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☆ China's automakers must adapt quickly or lose out on the EV boom in the face of regulatory scrutiny abroad and competition at home
▼ + stars: | 2024-05-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

The automaker is the joint venture partner of Honda and Toyota in China, and has an electric car brand called Aion. Expanding outside ChinaLike other automakers in China, GAC is also turning overseas. China's overseas car sales surged last year, putting the country on par with Japan as the world's largest exporter of cars. Dyer expects that to drive overseas demand for Chinese electric cars. Chinese consumers placed almost twice as much importance on tech features compared with U.S. consumers, Dyer said, citing AlixPartners' survey.

Persons: Evelyn Cheng, Tesla, Feng Xingya, Feng, Wei Haigang, Wei, Stephen Dyer AlixPartners, There's, Stephen Dyer, AlixPartners, Dyer, BYD, Nio, CATL, Zhong Shi Organizations: CNBC, GAC, Labor, Huawei, Honda, Toyota, China Passenger Car Association, EU, U.S, Factories, Greater China Business U.S, Ministry of Commerce, Tech, Volkswagen, SAIC Motor, Battery, China Automobile Dealers Association, Automotive, Robotics, Lotus Technology, Geely Locations: Beijing, Evelyn Cheng BEIJING, China, East, Mexico, Japan, Malaysia, Thailand, Egypt, Brazil, Turkey, Amsterdam, Greater China, Asia, U.S, Europe

☆ Judge rejects J&J, Bristol Myers Squibb challenges to Medicare drug-price negotiations
▼ + stars: | 2024-04-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

A federal judge in New Jersey on Monday rejected Johnson & Johnson 's and Bristol Myers Squibb 's legal challenges to the Biden administration's Medicare drug-price negotiations, ruling that the program is constitutional. J&J and Bristol Myers Squibb did not immediately respond to requests for comment on the ruling. J&J, Bristol Myers Squibb, Novo Nordisk and Novartis presented their oral arguments before Quraishi during the same hearing in March. That same month, a federal judge in Delaware rejected AstraZeneca's separate lawsuit challenging the negotiations. In Texas, a third federal judge tossed a separate lawsuit in February.

Persons: Johnson, Bristol Myers, Joe Biden's, Zahid Quraishi, Quraishi, Bristol Myers Squibb's, AstraZeneca's Organizations: Bristol, Bristol Myers Squibb, Biden, White, Supreme, Final, of New, Novo Nordisk, Novartis, Chamber of Commerce Locations: New Jersey, U.S, of New Jersey, Delaware, Texas, Ohio

☆ Biden administration faces onslaught of lawsuits as business groups claim regulatory overreach
▼ + stars: | 2024-04-29 | by ( Megan Cassella | In | ) www.cnbc.com time to read: +2 min

They argued that the FTC lacked the authority to impose it in the first place. The playbook is becoming a familiar one: The Biden administration finalizes a new rule regulating business, and the Chamber and industry lobbying groups immediately sue to stop it by arguing that the agency has overstepped its authority. So far this year, the administration has finalized seven rules, addressing everything from independent contractors to credit card late fees and climate disclosure requirements, only to see them met with near-immediate lawsuits by the Chamber and other groups. Officials at both the Chamber and ABA emphasize that litigation is always a last resort. But they see it as a necessary step when agencies issue regulations that go outside the scope of their authority.

Persons: WASHINGTON, Biden, finalizes, Joe Biden's, Trump, Obama's, It's, Neil Bradley Organizations: Federal Trade Commission, U.S . Chamber of Commerce, FTC, Chamber, American Bankers Association, ABA, CNBC Locations: U.S, Washington

☆ A flurry of new rules from the Biden administration attempt to ban noncompetes, boost overtime pay, and increase refunds for delayed flights
▼ + stars: | 2024-04-27 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Read previewThe Biden administration this week pushed out a slate of rules it says are meant to boost competitiveness and put more money into workers' pockets. There are already challenges to at least one of the rules — but together they could land overtime pay for millions more workers, ban noncompetes that prevent workers from moving into jobs in similar industries, and help people get automatic refunds for delayed or canceled flights. More workers eligible for overtime payUnder the Department of Labor's new rule, many workers who make under $43,888 will be eligible for overtime pay effective July 1. A ban on noncompetes that keep workers from taking new jobsPerhaps the most sweeping action for workers came from the Federal Trade Commission, which finalized a rule to ban noncompetes in most cases. Will a ban on noncompetes, new overtime thresholds, or airline refunds affect your life?

Persons: —, Biden, Lael Brainard, That's, it's, Judy Conti, Pete Buttigieg, Brainard, Aaron, Ryan, John Smith, Suzanne Clark, Jeremy Merkelson, Davis Wright Tremaine, Merkelson, Elizabeth Wilkins, Wilkins Organizations: Service, Business, National Economic Council, Department of, National Employment Law, of Transportation, Federal Trade Commission, . Upjohn Institute, Employment Research, of Commerce, Texas Association of Business, Federal Trade, Chamber of Commerce, FTC

☆ A Connecticut home with a private FAA-approved airstrip and hangar has hit the market for $2.9 million. Take a look.
▼ + stars: | 2024-04-27 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +1 min

A three-bedroom, four-bathroom home has hit the market in Connecticut for $2.9 million. The home features the only FAA-approved private paved airstrip in the state. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementConnecticut's only home with an FAA-approved private paved airstrip is selling for $2.9 million. AdvertisementTake a look inside.

Persons: —, Barbara Hackman Franklin, Wallace Barnes, Ellen Sebastian Organizations: FAA, Service, Property, Business, of Commerce, Sotheby's International Realty Locations: Connecticut, Bristol

☆ An Oklahoma tourist says he faces 12 years in prison in the Caribbean after he mistakenly left 4 bullets from a hunting trip in his carry-on duffel bag
▼ + stars: | 2024-04-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

He and his wife, Valerie, say the four bullets in their duffel bag were unknowingly left there from a hunting trip. Watson now faces 12 years in prison, alongside several US tourists who say they made the same mistake. Valerie Watson was released from the charges on Tuesday and flew back to Oklahoma to reunite with her children. He now faces 12 years in prison, which is the minimum custodial sentence for bringing firearms or ammunition into Turks and Caicos. Related stories"We were trying to pack board shorts and flip flops," Valerie Watson told CBS News.

Persons: Ryan Watson, Valerie, Watson, —, Valerie Watson, GoFundMe, Tyler Wenrich, Wenrich, wouldn't Organizations: Service, NBC Boston, NBC, CBS News, Business, US State Department, TCI, Tourism, Turks, Commonwealth Chamber of Commerce, United Nations World Tourism Organization Locations: Caicos, An Oklahoma, Caribbean, Turks, Oklahoma

☆ FTC is sued by business groups over its ban on noncompete agreements, which may delay enforcement
▼ + stars: | 2024-04-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

Another lawsuit was filed in federal court in the Northern District of Texas by business tax services firm Ryan. “The FTC contends that by using regulation they can simply declare common business practices to be ‘unfair methods of competition’ and thus illegal. “If the FTC can regulate noncompete agreements, then they can decide to regulate or even ban any other business practice. Long delays may be on tap before the rule takes effectThe FTC rule isn’t set to go into effect until 120 days from the day it is published in the Federal Register. In the near term, “I’m generally telling clients to take a wait-and-see approach with respect to the FTC rule while court challenges play out in the next few weeks,” Turinsky said.

Persons: Ryan, ”, Daniel Turinsky, DLA Piper, Lina Khan, Jake Tapper ”, isn’t, —, ” Turinsky, James Witz, ” Witz Organizations: New, New York CNN, Federal Trade Commission, US Chamber of Commerce, Business, Eastern District of Texas, Northern District of, US Chamber, FTC, Chamber, Longview Chamber, Commerce, Federal Locations: New York, United States, Eastern District, Northern District, Northern District of Texas, Longview, Longview , Texas, Texas, Littler

☆ Biden promise to rival China on shipbuilding faces a big economic problem
▼ + stars: | 2024-04-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

The Biden administration is correct that China has not played fair. But he said the nations that could rival China in shipbuilding are Asian competitors. Shipbuilding subsequently dropped to around five ships per year, which is approximately the current rate of U.S. shipbuilding. President Joe Biden speaks to members of the United Steel Workers Union at the United Steel Workers Headquarters on April 17, 2024 in Pittsburgh, Pennsylvania. Biden announced new actions to protect American steel and shipbuilding industries including hiking tariffs on Chinese steel.

Persons: Biden, Ben Nolan, Nolan, Reagan, Joe Biden, Jeff Swensen, —, Darron, Wadey, Lloyd, Matson, George Washington, Ronald O'Rourke, O'Rourke Organizations: Mitsui Shipbuilding Co, Taicang Port Economic, Technological, Future Publishing, Getty, CNBC, Shipbuilding, Global, United States, Trade, U.S . Trade, U.S, China's Ministry of Commerce, United Steel Workers, Japan's Nippon Steel, United Steel Workers Union, United Steel Workers Headquarters, Analysts, Matson Shipping, Jones Act, Philly Shipyard, CMA CGM, Matson, United, Maritime Administration, U.S ., Huntington Ingalls Industries, News Shipbuilding, U.S . Navy, U.S Navy, Newport News Shipbuilding, Virginian Pilot, Tribune, Service, Force, warfighting, Navy, Biden, Congressional Research Service Locations: Taicang Port, Suzhou, Jiangsu province, China, U.S, Japan, South Korea, United States, Pennsylvania, Pittsburgh , Pennsylvania, American, Bangladesh, U.S . Virgin Islands, Great, Mississippi, Ohio

☆ FTC Chair Lina Khan: Eliminating noncompetes will boost innovation and new business creation
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTC Chair Lina Khan: Eliminating noncompetes will boost innovation and new business creationFTC Chair Lina Khan joins 'Squawk Box' to discuss the agency's decision to ban noncompete clauses for U.S. workers, lawsuits by the U.S. Chamber of Commerce and other business groups challenging the new rules, impact of the ban on businesses and workers, limitations of the noncompete ban, and more.

Persons: Lina Khan Organizations: U.S . Chamber of Commerce

☆ Jamie Dimon fears for the future of the free world and US debt
▼ + stars: | 2024-04-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —JPMorgan Chase CEO Jamie Dimon is worried about the future of the free world. “The geopolitical situation is probably the most complicated and dangerous since World War II,” Dimon said during a talk at the Economic Club of New York on Tuesday. “The world order that formed after WWII, Bretton Woods, WTO [the World Trade Organization], and the UN is kind of being challenged,” he said. This is not the first time Dimon has warned that the world is on the brink of a massive realignment. The country’s national debt is now over $34.5 trillion, or about $103,000 for every American.

Persons: Jamie Dimon, ” Dimon, Dimon, Bretton, ”, That’s, “, Jerome Powell, Niall Ferguson, Chris Isidore, Tesla, Elon Musk, Jeanne Sahadi, Joe Biden, “ won’t Organizations: CNN Business, Bell, New York CNN, JPMorgan, Economic, of New, World Trade Organization, UN, AAA, NATO, Atlantic Treaty Organization, Federal, Federal Trade Commission, FTC, of Commerce Locations: New York, of New York, Ukraine, NATO, Israel, US, China, Bretton Woods, WTO, Russia

☆ Business Groups Sue to Stop F.T.C. From Banning Noncompete Clauses
▼ + stars: | 2024-04-24 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The lawsuit, filed in a U.S. District Court in Texas, argued that the F.T.C. The Chamber of Commerce was joined by three other business groups: the Business Roundtable, the Texas Association of Business and the Longview Chamber of Commerce. announced a final rule to ban the noncompete agreements. The rule was approved in a 3-to-2 vote, with both Republican commissioners voting against the measure. The Chamber of Commerce vowed to challenge the rule shortly after the vote.

Organizations: U.S . Chamber, Commerce, Federal Trade Commission, Business, Texas Association of Business, Longview Chamber of Commerce Locations: U.S, Texas, Longview

☆ The FTC is fighting for your right to job-hop
▼ + stars: | 2024-04-24 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe FTC wants to give Americans the freedom to job-hop without pesky noncompete contracts getting in the way. The Federal Trade Commission voted 3-2 on Tuesday to approve a nationwide ban on noncompete agreements, the agency announced in a press release. The move could help American workers make $300 billion more a year, the FTC has previously said. Companies can keep existing contracts for some senior executives, but that will only affect about 0.75% of workers, the FTC said.

Persons: —, pesky noncompete, Evan Starr, Lina M, Khan, Suzanne P, Clark Organizations: Service, Federal Trade Commission, FTC, Business, Employers, University of Maryland, New York Times, US, of Commerce, Commerce's, National Labor Relations Locations: California , Massachusetts, Illinois

☆ Clear lets people skip the line at the airport. California lawmakers want to change it
▼ + stars: | 2024-04-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN —Clear is a service that lets people skip the security line at airports with nothing but a biometric scan and $189. Clear, a publicly-traded security company, lets members jump the line at airports, sports, concerts and other venues. About 10% of California travelers are Clear members, according to a legislative analysis of the bill. The bill, which appears to be the first in the United States, won’t block Clear at California airports, Newman said. But Clear, and major airlines like Delta, California airports, and business groups like the California Chamber of Commerce oppose the bill.

Persons: Gavin Newsom, ” Sen, Josh Newman, ” Newman, Newman Organizations: New, New York CNN, Transportation Committee, California, Assembly, Gov, Transportation Security Administration, TSA, CNN, Travelers, ” Clear, Association of Flight, American Federation of Government Employees, California Chamber, Commerce, Airports, Committee Locations: New York, California, haves, United States, Delta

☆ Solar Companies Seek New U.S. Tariffs on Asian Imports
▼ + stars: | 2024-04-24 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

A group of seven leading solar manufacturers filed trade complaints on Wednesday formally requesting that the Biden administration impose tariffs on solar products being exported from Southeast Asia into the United States. They come amid growing alarm within the U.S. solar industry that a flood of cheap Chinese green energy technology exports are pushing down prices of solar panels and threatening efforts by the Biden administration to develop a domestic solar supply chain. Chinese companies have been relocating production of solar products to neighboring countries to avoid existing tariffs, and U.S. manufacturers believe new trade measures are needed to protect their businesses. In the past year, the United States has imported $12.5 billion worth of solar products from those countries as prices of solar products have dropped by around 50 percent. The trade complaints are focused on imported solar cells, the parts of solar panels that turn light into electricity.

Persons: Biden Organizations: Department of Commerce, U.S . International Trade Commission Locations: Southeast Asia, United States, U.S, Vietnam, Cambodia, Thailand, Malaysia

☆ EU raids offices of Chinese security equipment maker in subsidy probe
▼ + stars: | 2024-04-24 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +4 min

London CNN —European Union officials have raided the offices of a Chinese company as part of a probe into subsidies, exposing rising tensions between the bloc and one of its biggest trading partners. The European Commission said Tuesday that it carried out “unannounced inspections” at the premises of a company making and selling security equipment in Europe, which it suspects may have benefited unduly from state subsidies. “The commission has indications that the inspected company may have received foreign subsidies that could distort the (EU’s) internal market,” the EU’s executive body said in a statement on its website. The China Chamber of Commerce to the EU said Wednesday that it had been informed that a Chinese company was the target of the investigation. The Foreign Subsidies Regulation, which came into force last July, is aimed at addressing market distortions caused by subsidies from foreign governments and ensuring that EU companies are competing on a level playing field.

Persons: “, ”, ” Ursula von der Leyen, Janet Yellen Organizations: London CNN — European Union, European Commission, China Chamber of Commerce, EU, CNN Locations: Europe, Poland, Netherlands, Romania, China, Puglia, Italy, United States, Beijing

☆ U.S. Chamber of Commerce, business groups sue FTC over ban on noncompete clauses
▼ + stars: | 2024-04-24 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

The U.S. Chamber of Commerce and several other business groups on Wednesday sued the Federal Trade Commission in Texas federal court over the commission's vote to ban noncompete clauses, which are used to block employees from leaving to work for competitors in the same industry. On Tuesday, the FTC voted to enact the ban on the basis that noncompete clauses stifle the efficiency of the labor market, hinder competition and can lead to higher prices for consumers. The business groups claimed that the FTC's ban, "breaks with centuries of state and federal law." In addition to the Chamber of Commerce, the Business Roundtable, Texas Association of Business and Longview Chamber of Commerce are all plaintiffs in the suit. The FTC suggested that instead of relying on noncompete clauses, companies should look to other safeguards of information, like nondisclosure agreements.

Persons: Lina Khan, Douglas Farrar Organizations: House Energy, Commerce, U.S . Chamber of Commerce, Wednesday, Federal Trade Commission, Federal, U.S . Chamber, Eastern District of Texas, Chamber of Commerce, Business Roundtable, Texas Association of Business, Longview Chamber, FTC, CNBC Locations: Texas, Eastern District

☆ FTC votes to ban noncompete clauses that bar employees from working for competitors
▼ + stars: | 2024-04-23 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Federal Trade Commission Chair Lina Khan testifies before a House Judiciary Committee hearing on Oversight of the Federal Trade Commission, on Capitol Hill in Washington, D.C., July 13, 2023. The Federal Trade Commission on Tuesday voted 3-2 for a nationwide ban against noncompete agreements, which companies use to prevent employees from taking jobs with competitors in the same industry. The FTC estimates that 30 million American workers, or roughly 18%, are currently subject to a noncompete. The FTC initially proposed the noncompete ban in January 2023. Meanwhile, business trade groups claim that noncompetes help preserve intellectual property and company secrets.

Persons: Lina Khan, Joe Biden, Joe Biden's, Biden Organizations: Federal Trade, Federal Trade Commission, Capitol, Washington , D.C, Federal, U.S . Chamber of Commerce, Workers, FTC, Department, DOJ Locations: Washington ,, U.S

☆ FTC bans employers from using noncompete clauses
▼ + stars: | 2024-04-23 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —The Federal Trade Commission on Tuesday voted to ban for-profit US employers from making employees sign agreements with noncompete clauses. And – with one exception – it makes currently existing noncompete agreements unenforceable after the rule’s effective date, which is set at 120 days from the rule’s publication in the Federal Register. The rule, however, does allow currently existing noncompete agreements for senior executives to remain in force. The ban would apply nationwide, overriding state laws regarding noncompete agreements. In December of last year, New York State Governor Kathleen Hochul vetoed a bill passed by the state legislature to completely ban noncompete agreements in that state.

Persons: Joe Biden, “ won’t, ”, Stefanie Camfield, Daryl Joseffer, “, ” Joseffer, Neil Bradley, Kathleen Hochul, Anne Clark, Vladeck, Raskin, Clark P.C, Amanda Wait, DLA Piper, Clark Organizations: New, New York CNN, Federal Trade Commission, FTC, of Commerce, Federal Register, Washington , D.C, Engage, Chamber’s Litigation, New York Locations: New York, California, North Dakota, Oklahoma, Washington ,, Colorado , Maryland , Oregon, Rhode

☆ China is still years behind the U.S. despite Huawei's breakthrough chips, Raimondo tells '60 Minutes'
▼ + stars: | 2024-04-22 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Commerce Secretary Gina Raimondo on Sunday downplayed Huawei Technologies' latest microchip breakthrough, arguing the U.S. remains far ahead of China in the critical technology. The comments, made on CBS News' "60 Minutes," are in line with the Commerce secretary's stance that the Biden administration's restrictions on chip sales to China are working, despite an advanced made-in-China chip surfacing in a Huawei phone last year. The phone launched while Raimondo was on a visit to China. "I have their attention, clearly," she said, adding the U.S. would continue to pursue actions to protect U.S. national security and businesses. According to a senior Commerce Department official, Huawei's chipmaking partner SMIC "potentially" violated U.S. law by providing an advanced chip to the Chinese phone maker.

Persons: Gina Raimondo, Joe Biden, We've, Raimondo, Huawei's, SMIC Organizations: Semiconductors, America, White, Huawei Technologies, CBS, Commerce, Biden, Huawei, U.S ., Commerce Department Locations: WASHINGTON, DC, Washington , DC, U.S, China, United States, U.S . U.S

☆ Heading the Charge with Secretary of Commerce Gina Raimondo
▼ + stars: | 2024-04-19 | by ( Sara Eisen | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHeading the Charge with Secretary of Commerce Gina RaimondoDuring the past year, Secretary Raimondo has overseen the implementation of the CHIPS and Science Act, which aims to boost domestic semiconductor manufacturing and research. We'll delve into her work to close the digital divide, how she navigated her successful career that spanned the public and private sectors, as well as how business and technological advances can empower the next generation of women.

Persons: Gina Raimondo, Raimondo

☆ British Chamber of Commerce in Germany: Brexit continues to have negative impact
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBritish Chamber of Commerce in Germany: Brexit continues to have negative impactMichael Schmidt, president of the British Chamber of Commerce in Germany, discusses a report that found Brexit continues to negatively weigh on business and trade in the U.K. and European Union.

Persons: Brexit, Michael Schmidt Organizations: British, of Commerce, British Chamber of Commerce, Union Locations: Germany

☆ Welcome to 'peak boomer' era: A wave of retirees is about to blow through their savings and cling to Social Security to stay afloat
▼ + stars: | 2024-04-19 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Over 30 million "peak boomers" are entering retirement financially unprepared. This cohort is known as "peak boomers," and per the report, most of them are on track for significant economic headwinds. It's what some have called the boomer retirement bomb — and it might be costly for the rest of the workers in the economy. The peak boomers' retirement wave could also impact the overall US economy. And, per Business Insider's calculations of CPS ASEC data, 79.2% of retirees receive some type of Social Security income.

Persons: —, Robert Shapiro, boomers, Pam Organizations: Social Security, Service, Alliance, Lifetime, Income, Federal Reserve, University of Michigan Health, Commerce, Economic Affairs, Boomers, Consumer Expenditure Survey, CPS

☆ German cars are the best in the world, its finance minister insists: 'They do not have to fear Chinese competition'
▼ + stars: | 2024-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Christian Lindner (FDP), Federal Minister of Finance, is on his way to a bilateral meeting with US Treasury Secretary Yellen at the headquarters of the World Bank. Bernd von Jutrczenka | Picture Alliance | Getty ImagesGerman carmakers do not have to fear competition from China and are still considered the best in the world, German Finance Minister Christian Lindner told CNBC. "German car manufacturers are world leading, they do not have to fear Chinese competition," Lindner said. Competition in the electric vehicle, or EV, market in China and Europe, as well as the U.S., has been heating up in recent months. This came ahead of Scholz's visit to China earlier this month, during which he warned against unfair competitive and trade practices.

Persons: Christian Lindner, Yellen, Bernd von Jutrczenka, CNBC's Karen Tso, Lindner, China's BYD, Tesla, Janet Yellen, Ursula von der, Wang Wentao, Olaf Scholz Organizations: Federal, of Finance, US, World Bank, Getty, German, CNBC, Washington , D.C, European Union . U.S, Treasury, European Commission, European Union, Commerce, EV, Reuters Locations: China, Washington ,, Europe, U.S, EVs, EU

☆ China slams U.S. probe into its shipbuilding industry, says move is a 'mistake on top of a mistake'
▼ + stars: | 2024-04-18 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

China said it "firmly opposes" the U.S. investigation into its maritime, logistics and shipbuilding industries, calling the move a "mistake on top of a mistake." In an official statement late Wednesday, China's ministry of commerce said the U.S. provides hundreds of billions of dollars in "discriminatory" subsidies to its domestic industries, "yet accuses China of adopting so-called 'non-market practices.'" "In fact, the development of China's industries is the result of companies' technological innovation and active participation in market competition," the Chinese ministry said. On Wednesday, the Office of the U.S. Trade Representative initiated a probe into China's maritime, logistics and shipbuilding industries, alleging that Beijing used "unfair, non-market policies and practices" to dominate these sectors. "By launching a new Section 301 investigation, the U.S. is making a mistake on top of a mistake," the China's commerce ministry said.

Persons: Joe Biden, Xi Jinping, China's Organizations: Economic Cooperation, U.S . Trade, Trade Locations: Asia, Woodside , California, China, U.S, Beijing

☆ A 'deeply misguided' political belief is weakening the economy, says Secretary of Commerce Gina Raimondo
▼ + stars: | 2024-04-18 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

"Child care is core to enabling women to work," she said. She explained that if she stayed in her career, her entire post-tax pay would have gone to child care, and all of the child care providers in her area were waitlisted. I didn't really go through this, so how many people are really thinking child care is an issue? "If you want a strong economy, women have to participate and in order for that to happen, we need strong child care," she said. Raimondo noted that half of Americans live in a "child care desert," with not enough services available at a cost that is affordable.

Persons: Gina Raimondo, Joe Biden, Raimondo, —, CNBC's Sara Eisen, Jessica Chang, Chang, CNBC's Julia Boorstin, We've, it's Organizations: Semiconductors, America, White, Capitol, U.S, Samsung, CNBC's, Changemakers, U.S . Army, CNBC Changemakers, Boston Consulting Group, U.S . Chamber of Commerce, Commerce Department Locations: WASHINGTON, DC, Washington ,, Rhode, U.S, Texas, Korean, New York City, Korea

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