Published on 28 May 2024 on Benzinga
President Joe Biden is actively promoting a shift towards electric vehicles in the U.S., reportedly employing stringent emissions regulations and substantial subsidies of up to $7,500 to incentivize American consumers to purchase electric cars over traditional gas-powered ones.
In a move to safeguard American automakers, President Biden has initiated measures to significantly raise tariffs on Chinese electric vehicles, quadrupling them to 100 percent through an executive action signed earlier this month.