🚀 US aims to ban Chinese cars

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The U.S. Commerce Department is proposing a ban on key Chinese software and hardware in connected vehicles due to national security concerns, which would effectively bar most Chinese cars from the U.S. market. This move, part of ongoing U.S. restrictions, aims to prevent potential surveillance or remote control of vehicles by foreign adversaries like China and Russia. The proposal would phase in bans starting with software in 2027 and hardware in 2029, with automakers allowed to seek exemptions under specific conditions.

2. Luxury stocks, particularly in Europe, dropped on Monday due to concerns over weakening demand, notably among high-spending Chinese consumers. Brands like Hugo Boss and Burberry saw significant declines following downgrades from analysts. The luxury sector, which thrived post-COVID, is now facing challenges across various regions, with Chinese demand especially softening. Analysts also warned of potential prolonged weakness due to global economic uncertainties, including China's property market issues, and the possibility of retaliatory tariffs on European luxury goods following tensions over electric vehicle duties.

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4. Headlines

   1. GM is seeing an increase in its EV sales after years of falling short of expectations.

   2. Kamala Harris is experiencing a rise in the polls following an endorsement from 700+ former military and national security officials.

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