China is likely to hit back against US tariffs on electric vehicles, Wedbush's Dan Ives says

• The Biden administration is set to raise tariffs on China EVs from 25% to roughly 100%.
• Wedbush's Dan Ives told Bloomberg on Friday that China is very likely to retaliate against the move. 
• Ives said rising competition from cheap Chinese EVs would pose risks to the US domestic EV market.

China is likely to retaliate against the move by President Joe Biden's administration to impose new tariffs on electric vehicles from China, says Wedbush's analyst Dan Ives.