Biden quadruples import tariffs on Chinese EVs • FRANCE 24 English

Yuka Roy from the business T joins me now Yuka welcome to the program the US government increasing tariffs on a variety of Chinese Goods notably electric cars well Tom US President Joe Biden announced the raft of punitive tariffs on some $18 billion worth of Chinese Goods including quadrupling the Border tax on electric cars the White House says the measures are carefully targeted at strategic sectors such as Green Tech metals and medical equipment the new leev levies expand existing tariffs imposed during the Trump Administration which the current government has been reviewing over the past four years its conclusion is that China’s forced technology transfers and non-market Trade Practices had unfairly given it control of Global Supply chains and threatening America’s jobs and economic security while Beijing strongly criticized the move the US president doubled down on his pledge to protect American Industries and ahead of November’s election but for too long it hasn’t been fair for years the Chinese government has poured State money into Chinese companies across a whole range of Industries steel and aluminum semiconductors electric vehicles solar panels the industries of the future and even critical health equipment like gloves and masks that’s why today I’m announcing new tariffs and key sectors of the economy that are ensure that our workers are not held back by unfair Trade Practices okay so um let’s move on to another story you’ve picked out for us a new version of chat GPT is out and it looks well it sounds rather more human than ever before Tom it’s called chat uh GPT 40 rather it’s the latest version of open ai’s iconic chatbot powered by artificial intelligence it responds faster speaks quite candidly and can identify emotions from facial expressions in video talks Brian Quinn has more the next Leap Forward for chat GP its latest update from open AI version 40 can now carry on hyperrealistic voice conversations with users I’m doing great thanks for asking how about you interacting using text audio and visual cues with nearly no delay in response time this is the first time that we are really making a huge step forward when it comes to the EAS of use and this is incredibly important because we’re looking at the future of interaction between ourselves and the machines so what kind of emotions do you think I’m feeling it looks like you’re feeling pretty happy and cheerful for R’s astonishingly natural mannerisms seem straight out of a Hollywood film and in a way they are hi I’m Samantha open ai’s programmers and Executives have acknowledged being inspired by the 2013 film her in which the lead character falls in love with his digital assistant bingo in addition to analyzing computer code providing realtime translation and explaining equations the bot can detect emotions in users tone of voice or facial expressions and pause for interruptions its roll out by the Microsoft backed open AI is the latest move in a race to draw users in and monetize the AI systems that have cost billions to develop as competition in the sphere heats up chat gpt’s user numbers peaked at 1.8 billion web visits in May 2023 and have stagnated ever since hoping that 4 will reignite its dominance in the AI chatbot field and Google’s parent company alphabet has just unveiled a beefed up version of its Gemini chatbot and rolled out a revamped search engine that will respond with conversational summaries generated by artificial intelligence the makeover was announced at the tech company’s annual developer conference and will begin this week in the US okay what’s all of that excitement doing to the market then Uka well alphabet shares to start with are up by about 8/10 of a percentage point a pretty mild reaction after a host of announcements were made today Wall Street on the hall is gaining momentum with all three main indices drifting higher in afternoon trade at near record levels set in March as you can see there Dow Jones S&P and the Nasdaq all up by 3/10 to 7/10 of a percentage Point okay now to a rather Niche part of the stock market it seems that Meme stocks are back in the game tell us more yeah Tom you may remember the frenzy three years ago that caused a surreal rally of GameStop a brick and mortar video video game shop chain well that phenomenon seems to be back after jumping 75% on Monday GameStop Shares are up currently a further 40% so far this Tuesday along with it other meme stocks like the theater chain AMC but both had risen much more in earlier trading the 2021 meme Stock May was triggered by a social media movement to prop up GameStops share price in the face of Wall Street hedge funds short selling them that is selling borrowed stocks to then buy them back betting that the prices would go down at a time that the company uh company’s business was struggling gaming fans and Retail investors galvanized by talks on Reddit tried to counteract that by buying the stock pushing its price up and causing what’s known as a short squeeze it resulted in Hefty losses for the short sellers now the key figure behind that activism was an investor called Keith Patrick Jill he has been silent for the past 3 years but on Monday this post on X by roaring Kitty that’s Jill’s online name appeared to show a gamer suddenly jumping into action and this apparently caused a mini version of the 2021 craze

US President Joe Biden has announced a raft of new tariffs on some 18 billion dollars worth of Chinese goods, including quadrupling the border tax on electric cars. The White House says the measures are carefully targeted at strategic sectors to protect American companies from unfair trade practices.  Beijing has strongly criticised the move. 

Plus, a new version of ChatGPT is out… and it’s more human than ever. And Google is also revamping its search engine with artificial intelligence. 

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40 comments

  1. Oh dear, on the EV front what will happen is better, cleverer, longer range and above all far cheaper chinese cars will appear everywhere. The American customer will want them as opposed to the expensive, US offerings, yes even Tesla is too expensive. Tarrifs on import trucks decades ago meant the big 3 just sat on their hands on development while poxketing billions.

  5. Who actually pay for the tarrif? The consumer. The truth is the high tarrif will make the Chinese company improve product quality and reliability. Which will give the Chinese company to compete in other part of the world with easy. Americans don't even drive American made cars. Why? Product overhead is high, with poor product quality, and lacks user friendly replacement parts. Tarrif is not the solution.

  11. Are any Chinese cars sold in the US?

    No.” executive analyst Karl Brauer to explain the current status of Chinese car imports and their prospects for the future.
    Currently, there are no Chinese-branded cars for sale in the United States.18 Mar 2024

  14. Germany is very worry , their car has Big proportion of Chinese parts ?
    ~~ 46% Chinese content, 39% Germany.
    — The motor and transmission are made in Germany.

  19. If China did that the west will criticized China for unfair practices, face it the monetary system is in ICU no matter what you do China will win cause they produced 30% of manufactured goods. time to abandoned Bretton Woods system

  20. Why punish U.S. consumers because Mr Biden wants to win Michigan in November? Bet the tariffs come off after the election. Btw, this post was deleted by YouTube algorithm. Thought I would RE-post.

  23. Wow, Biden realizing that Trump and Republicans were right all along and that Democrat economic policies are garbage. I guess even a leftist can't ignore reality forever in the face of all the suffering they cause. Too bad he ended all of Trump's great policies after coming into office and only put them back after destroying the country for four years now that its an election. Remember that democrats hate you. They just want your vote.

  25. US must be very careful over flooding the American market with chinese imports as this will dislocate so many jobs in the US. Remember, America relocated it's factories to the US early in the 90s and now US regreted it. It is double whammy to the US economy.

  29. Seems like a good idea for those wanting Americans to walk more to improve their health and for those who want free public transportation to decrease pollution.

  30. USA people need timpu more. 😂. They have to buy from other place ……,anyway USA did not import EV cars from China before. This are meaningless or made to be for future. 😂😂😂😂

  31. China should know that in 2023, U.S. oil production reached 12.9 million barrels per day, maintaining the world‘s first place for six consecutive years. US does not need electric vehicles and clean energy transformation.

  37. Fact of the matter is, the US doesn’t have the necessary EV charging infrastructure in place. The US has only 68k EV charging points as opposed to 1.8mil in China despite being geographically similar in size. Don’t think the tariff has any consequences to China except being an election talking point for the current administration. But judging from the angry response in the comment section, that strategy might back fire. Remains to be seen.

  38. America is still important to china for now. But I don't see the logic behind this. even 100% tarrifs and it is still cheaer than America outdated products. the world is not going to buy expensive old technology from america at a higher price.

    China doesn't need to do anything , really tarrifs are double edge swords, hurt both sides.
    France should ask the chinese companies to build factories in france or joint venture with china. instead of closed the factories down in france, get the chinese buy it and joint venture.

  40. These tariffs are transitory just like Yellens's inflation.

    When the US buyer imports goods subject to tariffs from China, they pay the tariff to the US government. This cost and any markup are typically passed on to the end consumer, meaning consumers ultimately bear the burden of tariffs through higher prices. The Chinese seller, however, does not directly pay the tariff; the importer in the US bears that responsibility.

    China does not suffer the consequences of tariffs. The US consumers are being punished by having to pay higher prices.

    In 2012, President Obama, as part of his plan to double the U.S. share of the world's solar panels from 5% to 10%, imposed tariffs of up to 249% on solar imports from China. In response, China retaliated by imposing import restrictions on polysilicon from the U.S. At the time, the U.S. held a 50% share of the global polysilicon market, but this has since dropped to under 4%. The U.S. share of the world's solar panels has dropped to under 2%. China has promised to retaliate just as strongly in response to any new tariffs.

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