British drivers are being warned that the price of new vehicles could skyrocket in the near future amid a potential trade war between the US, the European Union and China. Both the United States have taken significant steps to crack down on the number of Chinese-made electric vehicles being imported by levying heavy tariffs on manufacturers operating in China. The first escalation came in May when President Joe Biden announced that the tariff rate on Chinese electric vehicles under Section 301 of the Trade Act 1974 would increase from 25 per cent to 100 per cent. He said this was necessary to …