Summary of today’s Essential Eight:
US tariffs announcement Tuesday - On Tuesday President Biden will announce new tariffs on products from China as USTR’s Section 301 four year review of the Trump tariffs concludes. The tariff rate for EVs will rise to 100% for example, and there will be new or increased tariffs on other products, including semiconductor and solar-related goods. It does not sound like any of the Trump tariffs will be reduced. The total amount of US imports from China affected I believe is less than 5%, but they may serve to protect the US auto sector at least, and help Biden with some constituencies going into the November election. PRC officials are of course not pleased, though how they will retaliate is unclear. Those PRC officials will be especially concerned if the US actions lead to actions by other G7 members, and they will be working hard to prevent any sort of coordinated moves at or around the June G7 Summit.
Premier Li visits Anhui - On Friday Premier Li ma…