06:43 AM EDT, 05/10/2024 (MT Newswires) -- The US is set to announce new tariffs on Chinese electric-powered vehicles as early as next week, news outlets reported, citing unnamed people familiar with the matter.

Reuters said an announcement could take place as soon as Tuesday and could target microchip and solar energy technology as well as EVs. The specifics of the tariffs remain under discussion, Reuters and Bloomberg reported.

The tariffs could boost the prospects of US EV firms such as Tesla (TSLA) and legacy US, German, Japanese, and Korean car sellers with EV products. Chinese EV makers Li Motors (LI), Nio (NIO), and Xpeng ( XPEV ) makers have yet to sell cars in the American market.

The US Trade Representative's office did not immediately reply to MT Newswires' request 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.)

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