Energy Secretary Jennifer Granholm said higher tariffs on Chinese EVs are needed to protect American autoworkers and the US auto industry. The Biden administration plans to quadruple tariffs on imported Chinese EVs to over 100% starting in August. Granholm said failing to impose tariffs would "just be ceding the entire territory to China." China aggressively subsidizes its industries like EVs, so the US needs policies like tariffs and subsidies to compete. She said reversing US EV subsidies would hurt auto workers in states that voted for Republicans.
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00:00 It's Benzinga and here's what's on the block.
00:02 Energy Secretary Jennifer Granholm said higher tariffs on Chinese EVs are needed to protect
00:07 American auto workers and the US auto industry. The Biden administration plans to quadruple
00:12 tariffs on imported Chinese EVs to over 100% starting in August. Granholm said failing to
00:18 impose tariffs would just be ceding the entire territory to China. China aggressively subsidizes
00:24 its industries like EVs so the US needs policies like tariffs and subsidies to compete.
00:29 She said reversing US EV subsidies would hurt auto workers in states that voted for Republicans.
00:34 For all things money, visit Benzinga.com.
00:36 job.