Who benefits and who suffers from higher u.s. tariffs

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Reference no: EM133710904

Question: "President Biden wants more of America's cars and trucks to run on electricity, not gas. His administration has pushed that goal on multiple fronts, including strict new regulations of auto emissions and lavish new subsidies to help American consumers take as much as $7,500 off the cost of a new electric vehicle.

Mr. Biden's aides agree that electric vehicles - which retail for more than $53,000 on average in the United States - would sell even faster here if they were less expensive. As it happens, there is a wave of new electric vehicles that are significantly cheaper than the ones customers can currently buy in the United States. They are proving extremely popular in Europe.

But the president and his team do not want Americans to buy these cheap cars, which retail elsewhere for as little as $10,000, because they are made in China. That's true even though a surge of low-cost imported electric vehicles might help drive down car prices overall, potentially helping Mr. Biden in his re-election campaign at a time when inflation remains voters' top economic concern.

Instead, the president is taking steps to make Chinese electric vehicles prohibitively expensive, in large part to protect American automakers. Mr. Biden signed an executive action earlier this month that quadruples tariffs on those cars to 100 percent."

Biden Doesn't Want You Buying an E.V. From China, NYT, May 27, 2024

Who benefits and who suffers from higher U.S. tariffs on Chinese electric vehicles (EVs)? Do these tariffs negatively impact U.S. economic welfare? Please provide an explanation of at least three hundred words.

Reference no: EM133710904

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