Shares of Chinese automakers climbed Tuesday, defying a proposed U.S. government rule to ban certain vehicles equipped with car parts from China and Russia due to national security concerns. The Biden administration aims to curb the influence of the Chinese auto industry in the U.S. by restricting imports and sales of cars with specific vehicle communication systems or automated driving systems linked to China or Russia.
Shares of Chinese automakers climbed Tuesday, shrugging off a U.S. government proposal to ban certain types of vehicles equipped with car parts from China and Russia.
Shares of Chinese automakers climbed Tuesday, shrugging off a U.S. government proposal to ban certain types of vehicles equipped with car parts from China and Russia, amid a broad rally after Beijing announced policy easing. "Cars today have cameras, microphones, GPS tracking, and other technologies connected to the internet. It doesn't take much imagination to understand how a foreign adversary with access to this information could pose a serious risk to both our national security and the privacy of U.S. citizens," said Commerce Secretary Gina Raimondo.
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