Biden

Joe Biden

President Donald Trump

Donald Trump

Rise

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<p class="has-drop-cap">According to Bloomberg, President Joe Biden <a href="https://www.bloomberg.com/news/articles/2024-05-12/biden-s-china-tariffs-salvo-to-range-from-doubling-to-quadruple" target="_blank" aria-label="will announce (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">will announce</a> a significant increase in tariffs on Chinese goods, focusing on <a href="https://tokenist.com/three-asian-ev-stocks-that-can-compete-with-tesla/" rel="noopener noreferrer nofollow" class="deco-link">electric vehicles</a> (EVs) and related sectors. <br><br>The move has drawn criticism from former President Donald Trump and sparked a response in U.S. auto stocks, with Ford (NYSE: F), Tesla (NASDAQ: TSLA), and General Motors (NYSE: GM) seeing gains over the trading session today.</p>
<h3 id="us-to-increase-tariffs-on-chinese-evs-to-102-5-report">US to Increase Tariffs on Chinese EVs to 102.5%: Report</h3>
<p>Under the new measures, tariffs on Chinese EVs can rise from 27.5% to 102.5%. Other sectors, including batteries, solar cells, steel, and aluminum, will also see tariff hikes, though specific rates will vary. The Biden administration has framed these actions as a defense of American workers and an effort to protect the U.S. market from subsidized Chinese goods.</p>
<p>During a recent campaign rally, former President Donald Trump criticized Biden’s tariff increases, arguing that such measures should have been implemented years ago. <br><br>He also pointed out a potential loophole involving Chinese companies building cars in Mexico to bypass U.S. tariffs under the US-Mexico-Canada Agreement (<a href="https://ustr.gov/trade-agreements/free-trade-agreements/united-states-mexico-canada-agreement" target="_blank" aria-label="USMCA (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">USMCA</a>).</p>
<p>“I will put a 200% tax on every car that comes in from those plants, and they’re not going to do that,” Trump said. He reiterated his call for a <a href="https://www.reuters.com/world/us/republican-candidate-trump-china-tariffs-we-have-do-it-2024-02-04/" target="_blank" aria-label=" (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">60% tariff on all Chinese goods</a>, which the Biden administration has avoided, likely due to concerns about <a href="https://tokenist.com/3-asset-classes-that-profit-from-high-inflation/" rel="noopener noreferrer nofollow" class="deco-link">fueling inflation</a>.</p>
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<h3 id="us-auto-stocks-rise-after-the-news">US Auto Stocks Rise After the News</h3>
<p>Following the news, U.S. auto stocks experienced significant gains. Tesla Inc., trading at $173.99, saw a 3.27% increase, although its year-to-date performance remains down by 29.91%. Despite recent challenges, Tesla’s market cap remains substantial at approximately $555.654 billion.</p>
<p>Ford Motor Company’s stock price increased by 3.06% to $12.36, with a year-to-date performance up by 5.54%. In response to changing trade policies, the company has been adjusting its executive team and focusing on expanding its electric vehicle lineup.</p>
<p>General Motors Company experienced a 3.42% increase, with its stock price reaching $45.90. The company’s year-to-date performance is significantly positive, with a 28.15% increase. GM’s strategy includes ending production of specific traditional models like the Chevy Malibu and pivoting more towards electric vehicles, which could benefit from the changing tariff landscape.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><strong><em>Would this move benefit US-based EV firms like Tesla in the long run? Let us know in the comments below.</em></strong></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/tesla-ford-gm-gain-after-reports-that-us-will-hike-chinese-ev-tariffs-to-102-5/">Tesla, Ford, GM Gain After Reports that US Will Hike Chinese EV Tariffs to 102.5%</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Tesla, Ford, GM Gain After Reports that US Will Hike Chinese EV Tariffs to 102.5%

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