Biden sharply hikes tariffs on Chinese language EVs and tech imports

Good morning. President Joe Biden is sharply elevating tariffs on Chinese language imports, starting from electrical autos to photo voltaic cells, in a pre-election effort to guard US jobs.

The White Home mentioned $18bn of Chinese language items could be hit by the rises, which had been “fastidiously focused at strategic sectors” and designed to purchase time for US corporations to meet up with Chinese language rivals in inexperienced expertise.

In one of many largest strikes, the US will quadruple the tariff on Chinese language EVs to 100 per cent this yr.

Talking on the White Home in entrance of leaders of a number of US labour unions, Biden mentioned China had engaged in “dishonest” by using unfair commerce practices, together with for EVs, and in addition with cyber espionage.

“Whether or not it’s fuel, electrical or hybrid, we’re by no means going to permit China to unfairly management the marketplace for these automobiles — interval,” the president mentioned. Listed here are the sectors focused by the tariffs, plus how Beijing and enterprise teams responded.

• Tariffs explainer: Biden’s new tariffs are designed to enchantment to blue-collar voters in America’s electoral swing states — however they’ll have ramifications far past the US.

• Nice Wall Motor exec hits out: A senior government at one among China’s largest privately owned carmakers has mentioned the west’s claims of overcapacity within the Chinese language automobile trade is a “faux idea”.

• EV tie-up: Stellantis plans to promote EVs made by China’s Leapmotor at its European dealerships from September in an uncommon try to capitalise on the ambitions of Chinese language producers to crack the regional market.

And right here’s what I’m holding tabs on in the present day:

• Singapore’s new chief: Lee Hsien Loong steps down to get replaced by Lawrence Wong, the primary new prime minister in 20 years.

• China key charge resolution: The Folks’s Financial institution of China makes its Medium-term Lending Facility charge announcement.

• Financial information: The US studies CPI inflation information and retail gross sales figures, whereas Russia publishes its first-quarter GDP estimate.

• Vacation: Monetary markets are closed in Hong Kong and South Korea for Buddha’s Birthday.

5 extra high tales

1. Vladimir Putin will go to China tomorrow, marking his first international journey since he was sworn in for a fifth presidential time period final week. The 2-day go to to Beijing would be the forty third time Putin may have met President Xi Jinping, and comes as China performs a rising function in supporting the Russian economic system amid Moscow’s conflict in Ukraine.

• Opinion: Putin’s journey might present US sanction threats over Chinese language assist of the Russian conflict machine are wishful considering, writes Alexandra Prokopenko of the Carnegie Russia Eurasia Heart.

2. Anglo American plans to thwart BHP’s £34bn takeover bid by breaking itself up. Chief government Duncan Wanblad instructed the FT he had a “lengthy” assembly with South African President Cyril Ramaphosa as Anglo sought to rebuff a proposed acquisition by the Australian mining firm.

• Go deeper: Anglo’s radical plan to fend off BHP faces many hurdles, however no matter occurs, the 107-year-old miner won’t be the identical once more.

3. Google proprietor Alphabet has unveiled its “Venture Astra” synthetic intelligence assistant that may reply real-time queries throughout video, audio and textual content. In a video demonstration, it efficiently recognized sequences of code, recognised the King’s Cross neighbourhood of London by means of the digicam lens, and reminded the consumer the place that they had left their glasses.

4. Iran has proven a willingness to interact in “critical dialogue” with the UN’s nuclear watchdog for the primary time in additional than a yr, in response to the company’s head. Rafael Grossi of the Worldwide Atomic Power Company instructed the FT that the watchdog may very well be coming into a “completely different part” with Iran, in an indication the nation is searching for to ease tensions with the US.

5. Western pharmaceutical corporations have to faucet into “mind-bogglingly spectacular innovation” in China, the chief government of Genmab, one among Europe’s main biotech corporations, has mentioned. Jan van de Winkel argued that “anti-Chinese language sentiment” in US life sciences shouldn’t deter dealmaking.

The Massive Learn

Ayatollah Ali Khamenei has exercised extraordinary spiritual authority over Iran for greater than three many years because the Islamic republic’s foremost non secular and political chief. However the query of who will succeed him is coming into sharper focus after he turned 85 in April. The nation’s energy brokers are quietly mapping out the post-Khamenei handover, a succession that will probably be a second of existential threat to the regime.

We’re additionally studying and listening to . . . 

• Hong Kong: The territory wants extra choices to resolve debt issues than merely “lose-lose” liquidations, writes Chan Ho-him.

• China’s Silicon Valley🎧: How did China go from tech imitator to innovator? The FT’s James Kynge studies from Shenzhen on the nation’s tech success tales. Hearken to the Tech Tonic podcast right here or learn the transcript.

• Web zero banking: Can banks actually repair the local weather disaster? New analysis makes for sobering studying, writes Katie Martin.

Chart of the day

Shares in online game retailer GameStop and cinema group AMC Leisure surged once more yesterday, extending a ferocious “meme inventory” rally that was sparked this week by the re-emergence of a preferred day dealer.

Take a break from the information

Manderley Press is understood for reprinting forgotten books on memorable landmarks and places. It started in 2021 when impartial ebook writer Rebeka Russell launched it from her dwelling, an enthralling yellow-brick gabled home in south London that’s a narrative by itself.

Further contributions from Irwin Cruz and David Hindley