The President's Daily Brief - PDB Afternoon Bulletin | May 14th, 2024: Biden's Gambit On Chinese Trade & Corruption Scandal In Moscow's Halls Of Power

Episode Date: May 14, 2024

In this episode of The PDB Afternoon Bulletin:    The Biden administration is hitting China with a flurry of new tariffs on a range of key products, including electric vehicles and solar cells, inflaming tensions with leaders in Beijing. There’s more upheaval in Moscow’s halls of power, as reports emerge that another senior Russian defense official has been arrested on charges of corruption. To listen to the show ad-free, become a premium member of The President’s Daily Brief by visiting PDBPremium.com. Please remember to subscribe if you enjoyed this episode of The PDB Afternoon Bulletin.  Email: [e-mail] Learn more about your ad choices. Visit megaphone.fm/adchoices

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It's Tuesday, 14 May. Welcome to the PDB afternoon bulletin. I'm Mike Baker, your eyes and ears on the world stage. Let's get briefed. First, the Biden administration is hitting China with a flurry of new tariffs on a range of key products, including electric vehicles and solar cells. And as you might imagine, that's increasing tension with the leaders in Beijing. Also, there's more upheaval in Moscow, as reports emerge that another senior Russian

defense official has been arrested on charges of corruption. and if I were that official, I wouldn't stand anywhere near a window, get on a plane, or drink a cup of tea anytime soon. But first, our afternoon spotlight. The Biden administration is making moves to crack down on Chinese imports that are undercutting key American business sectors, inflaming tensions between the two largest economies in the world. In what many see as an election year play to prove as bona fides regarding being tough on China, what? playing politics in an election year. President Biden announced a historic wave of new tariffs on a variety of Chinese goods, including electric vehicles, batteries, computer chips, semiconductors,

solar cells, steel, aluminum, and medical equipment. That's according to a report from the Associated Press. Biden's National Economic Advisor said, quote, It's very clear that China has continued to engage in unfair practices like forced technology transfer, intellectual property theft, and unfair subsidies. The president is taking a tough strategic approach, combining investment at home with enforcement against China in key sectors, end quote. The advisor added, sure, we could have put these tariffs in place three years ago, but, you know, the election is coming up soon, so there you go. By the way, that last quote was made up. The tariffs will apply to some $18 billion in Chinese imports. They're on top of roughly 300,

billion in duties imposed on China by former President Trump, which the Biden administration is kept intact and building upon. China wasted no time in condemning the action and promised immediate economic retaliation. Officials for the CCP accused the U.S. of acting like a bully, and said they would aggressively defend their economic interests. Officials also warned the U.S. that such antagonistic action will erode any recent progress made to strengthen ties between Beijing and Washington. Okay, now who's being the bully? A statement from China's Commerce Ministry said,

quote, the increase in tariffs by the United States contradicts President Joe Biden's commitment to, quote, not seek to suppress and contain China's development and not to seek to decouple and break links with China. This action, they said, will seriously impact the atmosphere of bilateral cooperation, end quote. The tariffs will be enacted in a phased approach over the next three years, depending on the industry. Among the first targets in 2024 will be China's

electric vehicle imports, which will see tariffs rise from 27.5% to get this 100%. For context, China currently levies a 40% tariff on American vehicle imports while attempting to undercut the U.S. industry with cheaply priced electric vehicle imports. Meanwhile, tariffs on solar cells and semiconductors will be increased to 50%, while the tariffs on the remaining goods will be set at 25%. Now, officials for many years have warned that China's efforts to dominate the global market for emerging technologies through cheaply priced goods poses a long-term risk to our national security and economic stability. In a sign that the decision by the White House is not only an economic move, but, well, also political, the Biden administration made a point to contrast their plan with that

proposed by, you guessed it, Trump, who has advocated for a 60% tariff on all Chinese imports. Trump argues it would boost American manufacturing, but the Biden administration has painted Trump's position as far too aggressive and belligerent. The Biden administration claims that the tariffs won't cause inflation to increase due to the way that they're structured, though analysts are uncertain about the long-term impact it could have on prices if it provokes a larger trade war with China. Additionally, despite the Biden administration's optimism, many economists fear the tariffs will likely cause consumer prices to rise in the U.S., pointing to the higher cost of goods following the Trump administration's 2018 and 2019 tariffs. Coming up after the break, following

Russian President Vladimir Putin's dismissal of his defense minister, it appears another senior defense official in Moscow has been arrested on charges of corruption. I'll be right back. How many discounts does USAA auto insurance offer? Too many to say here. Multi-vehicle discount, safe driver discount, new vehicle discount, storage discount, legacy how many discounts will you stack up? Tap the banner or visit usa.com slash auto discounts. Restrictions apply. Welcome back to the afternoon bulletin. Just days after Russian President Putin unexpectedly removed his longtime defense minister Sergei Shogu from his position,

Russian officials are reporting that a second senior Russian defense official was arrested on bribery charges, indicating a widening of the biggest government of corruption scandal in years. On Monday, Lieutenant General Yuri Kuznetsov, the 55-year-old chief of the defense ministry's main personnel directorate, that's a mouthful, was detained in a dramatic raid on his suburban Moscow villa. How many villas are there in Moscow? According to reports in Russian media, agents of the Federal Security Service, stormed the property early in the morning, breaking down doors and windows while Kuznetsov slept. During the raid, authorities seized gold coins, luxury items, and over 100 million rubles.

That's equivalent to just over, if my math, is correct, $1 million in cash. Wow, who does this guy think he is? A U.S. senator from Jersey? The investigative committee, Russia's top criminal investigation agency, reported that Kuznetsov has been charged with accepting a, quote, exceptionally large bribe, and that's a crime that carries a maximum penalty of 15 years in prison. The bribe was allegedly received during his previous tenure as head of the military general staff's directorate responsible for preserving state secrets, a position that he held for 13 years. Kuznetsov's wife, who has also worked in various defense ministry

roles, was reportedly interrogated as part of the investigation. The arrests signify a barrenu, crackdown within the defense ministry, with at least five people taken into custody since the scandal broke. As we've been reporting on the PDB, this corruption scandal first came to light with the arrest of now former deputy defense minister Timur Ivanov, a close ally of the ousted Shogu. Ivanov was detained in April on suspicion of accepting approximately $11 million in bribes. If convicted, Ivanov also faces up to 15 years in prison. Shoig's removal and reassignment to the role of Secretary of Russia's Security Council came on Sunday. Moscow is denying that this reassignment is a demotion,

with Kremlin spokesman Dmitri Peskov calling his new position, quote, a very senior job with broad responsibilities, end quote. Yeah, not a demotion at all. I do hear there's an available cell, though, up at the Polar Wolf Arctic Prison, now that they've removed that Navalny fellow. Shoigu will be succeeded by Andrei Belisov, an economist and former deputy prime minister. And that, my friends, is the PDB afternoon bulletin for Tuesday, 14 May. If you have any questions or comments, please reach out to me at PDB at thefirsttv.com.

And if you want to listen to the show ad-free, be sure to check out our premium membership at pdbpremium.com. And, as if I need to remind you, our new weekend PDB show, the PDB Situation Report, debuts this Saturday, 18 May, on our YouTube channel. It's news, its analysis, informative guests, witty banter. Honestly, you'll laugh, you'll cry, you'll learn something. It's every Saturday. The audio version will be available on all podcast platforms, and the video version, in full Technicolor and Surround Sound,

will be on the President's Daily Brief YouTube channel. Check it out. I'm Mike Baker. I'll be back tomorrow. Until then, stay informed. Stay safe. Stay cool. Pay off your home, travel for life, drive a Ferrari. In celebration of the world premiere of the Monopoly

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