{"id":2205122,"date":"2024-05-16T08:00:36","date_gmt":"2024-05-15T23:00:36","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205122"},"modified":"2024-05-15T16:31:11","modified_gmt":"2024-05-15T07:31:11","slug":"us-tariffs-on-china-could-boost-south-korean-ev-and-battery-exports","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/05\/us-tariffs-on-china-could-boost-south-korean-ev-and-battery-exports\/","title":{"rendered":"US tariffs on China could boost South Korean EV and battery exports"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">U.S. President Joe Biden has <\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/presidential-actions\/2024\/05\/14\/memorandum-on-actions-by-the-united-states-related-to-the-statutory-4-year-review-of-the-section-301-investigation-of-chinas-acts-policies-and-practices-related-to-technology-transfer-intellectua\/\"><span style=\"font-weight: 400;\">directed<\/span><\/a><span style=\"font-weight: 400;\"> the U.S. Trade Representative (USTR) to maintain existing tariffs on Chinese goods and increase duties on various products, following a 4-year review of actions taken under Section 301 against China\u2019s practices related to technology transfer, intellectual property and innovation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The USTR will raise tariffs on Chinese products, including batteries, electric vehicles, semiconductors, solar cells, steel, aluminum and personal protective equipment, with increases ranging from 25% to 100% between 2024 and 2026. The USTR will also establish an exclusion process for certain machinery used in U.S. manufacturing, prioritizing some solar manufacturing equipment.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The U.S. tariffs on Chinese goods could benefit South Korean exporters, particularly in the electric vehicle (EV) and battery sectors. According to the U.S. International Trade Commission, a 20% global tariff increase on Chinese EVs could result in a <\/span><a href=\"https:\/\/www.businesskorea.co.kr\/news\/articleView.html?idxno=217005\"><span style=\"font-weight: 400;\">10% increase<\/span><\/a><span style=\"font-weight: 400;\"> in South Korean EV exports. The tariffs may also help South Korean companies regain market share from Chinese competitors in the solar industry. South Korean battery manufacturers have seen their combined market share in non-Chinese markets fall by 5.4 percentage points to <\/span><a href=\"https:\/\/www.businesskorea.co.kr\/news\/articleView.html?idxno=209443\"><span style=\"font-weight: 400;\">48.5%<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Senior diplomats from South Korea and the U.S. <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20240504000400315?section=search\"><span style=\"font-weight: 400;\">discussed<\/span><\/a><span style=\"font-weight: 400;\"> the need for a joint response to the potential ramifications of overcapacity in China\u2019s solar industry during the 10th Energy Security Dialogue earlier this month. The upcoming South Korea-Japan-China <\/span><a href=\"https:\/\/koreapro.org\/2024\/05\/foreign-ministers-of-south-korea-china-pave-way-for-crucial-trilateral-meeting\/\"><span style=\"font-weight: 400;\">trilateral meeting<\/span><\/a><span style=\"font-weight: 400;\"> later this month could be dominated by discussions on the U.S. tariffs, with China likely pressuring South Korea to distance itself from the U.S. and Japan.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/technology-cyber\/\"><span class=\"tag\">Technology &amp; Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>U.S. President Joe Biden has directed the U.S. Trade Representative (USTR) to maintain existing tariffs on Chinese goods and increase duties on various products, following a 4-year review of actions taken under Section 301 against China\u2019s practices related to technology transfer, intellectual property and innovation. The USTR will raise tariffs on Chinese products, including batteries, [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2205126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28,29],"class_list":["post-2205122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations","tag-technology-cyber"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US tariffs on China could boost South Korean EV and battery exports - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/05\/us-tariffs-on-china-could-boost-south-korean-ev-and-battery-exports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US tariffs on China could boost South Korean EV and battery exports - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"U.S. President Joe Biden has directed the U.S. Trade Representative (USTR) to maintain existing tariffs on Chinese goods and increase duties on various products, following a 4-year review of actions taken under Section 301 against China\u2019s practices related to technology transfer, intellectual property and innovation. 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