12:01 PM EDT, 05/10/2024 (MT Newswires) -- (Updates with details throughout, attempt to reach White House, US Trade Representative in the fifth paragraph.)

The Biden administration is poised to quadruple tariffs on Chinese electric vehicles, The Wall Street Journal reported Friday, citing people familiar with the matter.

Washington is preparing to announce the tariff increase on Tuesday, with critical minerals, solar goods and batteries from China also expected to be covered, the report said.

The tariff rate on electric vehicles from China will be raised to roughly 100% from 25%, while an additional 2.5% duty will be imposed on all automobiles to be brought into the US, the report said.

The decision comes as US officials are seeking to protect a nascent American clean-energy industry amid China's ramped-up exports of clean-energy goods, according to the report.

Neither the White House nor the Office of the United States Trade Representative immediately replied to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)