SEOUL: South Korean battery manufacturers are set to benefit from the 145 per cent tariff imposed by the second Donald Trump administration in the US on Chinese-made goods, including lithium-ion batteries for energy storage systems. This significant tariff hike aims to curb the competitive edge of Chinese batteries, which previously capitalised on lower levies than electric vehicle cells.
On April 10, the White House said that the 125 per cent tariffs on Chinese imports would rise from 34 per cent to 125 per cent, on top of an existing 20 per cent tariff. This unprecedented increase is part of measures addressing concerns over fentanyl influxes from China, effectively raising the prices of Chinese products 2.45 times.
