An investment firm linked to Hunter Biden helped broker deals that benefited China’s electric vehicle and aluminum industries. Joe Biden imposed the tariffs on Tuesday over concerns the industry would see U.S. adversaries gain control of both markets.
The eldest son co-founded BHR Partners in 2013 after falling on hard times. Three years later, the company was influential in facilitating a deal in which a Chinese company bought Congo’s cobalt mines from American and Canadian companies.
transaction, first reported Reported by the Washington Free Beacon during the 2020 presidential campaign and later highlighted by the New York Times, the state-owned company China Molybdenum Corporation was given control of one of the world’s largest sources of cobalt. It was done.
Cobalt is a key material in the production of electric vehicle batteries.
The $3.8 billion deal to transfer 80 percent of Congo’s Tenke Hungulum mine to China Molybdenum came in the same year that BHR Partners bought and sold a stake in Chinese electric vehicle battery maker CATL. The New York Times reported.
BHR Partners also tried to facilitate a deal in 2015 between a U.S. subsidiary of Chinese company Zhongwang and U.S. aluminum maker Aleris. washington free beacon reported Wednesday, citing Hunter’s infamous laptop email.
The company’s owner, Mr. Zhongwang, and related companies, indicted by the Department of Justice In 2019, a lawsuit arose over an alleged scheme to avoid paying more than $1 billion in tariffs on aluminum products.
Hunter’s 10% stake in BHR Partners was reportedly purchased by his eldest son, the so-called “Sugar Brother” Hollywood lawyer Kevin Morris, during Joe Biden’s first year as president.
“For years, the Chinese government has funneled state funds to Chinese companies in everything from steel, aluminum, semiconductors, electric vehicles, solar panels, futuristic industries, and even critical health equipment like gloves and masks. ” Joe Biden said Tuesday as he announced tariffs on about $18 billion a year of Chinese imports.
“China heavily subsidizes all of these products, forces Chinese companies to produce far more than the rest of the world can absorb, and dumps the surplus products on the market at unreasonably low prices. , which put other manufacturers around the world out of business,” 81 said. – added the president.
Over the next two years, electric vehicles in China will face 100% tariffs. Biden’s move would raise tariffs on some Chinese steel and aluminum products to 25% this year.
Congressional Republicans leading the impeachment inquiry into corruption allegations against the Biden family say Joe Biden has been involved in two Chinese government-controlled cases involving Hunter and his eldest son James Biden, including BHR Partners CEO Jonathan Lee. He provided evidence that he had met with leaders of separate businesses.
