President Joe Biden’s signature climate bill, the Inflation Reduction Act (IRA), has been a boon for China’s battery market.
Biden signed the bill into law in August 2022. The legislation created a bevy of green energy subsidies meant to transition United States energy usage away from fossil fuels and, according to Biden weeks before he signed the IRA, “compete with China.”
Since the law was enacted, imports of Chinese components for electric vehicles to the U.S. have skyrocketed, according to a review of government data by The Washington Free Beacon. The data call into question whether the IRA has failed at one of its key goals.
China is a major supplier of rare earth minerals that are used in green energy technology, such as solar panels, electric cars, and wind turbines. While imports for components that use rare earth minerals have risen over the course of Biden’s…
