US President proposes 25% tariff on e-bikes from China
US President Donald Trump has proposed a new tariff plan which will result in a substantial increase in the cost of electric bicycles (e-bikes) from China. The move marks the latest salvo by the Trump Administration against China. Chinese e-bikes have been flooding the U.S markets and they have strong demand due to their low price.
According to the new tariff plan proposed by Trump, a 25% tariff will be imposed on the e-bikes imported from China. The new tax will apparently increase the cost of China-manufactured e-bikes by several hundred dollars, given the fact that most of these e-bikes come with a price tag of more than $2,000.
The 25% tariff on e-bikes from China will not only increase the cost of the Chinese e-bikes imported into the US, but will also hit US e-bike companies that design, promote and sell their e-bikes in the domestic market but manufacture them in China.
As such, the e-bike companies which will be affected by the 25% tariff will even include US e-bike retailer Pedego, because it carries out its manufacturing operations in China. According to Pedego CEO Don DiCostanzo, the new tariff proposed by the Trump Administration would have a significant impact on the company’s operations.
Meanwhile, besides Pedego, some of the other e-bike companies which will be affected by the 25% tariff on e-bikes from China include Trek, Giant and Raleigh Electric.
Energy giant BP has recently announced the acquisition of Chargemaster, the leading charging network operator in the UK.
A new all-electric pilot boat -- called ‘RAlly 1600-E’ -- has been recently unveiled by naval engineering firm Robert Allan which mainly manufactures boats for specialty use, such as tug and barge transportation.
New electric transportation company SW/TCH E-Mobility has revealed that it has plans underway to offer electric-powered modes of transit in New York City in 2019, to help commuters during the temporary shutdown of the L train subway.
Chinese EV manufacturer BYD has recently announced that it is opening a new battery factory in the Qinghai province in western China.
In one of the noteworthy unveiling at the 2018 Paris Motor Show, a new commercial electric cargo scooter was introduced by Gaius Auto.
In a recent press release, US electric vehicle maker Tesla Motors has officially confirmed that it has hit a new record production number in the 2018 third quarter. The news resulted in an increase of 2 points for the TSLA stock.