NEW YORK/WASHINGTON -- The Biden administration's efforts to promote U.S. electric vehicle production took another step forward Friday as a tariff hike on Chinese EVs took effect, but the Rust Belt states these measures are aimed at are still waiting for a windfall.
The 100% duty on EVs -- building on tariffs imposed by former President Donald Trump -- is accompanied by higher levies on components such as batteries and steel, all intended to keep excess supply in China from flooding into the U.S. Meanwhile, President Joe Biden's administration is offering hefty subsidies to encourage companies to build EVs here.
