The Biden administration is planning to announce new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China.

That’s according to a U.S. official and another person familiar with the plan. The tariffs on electric vehicles, in particular, could quadruple — from the existing 25 percent to 100 percent. The people familiar with the plan spoke on condition of anonymity because they had not been authorized to get ahead of the formal announcement.

Industrialized nations including the United States and its European allies fear a wave of low-priced Chinese exports will overwhelm domestic manufacturing. On the U.S. side, there is particular concern that China’s green energy products will undermine massive climate-friendly investments made through the Democrats’ Inflation Reduction Act that President Joe Biden signed into law in August 2022.

Federal judge temporarily halts Biden plan to lower credit card late fees to $8

A federal judge in Texas temporarily halted a plan by the Biden administration to lower late fees on credit cards to $8 that was slated to go into effect next week.

The temporary injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies, which collect billions in revenue each year in late fees and were looking to stop the proposal from going into effect. It is also a win for the U.S. Chamber of Commerce, which led the lawsuit on behalf of the banks.