On May 14, 2024, the US quadrupled tariffs on Chinese electric vehicles to 100%, and accused China of causing "overcapacity" in new-energy industries through extensive industrial subsidies.
However, the US passed the Inflation Reduction Act and the CHIPS and Science Act in 2022, some of which involved the US government providing high subsidies to the domestic electric vehicle industry, triggering dissatisfaction from the EU, Japan, and South Korea. In 2023, the US Department of Energy announced $15.5 billion to support a strong transition to electric vehicles.
Author | Lydia Liu, Zhou Yuting (intern)
Editor | Olivia Yang, Steven Yuen, Monica Liu, James
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