China Pouring Billions to Get Citizens to Spend More | Business Matters (Mar. 18)

now on to today's business matters controlling access to computer chips is becoming critical Commerce Secretary Howard letnik says the Trump Administration wants us chps to stay out of China and he's asking companies and foreign governments for help letnik says the administration is working to bring export controls into trade deals he says countries need to decide whether they're aligned with American values or want to quote sell their soul to make a a little more money or buy something a little more cheaply lotnik also reiterated his belief that Chinese AI company deep seek improperly used American chips no copyrights for AI another attempt to give artificial intelligence rights to intellectual property denied a federal appeals court has sided with the US copyright office both agreed that a work of art generated by artificial intelligence without human input can not be copyrighted under us law this is over an image created by Steven Thor's AI system Davis the US copyright office says only works by human authorities and authors can't be copyrighted Thor's attorney says he and his client strongly disagree with the ruling and plan to appeal relief for us farmers and meat companies hundreds of us pork and poultry facilities are cleared to enter China the world's largest meat importer China's Customs website shows that registrations are renewed until 2030 shipments were still clearing customs with lapsed registrations but us exporters were unsure how long that would last as for us beef facilities registrations there are still hundreds listed as expired about 1,000 registrations lapsed this week they were under a 2020 trade deal where China pledged to buy more us goods and services the non-renewal for beef plants comes as Beijing tries to ring in beef Imports and oversupplied Market president Donald Trump has made his first Federal Reserve pick for a top regulation role Monday Trump nominated Michelle Bowman to become a vice chair for supervision at the FED Bowman is a republican Who currently serves on the central banks Board of Governors the nomination comes after Michael bar stepped down from the vice chair Post in in January if the Senate approves sir Bowman will become the first woman to serve in the role president Trump nominated Bowman to the fed's board in 2018 during his first term she was previously the State Bank Commissioner of Kansas president Donald Trump has nominated Republican Airways CEO Brian Bedford to lead the Federal Aviation Administration Trump made the announcement on Truth social yesterday the president said Bedford has three decades of experience in the the aviation industry and that he'll work with Transportation secretary Shan Duffy to reform the FAA the choice of Bedford comes amid a spade of alarming Aviation disasters and close calls which have stoked worries among passengers that includes January's deadly midair collision between a passenger jet and army helicopter Chris Roso has been serving as the acting FAA administrator since January the former FAA administrator Michael Whitaker announced that last year he would resign once Trump was inaugurated the Chinese regime is trying to get its people to buy more and is spending billions in the process on measures to stimulate the slowing economy inside China uh these measures include like new child care subsidies as well higher wages and improved paid leave this comes alongside a $41 billion discount program covering a wide range of products from dishwashers and Home Decor to electric vehicles and smart watches Now Chinese consumers are simply not opening up their wallets and the reason they don't have enough money or simply don't feel confident about the future uh to spend that money even if they had it the country of China is in a deflation crisis uh inside prices fell for 18 months in a row in the past 2 years the persistent decline in consumption signals deeper economic trouble for China so when consumers stop spending or spending declines businesses reduce prices to attract customers and with that it leads to lower profits for businesses slower hiring potentially stagnant wages and ultimately a weakening economy and all this is happening amid already existing economic troubles in China such as a crisis in the property Market unemployment and the country's national debt and Mazda has unveiled a lean asset strategy to reach his electrification goals with inflation threatening to drive up costs Japanese automaker decided to utilize Partnerships and existing manufacturing to keep investments in check by using an existing production line instead of building a dedicated EV plant the company said it would keep required Investments down and cut production lead time Mazda expects to keep its investment around $10 billion with without the cost saving efforts that number is around $13 billion Mazda plans to launch the EV in 2027 and many Audi employees will soon be looking elsewhere for employment Audi parent vks wagon announced they will eliminate around 7,500 positions in Germany before the end of the decade according to the automaker's website this move affects nearly 9% of Audi's Workforce worldwide officials say the job Cuts will save the company more than $1 billion Audi is planning to invest nearly $9 billion into German plants to increase manufacturing of electric vehicles and the City of Toronto in Canada is ending Financial incentives for Tesla vehicles used as taxis or R shares the move follows trade tensions with the US drivers and owners of electric vehicles for higher currently received discounts on licensing and renewal fees through 2029 but Tesla vehicles are now excluded the Restriction will remain until trade disputes with the US are resolved the city's mayor Chia said the decision specifically targets Tesla CEO Elon Musk a top advisor to president Trump trump has called for Canada's annexation and imposed tariffs on Canadian Goods NTD attended the largest Seafood trade show in North America over the weekend in Boston the seafood Expo North America it's an event that brings together Seafood professionals from around the world exhibiting just about anything that has to do with seafood and TD sh Marshall has more for three days the 43rd edition of seafood Expo North America in Boston is bringing together thousands of buyers and suppliers from around the world it's the biggest Seafood event in North America this year's Expo has participants from 51 countries tariffs have been a hot Topic in international Industries an ND got an opinion on tariffs from an account manager at Woods Fisheries an American company since 1860 the interviewer represents the sixth generation of the family business well since we are a domestic industry we are hopefully going to hope that the tarff provide us some positive impact um we struggle uh As Americans with Imports of shrimp coming into the country so with our fingers crossed uh we we will see a and change and the domestic suppliers on the gulf and the boats will get a chance to really come back as an industry Expo is a premier place to be for the exporters wholesalers restaurants supermarkets hotels and other retail and food service companies interactive demonstrations product samplings and networking opportunities filled the bus Lan Boston exhibit hall this year's show included new exhibitors from Bahrain Croatia Ireland Puerto Rico and the United Arab Emirates and an increased presence from countries including China Ecuador France Japan Norway and Vietnam right now we're not too worried about the tariffs we kind of take things day by day it's hard to predict uh what exactly um is going to be the effect on our business but uh we're confident whether there's tariffs or not that we'll be able to sell our product because we have such a fantastic fresh product that that is known worldwide so the tariffs are not bothering us at this point the Expo also features speakers Innovative products and engaging events and the presentation of the 2025 Seafood Excellence Award winners and serving up a lawsuit on the tennis court the professional tennis players Association is suing the sports governing bodies ACC accusing them of anti-competitive practices and disregarding player welfare in a statement the ptpa said tennis is broken and players are in an unfair system that exploits their talent and suppresses their earnings and jeopardizes their health and safety one of the governing bodies being sued at the ATP said it strongly rejects the premise of the claims and will defend its position the case was filed in New York but the ptpa said legal action has started in Britain and the EU as well Kuni and Nagel is delivering a logistics Center to the US Mexico border the Swiss Logistics Group plans to open a new facility in Lardo Texas by mid April this is to meet growing demand for Customs support between the two countries Kun unel said this was not in response to president Trump's trade policies the site will also support report customers planning on near Shoring near Shoring means manufacturing or sourcing products closer to home in order to speed up deliveries cut costs and avoid trade issues Britain's conservative party leader warns Net Zero climate goals make Britain dangerously reliant on China and adds these goals can't be achieved by 2050 without reducing quality of life or bankrupting the country this comes as the UK's Net Zero secretary returns from its trip to China entity's International correspondent Malcolm Hudson has the story Britain's conservative party leader Camy badok warns that Net Zero makes the UK dangerously dependent on China Net Zero refers to the plan to reduce carbon emissions such as by using renewable energy sources rather than oil and gas or shifting to electric cars binox said achieving Net Zero by 2050 is impossible anyone who has done any serious analysis knows it cannot be achieved without a significant drop in our living standards or worse by bankrupting us her statement comes as energy security and Net Zero secretary Ed millerand returns from his trip to China the UK and China agreed to restart formal climate talks they also agreed to enhance cooperation on Renewables on energy grid modernization and on clean Technologies but bad knock warned against this we are massively exposing ourselves to countries who do not share our values look at the top dozen makers of solar panels they are nearly all Chinese that's an extraordinary dependency given what we learned during covid about overreliance on these Supply chains she said the same is true for windmills most of which are produced in China and for electric vehicles she said China dominates the production of the batteries they use but while China is the world's largest supplier of renewable technology it is responsible for more emissions than the United States European Union India and United Kingdom combined badok said she will task her Shadow ministers with finding achievable solutions for delivering cheap clean energy without depending on hostile countries Malcolm Hudson NTD news London over in Japan workers are expected to just take six hours to assemble the world's first 3D printed train station this month this station structure measures roughly 108 Square ft according to West Japan Railway it will be located about 60 Mi south of Osaka will replace a weathered wooden complex at huima station structural components will be refabricated with 3D printed technology before they are fed to the site where they will be assembled work will begin after the last train runs on March 25th formula One racing teams can gain more than the average amounts of Revenue and attention when their driver can be a star both on and off the track like many other sports a team player that can Garner attention and publicity in other areas of entertainment is something company heads can't help but to move to love and Lewis Hamilton has been doing just that for Ferrari over since uh joining their F1 racing team from breaking social media records to producing movies ND CH Marshall has a look into possibly one of the formula one's most popular drivers ever in a time when F1 racing was needing some revived attention the Ferrari F1 racing team has found a way in bringing on Lewis Hamilton and nobody more so than Hamilton is aware of the power of reaching an audience within and Beyond the racing track breaking records into the world of F1 social media Hamilton's official F1 photo of his first day at Ferrari is the most liked Instagram post in the F1 genre of all time and a post of himself edited into a Ferrari scene in one of his favorite childhood movies Ferris Bueller's Day Off has attracted more than 17.5 million views in just 6 days well first they already just driving Ferrari is a huge honer but um they already have an incredible Legacy so uh it's not that they need necessarily another championship cuz they have so many already but I know that's what they exist to do to to to work towards and I know that toos dying for that and um it would be uh I can't find I wouldn't be out to find the words to be a to express just how special that would be but that's what we work to is Hamilton is a 7 time world champion and the sports first and only black world champion when he announced that he would leave Mercedes after 12 years and six Championship wins to join Ferrari it sent shock waves into the sport Ferrari stock leaped up 12% upon the announcement adding billions of dollars to its market cap and off the track Hamilton has made himself seen in the Fashion World at Paris fashion week and the Met Gala in Manhattan New York and also making moves as a movie producer for the highly anticipated Formula 1 drama F1 starring Brad Pit for which an official trailer has been released when was the last time you want to race Sunday Daytona oh I'm sorry I meant Formula 1 oh I'm sorry then same as you alongside producer Jerry buckenheimer and directed by top gun Maverick filmmaker Joseph kazinski the movie follows Pit's character Sunny Hayes promising driver in the 1990s who comes out of retirement to Mentor a young Prodigy played by damson Idris film was made with the cooperation of real teams and drivers and shot at racetracks around the world during Grand Prix weekends the release date is set for June 2 5th 2025 Sean Marshall and TV news Google has made its biggest ever acquisition the tech giant just announced a deal to buy cyber security firm whiz for $32 billion privately held whiz makes cyber security software for cloud computing the new york-based company has enjoyed explosive growth since launching just 5 years ago the Google whz deal is still subject to regulatory approval and move over France and Italy a city in the US has topped a list for the best food around the world New Orleans came in at the number one spot on timeouts Global survey the Louisiana City is known for its diverse culinary blend of French Spanish Vietnamese and African influences New Orleans is also where you can get some of the best gumbo jambalaya and Benet 93% of New Orleans locals surveyed said the city was great for restaurants and eating out that combined with high ratings from a panel of experts and all around affordability put the Big Easy at the top of the list Bangkok Thailand came in at number two well medelin Colombia was number three Paris came in at number nine and US Stocks fell today and that's a snap of a two session winning streak of gains as investors exercise caution ahead of a monetary policy decision from the Federal Reserve which is coming tomorrow and all at the same time gauging the potential impact of President Donald Trump's tariff policies so the FED tomorrow will release its latest policy statement and that's when the central bank is widely expected to actually keep interest rates unchanged and along with its updated summary of economic projections so markets are currently pricing in about 60 basis points of cuts from the fed this year uh although several us central banks officials have cautioned against the fed from moving too quickly on rates and that's it for today on business matters