Trump has vowed he will impose tariffs of 25% on all imports from Canada and Mexico, and an extra 10% on Chinese goods on day one in office. The China tariffs would apply to all imports and on top of existing levies.
Whilst the EV market can adapt to non Chinese supply, as evident from YTD LFP data.... 7% market share compared to 13% in 2023, this will be much more difficult for the storage space, with LFP market share at close 90%.
LFP cells used in BESS currently face a 7.5% tariff, set to rise to 25% in 2026, giving time for domestic LFP production to get up and running. With the new tariff, Chinese LFP cells commonly used in storage could face a tariff over 40% in 2025, increasing to 60% in 2026.
