President Biden to increase tariffs on steel, aluminum, semiconductors, EVs, batteries, solar cells, and some medical equipment (520.91)
- The tariff rate on certain steel and aluminum products under Section 301 will increase from 0--7.5% to 25% in 2024 (X, NUE, STLD, CLF, AA, CENX, KALU)
- The tariff rate on semiconductors will increase from 25% to 50% by 2025 (SMH, INTC, AMD, TSM, NVDA)
- The tariff rate on electric vehicles under Section 301 will increase from 25% to 100% in 2024 (TSLA, NIO, LI, XPEV, BYDDY)
- The tariff rate on lithium-ion EV batteries will increase from 7.5%% to 25% in 2024, while the tariff rate on lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026. The tariff rate on battery parts will increase from 7.5% to 25% in 2024 (BLNK, CHPT)
- The tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2026. The tariff rate for certain other critical minerals will increase from zero to 25% in 2024.
- The tariff rate on solar cells (whether or not assembled into modules) will increase from 25% to 50% in 2024 (TAN, FSLR, SPWR, CSIQ)
- The tariff rate on ship-to-shore cranes will increase from 0% to 25% in 2024.
- The tariff rates on syringes and needles will increase from 0% to 50% in 2024. For certain personal protective equipment (PPE), including certain respirators and face masks, the tariff rates will increase from 0--7.5% to 25% in 2024. Tariffs on rubber medical and surgical gloves will increase from 7.5% to 25% in 2026 (MMM, APT, BDX, CAH)