3. Biden labels Xi a dictator
President Joe Biden called his Chinese counterpart, Xi Jinping, a dictator, triggering an angry response from China. Biden made the remark at a campaign fundraiser in California, as he sought to rally support for his 2024 reelection bid. But, political red meat aside, he made the comment at a diplomatically sensitive time as the U.S. and China look to ease economic and geopolitical tensions between the countries. Secretary of State Antony Blinken had just wrapped what was seen as a productive visit to China, where he met with Xi, who has in recent months consolidated even more power in his office. A spokesperson for China’s Ministry for Foreign Affairs called Biden’s remark “ridiculously absurd and irresponsible.” (CNBC’s new documentary, “China’s Corporate Spy War,” premieres at 10 p.m. ET on Wednesday. Check out a sneak peek.)
4. The next wave in the ESG fight
House Republicans are gearing up for their next offensive against environmental, social and governance issues in investing. Rep. Andy Barr, R-Ky., is set to unveil a new bill intended to limit investing in ESG funds, which opponents have dubbed “woke.” ESG defenders say the strategy allows people to make money while investing in the social good. But Republicans and conservative Democrats say investment funds should only focus on maximizing returns for people. “Environmental, social and governance investing has become a cancer and a fraud within our capital markets, steering retail investors, sometimes unwittingly, into lower-performing, less diversified and higher-fee funds,” Barr told CNBC’s Emily Wilkins. The lawmaker’s bill could be part of a larger House GOP to target ESG investing next month.
5. (Somewhat) friendly competition
Ford CEO Jim Farley said his team was quick to jump at the chance to join EV-making rival Tesla’s extensive charging network. “I have no problem being opportunistic when it comes to advantaging my customers,” Farley told CNBC’s Jim Cramer on Tuesday’s edition of “Mad Money.” Yet the Ford chief also had a little fun at the expense of Tesla’s planned Cybertruck, which he called a product for “Silicon Valley people.” “It’s like a cool high-end product parked in front of a hotel,” Farley said. “But I don’t make trucks like that. I make trucks for real people who do real work, and that’s a different kind of truck.”
— CNBC’s Mike Calia wrote this newsletter. Tanaya Macheel, Seema Mody, Clement Tan, Emily Wilkins and Julie Coleman contributed.
— Follow Squawk Pod for the best conversations and analysis from Squawk Box in a curated, daily podcast.
