US Tariffs; Putin to China; April credit contraction; Taiwan; UK; Qinghai court drama

Summary of today’s Essential Eight:

1. More US Tariffs - President Biden announced new tariffs as part of the review of the Trump Administration’s Section 301 tariffs, while taking a swipe at Republicans and his predecessor. The Biden Administration is not removing any of the Trump tariffs and as expected is raising them on several categories of products, including EVs, as part what officials describe as actions “carefully targeted at strategic sectors”. The total amount of imports affected is $18 Billion, or about 4% of the total imports from the PRC. But the targeted areas are key to a transition to clean energy, and they are at the heart of the PRC’s efforts to seize the commanding heights of the green energy revolution and to further bind global supply chains to China, as part of the dual circulation strategy. As one US official said on a briefing call “China can’t be the only country that produces clean technology for the world. We need — we need diversified, not concentrated, pro…