• The White House has announced it will impose tariffs on $18 billion worth of Chinese goods.
  • The new measures target Chinese EVs, with tariffs rising from 25% to 100%. 
  • It comes as fears grow that a wave of cheap Chinese EVs could upend the US market.

Joe Biden has hiked tariffs on Chinese electric cars as he looks to protect the US auto industry from a wave of cheap Chinese EVs.

The White House announced early Tuesday that it was imposing tariffs on $18 billion worth of Chinese goods, including a 100% tax on Chinese-made electric cars.

The tariffs also target lithium batteries, solar cells, and semiconductors, and are likely to inflame tensions between the two economic superpowers further.

The rise in tariffs on Chinese EVs — from 25% to 100% — will likely be a relief for the US auto industry, which has become increasingly nervous about the prospect of competing with electric vehicles sold by Chinese companies at far cheaper prices.

This story is developing. Check back for updates.

Read the original article on Business Insider