What to Know in Washington: China Tariffs Target Chips, EVs

President Joe Biden is hiking tariffs on a wide range of Chinese imports — including semiconductors, batteries, solar cells, and critical minerals — in an election-year bid to bolster domestic manufacturing in critical industries. The changes are projected to affect around $18 billion in current annual imports, the White House said.

The moves represent Biden’s most comprehensive update to the China tariffs first imposed by former President Donald Trump, and a recognition that a hawkish approach to trade with Beijing remains popular with US voters. Biden will ratchet up rates on goods the US struggled to import during the coronavirus pandemic, and for key industries — like chips and green energy — that he’s sought to bolster since he took office.

Still, Biden must strike a careful balance. Additional tariffs risk increasing prices for consumers already hurting from inflation, and inspiring the ire of China, which could choose to retaliate in kind, Josh Wingrove reports. Read More

BIDEN’S SCHEDULE

• The president will deliver remarks around 12:15 p.m. on American investments and jobs.
• He’ll also deliver remarks around 7:30 p.m. at the Asian Pacific American Institute for Congressional Studies’ gala at the Washington Convention Center.
• Biden will return to the White House around 8:45 p.m.
• Press Secretary Karine Jean-Pierre will hold a briefing around 12:45 p.m.

CONGRESS’ AGENDA

• The House meets at 2 p.m. to vote on reauthorizing the FAA.
• The Senate returns at 3 p.m. for a procedural vote on Courtney Diesel O’Donnell’s nomination to be ambassador to UNESCO.
• For the full detailed agenda, read BGOV’s Congress Tracker.

Happening on the Hill

ESG Funds Transparency Rule Gets Push From Democratic Lawmakers

A group of 21 congressional Democrats on Monday urged the SEC to finalize a rule aimed at ensuring investment funds don’t mischaracterize their environmental, social, and governance credentials.

Biden Signs Ban on Imports of Russian Nuclear Reactor Fuel

President Joe Biden on Monday signed legislation banning the import of Russian enriched uranium, starting a 90-day countdown until limits on shipments of the reactor fuel take effect.

Foreign Affairs

Blinken Visits Ukraine in Effort to Assure Kyiv of US Backing

Secretary of State Antony Blinken arrived in Kyiv on Tuesday to reinforce US support after delays in billions of dollars of military aid forced Ukraine to ration munitions and prompted fears the US would abandon its partner in the face of Russia’s invasion.

Zelenskiy Asks Blinken for Patriot Air Defenses for Kharkiv

President Volodymyr Zelenskiy appealed to allies to provide Ukraine with air-defense batteries to shield its second-biggest city as Russia launched a large-scale offensive in the northeastern Kharkiv region.

Elections & Politics

Wall Street Titans Looking for Signs Trump Can Win, Bessent Says

Wall Street investors are looking for indicators that Donald Trump could beat President Joe Biden in November as they weigh investment decisions, Key Square Group LP founder Scott Bessent said.

What Else We’re Watching

IRS Cash Is in Danger of Drying Up for Technology Upgrades

The IRS is more tech savvy than ever—reducing its reliance on paper and readying updates to its aging computer systems—but the agency warns a lack of new funding would stall or even reverse gains.

Hospitals Want Tough Enforcement of Private Medicare Plan Rules

The Biden administration should tighten enforcement of rules that police the behavior of Medicare Advantage plans because, so far, they aren’t making a meaningful difference, hospitals say.

Kristen Clarke Denounces Hate at Columbia Law Commencement

Kristen Clarke, the Biden administration’s civil rights chief, condemned hate-based violence in a Columbia Law School commencement speech Monday in New York.

To contact the reporter on this story: Jeannie Baumann in Washington at jbaumann@bloombergindustry.com

To contact the editors responsible for this story: Kayla Sharpe at ksharpe@bloombergindustry.com; Giuseppe Macri at gmacri@bgov.com