Stafford County voted for Trump in 2016; Biden in 2020.

US Treasury Secretary Janet Yellen explains President Biden's initiatives to address inflation and the cost of living.

She speaks to Bloomberg's annmarie hordern from Stafford County, Virginia trib.al/FmWQ3TS

“Trump leads Biden in five crucial battleground states, a new set of polls shows, as a yearning for change and discontent over the economy and the war in Gaza among young, Black and Hispanic voters threaten to unravel the president’s Dem coalition” nytimes.com/2024/05/13/us/…

Coming up today on Bloomberg TV:
I’ll be sitting down with Secretary Janet Yellen. John Micklethwait with Emmanuel Macron, & Jonathan Ferro with David Solomon.

Representatives from the US and China will meet Tuesday in Geneva to talk AI.

Tuesday (most likely): Biden will hike or add tariffs in key sectors after nearly two years of review. The total tariff on Chinese electric vehicles will rise to 102.5% from 27.5%, sources tell us. (Confirms WSJ) bloomberg.com/news/articles/…

The White House is preparing its Tuesday announcement. Biden will frame the move as a defense of American workers.

Trump, meanwhile, says he likes it but would go further to block Mexican-built Chinese cars.

With Jennifer A. Dlouhy, Eric Martin, annmarie hordern, Jennifer Jacobs, Justin Sink

Big shakeup in Russia.

Putin has dismissed Nikolai Patrushev— the head of Russia’s national security council. (Peskov says Kremlin will announce where he will go in next few days). Putin appoints Sergei Shoigu in his role, and proposes Andrey Belousov as new Defense Minister.

Her first as Energy Secretary— Granholm heads to the Gulf, sources tell me and Ari Natter.

'If you're the Israelis, you're stuck,' says former US intelligence official Norman Roule. 'Do you allow Hamas to win, or do you attack an adversary that hides behind civilians?'
bloomberg.com/news/articles/…

Adams set to meet the Pope

Secretary of State Blinken is expected to submit to Congress as soon as Friday a highly critical report about Israel's conduct in Gaza that stops short of concluding it has violated the terms for its use of US weapons, three officials tell
⁦Axios⁩ axios.com/2024/05/10/isr…

“Much of it is performative btw Israel & Hamas, drawing a page from Baker’s dead-cat diplomacy,” said Aaron David Miller. “Part of the motivation is less to reach a deal & more to blame the other guy if it fails… party that’s really in a hurry is Biden.” nytimes.com/2024/05/09/us/…

“Details on the precise value or categories of tariffs that would be imposed were sketchy, but the administration was said to have zeroed in on areas of interest within strategic competitive and national security areas, one of the people said.” reuters.com/business/us-se…

China’s Foreign Ministry spokesman Lin Jian: “Instead of correcting its wrong practices, the United States continued to politicize economic and trade issues… To further increase tariffs is to add insult to injury.”

NEWS: The Biden administration is set to impose new China tariffs on key sectors like electric vehicles, per sources. Existing 301 tariffs will largely be left unchanged. Announcement expected next week.

Story with Jennifer Jacobs & Eric Martin:
bloomberg.com/news/articles/…

Biden on Trump: “He promised a $10 billion investment by Foxconn. He came with your senator, Ron Johnson, with a golden shovel and didn’t build a damn thing… They dug a hole with those golden shovels and then they fell into it.”

⁦Jonathan Lemire⁩ politico.com/news/2024/05/0…

From the White House: The President taped an interview with CNN’s Erin Burnett in Racine County, Wisconsin. The interview will air tonight at 7:00pm ET.