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Biden tariffs, PPI, Home Depot earnings: What to watch

According to a Bloomberg report, the Biden administration could make an announcement on tariffs on Chinese EVs as early as Tuesday morning. The tariffs could rise as high as 102.5%.

Economic data in the form of the Producer Price Index (PPI) is set to be released with an expected rise of 0.1% compared to last month. Core PPI is expected to remain steady month over month. Federal Reserve Chair Jerome Powell and Fed Governor Lisa Cook are set to speak on Tuesday, potentially commenting on the aforementioned data.

Another set of earnings will also be released: Home Depot (HD), Alibaba Group (BABA), On Holding (ONON), Rumble (RUM), Jack in the Box (JACK)

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

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This post was written by Nicholas Jacobino

Video transcript

Time now for to watch Tuesday, May 14th.

The President Biden is quadrupling tariffs on Chinese electric vehicles.

As early as tomorrow.

Total tariff on Chinese is going to rise to 102.5% and 27.5%.

According to a report from Bloomberg, Biden will also sharply increase levies for other key industries.

Sometime this week.

Moving over to the economy, we will get some key economic data this week starting with producer prices coming out tomorrow morning, economists forecast PP I will take up slightly while core PP I hold steady.

This reading will come ahead of April's CP I reading or consumer price index on Wednesday.

And after the PP I print, we're getting another round of fed commentary.

This time from F Jerome Powell and fed Governor Lisa Cook Wall Street will look for clues to see how the latest data affects monetary policy.

And finally more earnings coming out tomorrow, we've got Home Depot, Alibaba and on holding reporting among others, Home Depot announcing first quarter results before the bell and analysts expect the company same store sales to drop by 2%.