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17 May 2024

Industry

Views on the US’s decision to raise import tariffs on Chinese-made BEVs by fourfold (Current Issue No.3493)

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Views on the US’s decision to raise import tariffs on Chinese-made BEVs by fourfold
  • The US under the presidency of Joe Biden has announced a fourfold increase in import tariffs on Chinese-made battery electric vehicles (BEVs). The move is allegedly aimed at gaining political favor in the upcoming presidential election at the end of the year and hindering the market expansion plans of Chinese BEV manufacturers amid intense price competition.
  • The increased import tariffs on Chinese-made BEVs are likely to accelerate Chinese manufacturers' investments in the BEV supply chain in Mexico to export to the US under the United States-Mexico-Canada Agreement (USMCA). Consequently, the benefits for Thailand in exporting BEVs to the US are expected to be limited. In the short term, the production of BEVs by Chinese manufacturers in Thailand is expected to primarily serve the domestic market.