Over the Past few years, the administration of U.S. President Joe Biden has unleashed restrictions on a wide variety of goods from China.
Washington’s supply chain review — which highlighted the national security significance of batteries, semiconductors, critical minerals and pharmaceuticals — laid the foundation for several industrial policies, targeted tariffs and other economic action against China’s deceptive trade practices. The European Union — joining the United States — slapped tariffs on Chinese electric vehicles earlier this year and is reportedly considering upping it to 37.6%.
Nonetheless on economic security, the West continues to play catch-up. While the U.S. was busy bringing together NATO and the Indo-Pacific to call for a coordinated approach in pressuring China over its support of Russia, Zeng Yuqun, founder and CEO of Chinese battery manufacturer CATL was traveling around Europe, holding talks with sovereign wealth funds, family offices and automakers.