploring various avenues to safeguard US automakers and industry interests.
Highlighting the potential impact of Chinese EV exports on the US automotive sector, Yellen acknowledged the need for strategic measures to address the situation.
Notably, current tariffs imposed by former President Donald Trump have effectively restricted Chinese EVs from entering the US market.
However, with Chinese EV giant BYD already exploring avenues such as exports to Mexico and the establishment of a Mexican factory, concerns persist regarding the future competitiveness of US automakers.
In response to mounting concerns, some US senators have urged the Biden administration to consider further tariffs on Chinese EVs.
Additionally, the US Commerce Department has initiated an investigation into whether Chinese vehicle imports pose national security risks due to the data they transmit.
This investigation could potentially result in additional restrictions on both EVs and conventional vehicles, further shaping the landscape of international trade in the automotive sector.
Yellen has been talking about the need for reducing US dependence on Chinese supply chains for EV components and minerals, particularly in light of the Inflation Reduction Act.
Reuters quoted Yellen as saying, "It is true that China is investing very massively in this industry and the United States is taking steps to ensure that our industry is successful."
Provisions within the Inflation Reduction Act, such as "foreign entity of concern" rules, aim to incentivise the use of domestically sourced materials in EV production while limiting the inclusion of Chinese content.
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