U.S. raises tariffs on Chinese imports of EVs, chips, more, FT says

President Joe Biden is raising tariffs on Chinese imports, including items ranging from electric vehicles to solar panels, Demetri Sevastopulo and Edward White of The Financial Times reports. The White House said $18B of Chinese goods would be hit by the increases. The U.S. also plans to quadruple the tariff on Chinese EVs to 100%, triple the rates on imports of steel and aluminum, and double the rates on Chinese chips and solar cells. Some U.S.-listed Chinese EV makers include Nio (NIO), XPeng (XPEV), Li Auto (LI) and Zeekr (ZK). Other stocks that may be affected by the news include AMD (AMD), Intel (INTC), Nippon Steel (NPSCY), and United States Steel (X).