Biden expected to quadruple tariffs on Chinese electric vehicles: Source

President Joe Biden is expected to quadruple tariffs on electric vehicles from China from roughly 25% to 100%, and raise other tariffs on key industries including semiconductors, solar, and batteries in an announcement Tuesday, according to a source familiar with the decision.

The action has implications for the 2024 presidential election, as Biden aims to bolster his image as being tougher and smarter on China than former President Donald Trump. In key swing states, Biden has vowed to protect American workers from foreign competition and said last month in Pennsylvania that he would significantly raise steel tariffs on China.

The decision was made after a yearslong-required review of the tariffs that Trump imposed on some $300 billion of imports. Most of those Trump-era tariffs will remain in place.

By implementing a steep increase on EV tariffs, the Biden administration aims to prevent a flood of cars made in China from hitting the U.S. market -- a market China has not been a significant player in up to this point.