Biden Targets Chinese Electric Vehicles (BYD, TSLA)

The Biden administration is gearing up to announce an increase in tariffs on a range of Chinese goods, including a substantial hike on electric vehicles (EVs).

Last week, it became clear that the Biden administration planned to ramp up the trade war with Beijing.

Specifically, Washington is seeking to protect the U.S. automotive industry from low-priced Chinese electric vehicles.

Case in point: U.S. automakers are terrified of Chinese automaker BYD's low-cost newly released Seagull, which sells for around $12,000 in China, but drives well and is put together with craftsmanship that rivals U.S.-made electric vehicles that cost three times as much.

BYD, which overtook Tesla as the world's top-selling EV company last quarter, is aggressively rolling out inexpensive electric vehicles and expects to overtake Tesla in Europe by 2030.

Beijing's aggressive push on electric vehicle exports led Tesla CEO Elon Musk to recently warn that Chinese automakers are the "most competitive" and will "demolish" global rivals if they do not immediately erect trade barriers.

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