European Union Announces Higher Tariffs on Chinese EVs
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
European Union Announces Higher Tariffs on Chinese EVs
European Union Announces , Higher Tariffs on Chinese EVs.
On June 12, the EU said it will
impose higher tariffs on imports of
Chinese electric vehicles (EVs), CNBC reports.
.
The increase in tariffs is the result of a
probe launched by the EU in October.
According to the EU, the Chinese imports benefit "heavily from unfair subsidies" and threaten "economic injury" to European EV producers.
The influx of subsidized Chinese imports
at artificially low prices therefore
presents a threat of clearly foreseeable
and imminent injury to EU industry, European Commission, via statement.
A 38.1% tariff will be imposed on battery electric vehicle producers who refused to cooperate with the bloc's investigation.
A 21% tariff will be implemented for carmakers in China who complied
but have yet to be "sampled.".
On June 11, a spokesperson for China's Ministry of Commerce called the higher
tariffs a "protectionist act.".
The findings disclosed in the EU
ruling lack factual and legal basis, Spokesperson for China's Ministry of Commerce, via statement.
This is a naked protectionist act,
creating and escalating trade
frictions, and 'destroying fair
competition' in the name of
'maintaining fair competition.'
, Spokesperson for China's Ministry of Commerce, via statement.
This move by the EU not only damages the
legitimate rights and interests of Chinaâs
electric vehicle industry, but will also disrupt
and distort the global automotive industry
chain supply chain, including the EU, Spokesperson for China's Ministry of Commerce, via statement
Climate change has heightened the risk of forest fires and wildfires in Europe. EU agencies are cooperating across borders and using artificial intelligence to predict and prevent disasters.
Credit: euronews (in English) Duration: 01:41Published
Trump Promises to Stop , All Electric Car Sales.
In an effort to be reelected
as President of the Unites States.
Trump is promising oil and gas execs that
he'll keep electric vehicles (EVs) from being sold in the U.S. if they make significant donations to his campaign, Gizmodo reports. .
Trump said that he'd lower tailpipe emissions targets and cut EV tax credits, among other things. .
"You won't be able to sell those cars," Trump said.
However, the EV market continues to grow, with
at least 1.5 million units expected to sell in 2024.
If Trump squashes EV sales in the U.S., it could anger some Republicans since the market has provided more jobs and investments in the South.
For example, Hyundai is investing
$13 billion in Georgia, a state Trump lost
in 2020, to produce electric vehicles.
Meanwhile, analysts predict EV sales will continue to rise despite Trump's efforts.
Although, his tactics could prove
to slow those sales dramatically. .
Ford Motor executive chair
William Clay Ford Jr. weighed
in on Trump's promises.
Our time frame as a company,
our planning time frame, is a lot
longer than election cycles, William Clay Ford Jr., via statement.
When weâre whipsawed back
and forth by politicians that
becomes really difficult for us, William Clay Ford Jr., via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Hungary has been accused of trying to intimidate civil society as the European Commission has issued legal proceedings against its Sovereignty Protection Office.
Credit: euronews (in English) Duration: 02:20Published
"Companies are signing over 20 new deals or Memorandum of Understanding (MoUs) with Egyptian partners, which are worth over 40 billion euros," the European Commission president said.
Credit: euronews (in English) Duration: 01:00Published
China Accuses EU , of Unjustified Tariff Hike , on Electric Vehicles.
'The Independent' reports that China's Commerce
Ministry has accused the European Union of conducting
an unreasonable investigation and implementing
an unjustified increase in tariffs. .
'The Independent' reports that China's Commerce
Ministry has accused the European Union of conducting
an unreasonable investigation and implementing
an unjustified increase in tariffs. .
On June 20, ministry spokesman He Yadong accused
the EU of demanding an excessive amount
of information from Chinese automakers. .
The types, scope, and amount
of information collected by the
European side are unprecedented,
far exceeding the requirements
of anti-subsidy investigations, He Yadong, China's Commerce ministry
spokesman, via 'The Independent' .
According to He, this information included details on
everything from manufacturing to product formulas
from Chinese electric car and battery producers.
After Chinese companies
did their best to cooperate
with the investigation and
provided information, .., He Yadong, China's Commerce ministry
spokesman, via 'The Independent' .
... the European Commission still
unreasonably accused Chinese
companies of not fully cooperating
and imposed punitive high tax rates, He Yadong, China's Commerce ministry
spokesman, via 'The Independent' .
He added that Chinese companies involved
with the investigation were left
feeling "shocked and disappointed.".
The spokesman went on to state that any
additional measures or provisional increases
in tariffs lack a "factual and legal basis.".
'The Independent' reports that the EU plans
to impose new provisional tariffs between 17.4%
and 38.1% on Chinese EVs starting on July 4. .
Those tariffs would apply to all
foreign brands of electric vehicles
exported to the EU, including Tesla. .
The EU has stated that it wants to discuss
its investigation with authorities in China
and seek a way to resolve any issues.
Credit: Wibbitz Top Stories Duration: 01:31Published
Walgreens Plans , âSignificantâ Store Closures.
On June 27, Walgreens announced quarterly earnings
that were poorer than expected, NBC News reports.
The company's stock fell 15% in pre-market trading.
CEO Tim Wentworth issued a press release.
We continue to face a difficult operating
environment, including persistent
pressures on the U.S. consumer and the
impact of recent marketplace dynamics
which have eroded pharmacy margins, Tim Wentworth, Walgreens CEO, via press release.
Our results and outlook
reflect these headwinds, Tim Wentworth, Walgreens CEO, via press release.
Wentworth elaborated in an interview with CNBC.
The consumer is absolutely stunned by
the absolute prices of things, and the
fact that some of them may not be
inflating doesnât actually change their
resistance to the current pricing, Tim Wentworth, Walgreens CEO, via CNBC.
On a call with analysts, Wentworth said that Walgreens' strategy will have to "include the closure of a significant portion of these underperforming stores.".
75% of our stores drive 100% of our
profitability today. What that means is
the others we take a hard look at, we are
going to finalize a number that we will close, Tim Wentworth, Walgreens CEO, via call with analysts.
The pharmacy chain currently
operates about 8,600 stores
Credit: Wibbitz Top Stories Duration: 01:30Published
US Water System May Be , Vulnerable to Cyberattack, by China, Russia and Iran.
CNBC reports that the United States
water system has been the target of a series
of cyberattacks over the past few years. .
In response, the Environmental Protection Agency
(EPA) has been forced to issue an alert warning
that 70% of water systems do not comply
with the Safe Drinking Water Act.
According to the EPA, some have âalarming
cybersecurity vulnerabilities,â including
unchanged default passwords and former
employees who retain access to vital systems.
In February, the FBI issued a warning to
Congress that Chinese hackers have embedded
themselves into the U.S. cyber infrastructure. .
Those hackers have targeted water treatment
plants, the electrical grid, transportation
systems and other vital infrastructure.
Those hackers have targeted water treatment
plants, the electrical grid, transportation
systems and other vital infrastructure.
Water is among
the least mature
in terms of security, Adam Isles, head of cybersecurity
practice for Chertoff Group, via CNBC.
Stuart Madnick, an MIT professor of engineering
systems and co-founder of Cybersecurity at
MIT Sloan, warns that an attack that shuts off
water to the population is the main concern.
We have demonstrated in our
lab how operations, such as
a water plant, could be shut
down not just for hours or
days, but for weeks, Adam Isles, head of cybersecurity
practice for Chertoff Group, via CNBC.
Recently, EPA Administrator Michael Regan and
National Security Adviser Jake Sullivan sent a letter
to governors stressing the urgency of the threat. .
Recently, EPA Administrator Michael Regan and
National Security Adviser Jake Sullivan sent a letter
to governors stressing the urgency of the threat. .
CNBC reports that budgets, outdated
infrastructure and an overall reluctance to take
action may prevent necessary fixes from
being made before a serious attack.
Credit: Wibbitz Top Stories Duration: 01:31Published
Elon Musk Drops Lawsuit , Against OpenAI.
In February of this year, Musk filed a lawsuit against OpenAI and two of its co-founders, Sam Altman and Greg Brockman.
In February of this year, Musk filed a lawsuit against OpenAI and two of its co-founders, Sam Altman and Greg Brockman.
In February of this year, Musk filed a lawsuit against OpenAI and two of its co-founders, Sam Altman and Greg Brockman.
The suit alleged that OpenAI initially worked
to develop artificial general intelligence
"for the benefit of humanity" but later strayed
from that goal to become a for-profit entity. .
Musk, who had a hand in launching
OpenAI, was suing "for breach of contract
and fiduciary duty," CNBC reports.
In March, experts told CNBC that the suit had a murky legal foundation because there was no formal written agreement signed by each party.
On June 11, Musk dropped the lawsuit.
It was dismissed without prejudice.
His decision to drop the lawsuit comes
one day after he threatened Apple over
its new partnership with OpenAI.
His decision to drop the lawsuit comes
one day after he threatened Apple over
its new partnership with OpenAI.
He called the partnership "an unacceptable security violation" since Apple has
"no clue what's actually going on.".
Itâs patently absurd that Apple isnât
smart enough to make their own
AI, yet is somehow capable of
ensuring that OpenAI will protect
your security & privacy!, Elon Musk, via X.
Musk went on to say that if Apple
"integrates OpenAI at the OS level," the company's devices will be banned at his businesses.
Credit: Wibbitz Top Stories Duration: 01:31Published
Apple Is Reportedly Building , a Dedicated Passwords App.
On June 6, Mark Gurman from 'Bloomberg' reported that Apple intends to build next-gen iPhones and Macs with a built-in password management app.
On June 6, Mark Gurman from 'Bloomberg' reported that Apple intends to build next-gen iPhones and Macs with a built-in password management app.
The new app will be called Passwords, Engadget reports.
The app will be revealed at the
Worldwide Developers Conference in June.
While Apple already offers password
services via the iCloud Keychain.
it can be tedious to find
or change passwords with it.
A dedicated passwords app would make the whole process easier and likely encourage some people to stick with Apple.
Similarly to subscription password managers 1Password and LastPass, Apple's app will
split passwords into categories.
Similarly to subscription password managers 1Password and LastPass, Apple's app will
split passwords into categories.
Such categories include "accounts, WiFi networks and Passkeys," CNBC reports. .
Users will be able to
import passwords from other apps.
Two-factor verification codes
will also be supported.
It's not clear if Passwords will let you
store files and images as its rivals do.
Credit: Wibbitz Top Stories Duration: 01:30Published
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