Good morning. One day after news broke that President Biden was planning to raise tariffs on Chinese electric vehicles to roughly 100%, Donald Trump moved to one-up his rival for the White House.

• Trump’s response: “I will put a 200% tax on every car that comes in from those plants,” the former president said at a rally in New Jersey on Saturday, referring to Chinese vehicles manufactured in Mexico. Biden, he suggested, was ripping off his tariff-focused trade agenda. “Biden finally listened to me,” Trump said. “He’s about four years late.”
   
• China a bipartisan trade issue: The retort put on display a dynamic now at the heart of U.S. trade policy: The leaders of both political parties are racing each other to impose tough barriers on trade with China. What was once a lone effort by Trump to disrupt the bipartisan faith in free trade has become an establishment consensus of its own.
   
• Other tariffs raised: Beyond raising tariffs on electric vehicles, the White House said Tuesday that Biden was increasing a key tariff rate on steel and aluminum products to 25% from 7.5%, while the tariff on solar cells would rise to 50% from 25%, and a new duty on shipping cranes would be 25%. Those tariff increases, among others, will kick in this year, while others, including a tariff increase to 25% from 7.5% for larger storage batteries and a new tariff on natural graphite set at 25%, will take effect in 2026.
   
• Background: Biden’s decision caps years of tortured debate within the administration over the tariffs Trump originally put in place on more than $300 billion in imports from China. Those duties, implemented in 2018 and 2019 and augmented by Biden’s new steps, are now a seemingly permanent feature of U.S. policy toward China.

Also see: Import Groups Decry Higher U.S. Tariffs on China-Made Goods

U.S. goes after firms involved in sanctioned oligarch’s attempt to sell stock.

The U.S. has sanctioned three companies and a Russian national that officials say were involved in an alleged scheme by Russian businessman Oleg Deripaska to unfreeze more than $1.5 billion in shares he controls in an Austrian construction company.

Risk & Compliance Journal’s Dylan Tokar reports that Tuesday’s action comes after Deripaska—who has been under U.S. sanctions since 2018—tried to sell the shares he holds in Strabag, a major Austrian construction company, through what U.S. authorities described as “an opaque and complex supposed divestment” amounting to a sanctions-evasion scheme.

• The Justice Department said Boeing violated a settlement agreement reached three years ago over its employees’ role in two fatal jet crashes, exposing the company to potential criminal prosecution over one of the biggest crises in its history.
   
• Federal auto-safety regulators are looking into Waymo, the self-driving car startup owned by Google’s parent Alphabet, following 22 reported incidents involving the unit’s automated-driving system.
   
• A judge has dismissed the Federal Trade Commission’s price-fixing case against private-equity firm Welsh, Carson, Anderson & Stowe, a potential blow to the Biden administration’s efforts to crack down on what it sees as healthcare profiteering, according to WSJ Pro Private Equity (subscription required).
   
• Eli Lilly has reached its first legal settlement with one of the spas that it had accused in lawsuits of infringing its trademarks by selling alternative versions of Lilly’s hot-selling drugs for diabetes and weight loss.

The art market is down. A cyberattack at Christie’s may make things worse.

Christie’s remained in the grip of an ongoing cyberattack on Tuesday, a crisis that has hobbled the auction house’s website and altered the way it can handle online bids.

This could disrupt its sales of at least $578 million worth of art up for bid this week, starting tonight with a pair of contemporary art auctions amid New York’s major spring sales.

What’s at stake: Christie’s crisis comes at a particularly fragile moment for the global art market. Heading into these benchmark spring auctions, market watchers were already wary, as broader economic fears about wars and inflation have chipped away at collectors’ confidence in art values.

• Corporate debt defaults hit a global tally of 18 in April, the highest monthly level since October 2020 at the height of the Covid pandemic, according to research by S&P Global Ratings.
   
• Federal Reserve Chair Jerome Powell affirmed the central bank’s plans to hold interest rates at the highest level in more than two decades as it awaits evidence that a slowdown in inflation will resume after setbacks this year.
   
• The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged for this year and next, while reporting a fall in crude output as the market awaits the cartel’s next production policy move at its upcoming meeting in June.

• The Biden administration notified Congress on Tuesday that it was moving forward with more than $1 billion in new weapons deals for Israel, U.S. and congressional officials said.
   
• Donald Trump’s lawyer on Tuesday argued that star witness Michael Cohen was a self-serving opportunist who had moved from being obsessed with serving the former president to seeking to put him in jail.
   
• Google will show artificial-intelligence-powered answers to billions of people using its namesake search engine by the end of the year, broadening its rollout of the technology as it tries to fend off growing competition in its core business.
   
• Walmart is cutting hundreds of corporate jobs and asking most remote workers to move to offices.
   
• Short sellers have been burned by the resurgence of GameStop, AMC and other meme stocks.

Follow us on X at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

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