The U.S. is considering a ban on smart cars that are made with Chinese or Russian technology.
Transcript:
Conway Gittens: Here’s what we’re watching on TheStreet today.
The Dow and the S&P 500 inched up to fresh new record highs on Monday. Investors were comforted by speeches from several members of the Federal Reserve, who backed the half-percentage point rate cut and favored more easing down the road.
On Tuesday, Wall Street will get quarterly numbers from KB Home, monthly consumer confidence figures, and the latest home price data from S&P/Case-Shiller.
Turning to other headlines: The Biden Administration is taking aim at smart cars embedded with Chinese or Russian technology. The Commerce Department says the ban is necessary due to safety concerns.
The proposal rolled out Monday would forbid connected cars, with Chinese or Russian software and hardware from being on U.S. roads. The technology used to connect vehicles to the internet for functions like self-driving would be totally prohibited from even being used for test driving. The ban could also extend to auto tech made in other countries deemed hostile to the U.S. The software ban is to go into effect in 2027, while the hardware ban is set to go into effect for the 2029 model year.
Commerce Secretary Gina Raimondo said “When foreign adversaries build software to make a vehicle that means it can be used for surveillance, can be remotely controlled, which threatens the privacy and safety of Americans on the road. In an extreme situation, a foreign adversary could shut down or take control of all their vehicles operating in the United States all at the same time causing crashes, blocking roads.”
While there aren’t many Chinese or Russian auto imports into the U.S., the Commerce Department says it’s getting ahead of an industry where supply chains are globally interwoven.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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