• Tue. May 28th, 2024

Protecting American Industries: Biden Implements Tariffs on Chinese Electric Vehicles, Anglo American Announces Major Restructuring Plans Amid Growing Competition

BySamantha Nguyen

May 16, 2024
Business News | May 18, 2024 Edition

In response to growing competition from Chinese exports, President Joe Biden has recently implemented tariffs on electric vehicles (EVs). Despite the relatively low number of Chinese EV imports to America, Biden emphasized the importance of being proactive to prevent Chinese carmakers from flooding the US market. This move comes as Chinese manufacturers are expanding into Europe, prompting concerns about the impact on American industries and workers, particularly in states like Michigan.

In addition to tariffs on EVs, Biden’s administration has also increased duties on semiconductors, solar cells, and critical minerals. These decisions have drawn ire from China, with the country condemning them as “political manipulation” and promising to retaliate in kind.

Meanwhile, Anglo American is taking strategic steps to fend off a revised takeover bid from BHP valued at £34bn ($43bn). The company has announced plans to break up its business by divesting its coking coal assets and spinning off its platinum and De Beers diamonds divisions. It is also exploring options for its nickel business to refocus on copper, iron ore, and crop nutrients. With its headquarters in London and a significant workforce in South Africa, where it originated in 1917, Anglo American’s restructuring plans may involve government input and oversight in South Africa.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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