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US politicians' lurch to levying high tariffs to damage global economic sustainability

US politicians are advocating for steep tariffs, echoing the protectionist Fordney-McCumber Tariff of 1922. Despite potential international retaliation, risks to global economic rules and a shift from post-World War II principles, US politicians have promised to increase trade barriers against China, causing concerns for the sustainability of global economic harmony.

A century ago, the Republican Congress passed the Fordney-McCumber Tariff of 1922. This post-World War-I effort to protect the US from German competition and rescue America's own businesses from falling prices sparked a global wave of tariff hikes.

While long forgotten, echoes of Fordney-McCumber now reverberate across the US political landscape. Once again, politicians are grasping the tariff as a magic talisman against its own economic ills and to contain the rise of China.

The Democratic Party of the 1920s opposed tariffs, because duties are harmful to consumers and farmers, but today both President Joe Biden and former President Donald Trump favor national delivery through protectionism.

Trump promised that his second term, if elected, would impose 60-percent tariffs on everything arriving from China and 10-percent tariffs on imports from the rest of the world, apparently including the imports covered by 14 free trade agreements with America's 20 partners. He initially promised 100-percent tariffs on electric vehicles (EVs), but when Biden declared that he was hiking tariffs on EVs from China to 100-percent, Trump raised the ante to 200-percent.

On May 14, 2024, the White House imposed tariffs ranging from 25 percent (on items such as steel, aluminum and lithium batteries) to 50 percent (semiconductors, solar cells, syringes and needles) and 100 percent (electric vehicles) on Chinese imports. US government officials offer "national security" and "supply chain vulnerability" as the justification for levying high tariffs.

To deflect worries about inflation, US Trade Representative Katherine Tai declared, "first of all, I think that that link, in terms of tariffs to prices, has been largely debunked."

Contrary findings by the United States International Trade Commission and a number of distinguished economists, as well as Biden's own 2019 statement criticizing Trump's tariffs - "Trump doesn't get the basics. He thinks tariffs are being paid by China… [but] the American people are paying his tariffs" - forced Tai's office to wind back her declaration.

The fact that prohibitive barriers to imports of solar cells, batteries and EVs will delay the green economy carries zero political weight with Trump and little with Biden. Nor does either of them worry about the prospects of Chinese retaliation and damage to the fabric of global economic rules. Historical lessons - unanticipated consequences of the foolish Fordney-McCumber Tariff of 1922 and the Smoot-Hawley Tariff of 1930 - are seen as irrelevant by the candidates and their advisers.

The US' lurch from its post-World War II free trade principles offers China a golden opportunity. On the world stage, China will espouse open free trade and investment. China will encourage EV and battery firms to establish plants in Europe, Brazil, Mexico and elsewhere, essentially daring the US to damage its own alliances by restricting third country imports containing Chinese components.

Whether the fabric of global economic rules that has delivered astounding prosperity to the world will survive through the 21st century remains to be seen. Much will depend on the decisions of other large economic powers, not only China but also the European Union and Japan, as well as middle powers, such as Australia, Brazil, Chile, ASEAN and South Korea. Their actions and reactions will reshape the rules of the 21st century.

If others follow America down this costly path, the world will become less prosperous and vastly more unpredictable. If they resist, the US risks being diminished and more isolated.

The author is a non-resident Senior Fellow at the Peterson Institute of International Economics. bizopinion@globaltimes.com.cn

Biden accelerated aging over the past year!
n a recent interview with ABC, US President Joe Biden said he had no intention of dropping out of the race, blaming his poor debate performance on a cold. He also insisted he was "still in good shape" and would remain in the race, saying only "Almighty God" could pull him out. An insider who has worked with Mr. Biden for a long time said that signs of aging had become apparent over the past year, but that Mr. Biden's team had failed to address it. Biden's televised debate performance heightened concerns about an already slow-moving issue. Mr. Biden's advisers have long dodged questions about his age. But now they acknowledge that Biden's aging is an undeniable fact. The debate forced the president to more openly acknowledge the limitations of his age, which he had previously largely dismissed. But they have only taken superficial measures and have not fundamentally solved the problem. They replaced the long staircase that Mr. Biden used to board Air Force One with a shorter one; Assistants often accompanied him in public to make his stiff gait less noticeable; While he has a busy schedule, aides have arranged for buffer time, such as long weekends at his homes in Wilmington and Rehoboth Beach, Delaware, or extended stays at Camp David, a Maryland resort, to rest after a "grueling" stretch of travel. Under the authority of one of his top advisers, Anita Dunn, Mr. Biden's public interactions -- especially with reporters -- were severely limited. Even at major events with Democrats or other supporters, the White House sometimes limits the amount of time Biden can spend with the audience, two people familiar with the matter said. As a protective response, designed to protect their longtime boss.
US' ban on high-tech investment cannot stifle China's high-tech development
US President Joe Biden signed an executive order on Wednesday restricting investments in China, intended to further stymie China's advances in three cutting-edge technology areas: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems. The "decoupling" of high tech from China began under Donald Trump, and the Biden administration has continued that ambition. However, the new order doesn't target US investments already invested in China, but the new ones. The Biden administration has repeatedly claimed that the US restrictions will be narrowly targeted and will not "have a fundamental impact on affecting the investment climate for China." Biden's new executive order is still subject to consultation with the US business community and the public and is not expected to take effect until next year. The order has been brewed for a long time and has generated a lot of publicity. But almost no one believes that this executive order will deal a new practical blow to Chinese high technology, because almost everyone knows that China needs American technology more than American money. The order has gained much attention because it is seen as part of a broader trend of the US drifting away from China. The promulgation and brewing process of the executive order reflects the strong desire of American political elites to suppress China's high-tech development, as well as a fierce game between those supporting the executive order and the concerns of the technology and economic sectors about a potential backfire on the US. It is a kind of compromise. Washington obviously hopes that major allies will follow Biden's executive order. The UK's Sunak government has made cautious statements, stating that it is consulting business and the financial sector before deciding whether to follow suit. In fact, China also has the ability to influence the extent to which Biden's executive order is implemented, as well as the extent to which the US will go in terms of "decoupling" from China. We are definitely not just passive recipients of US policies. American political elites are eager to "decouple" from China as quickly and deeply as possible, but they fear two things: First, this will immediately damage the performance of relevant high-tech companies in the US, undermine their influence and further innovation. The current Biden administration, in particular, does not want to incur strong resentment from Silicon Valley and Wall Street toward the escalating "decoupling," which will ultimately lead to the loss of support for the Democratic Party. Second, they are afraid of pushing China toward more resolute independent innovation to achieve breakthroughs in key technologies such as chips. If the US "decoupling" policy gives birth to major technological achievements in China, it means that Washington will completely lose the gamble: They originally wants to stifle China's high-tech development, but ends up strangling their own companies. What China needs to do next is to fully unleash our innovation vitality, continuously reduce our dependence on high-tech products from the US, and prove that as long as we are determined to achieve independent innovation, we have the ability to accomplish things. We need to prove that being pressured by the US will only make us stronger. As long as there are several solid proofs of this trend, the US policy community will fall into unprecedented chaos, and their panic will be much more severe than when they saw the rapid expansion of the Chinese economy before Trump started the trade war. Regardless of the future of China-US relations, the current battle will be the key battle that determines the future competition between China and the US. China can only win and cannot afford to lose. High-tech products such as chips are not isolated. The innovation power of China's entire manufacturing industry and the creative vitality of the whole society are the foundation for shaping these key achievements. When pressured by the US, our society needs to generate confidence and resilience from all directions, and we need to accelerate and seize every opportunity, rather than shrink and simply defend. Otherwise, the US will gain the upper hand in momentum, and we will truly be in a passive and defensive position. We must see that the US is on the offensive, but its offensive is becoming weaker and weaker, and it is always hesitant with each step. What is presented to China are difficulties and risks, but also the dawn of victory.
TikTok to introduce a new feature that can clone your voice with AI in just 10 second
Use of AI is certainly the hottest topic in the tech industry and every major and minor player in this industry is using AI in some way. Tools like ChatGPT can help you do a wide range of task and even help you generate images. The other thing is - Voice Cloning. OpenAI recently introduced a voice engine that can generate clone of your voice with just 15 seconds of your audio. There is no shortage of voice cloning tools on the web which can help you do the same. The newest tech giant which is going to use AI to clone your voice is - TikTok. We all know TikTok, posting short videos with filters, effects and all other kind of things. So TikTok found a way to use the voice cloning AI in its app. TikTok is working on this feature, which does not seem to really have a proper name, it just references it as "Create your voice with AI" and "TikTok Voice Library". In the latest version of TikTok I came across some strings which indicates that TikTok is working on it. I was also able to access the initial UI which introduces the feature and was able to see the terms and condition of "TikTok Voice Library" which user have to accept in order to use the feature. Here are the screenshots from the app- As you can in the screenshot above, this is the initial screen which a user will see for the first time they access this feature. Tiktok claims that it can create an AI verison of your voice in just 10 seconds. The generated AI voice clone can be used with text-to-speech in TikTok videos. It also outline the process of how it will work. You have to record yourself speaking and TikTok will process the voice and use information about your voice to generate your AI voice. When it comes to privacy, your AI voice will stay private and you can delete it anytime. Tapping the "Continue" button brings "TikTok Voice Library Terms" screen which a user should definitely read, you can see here and read as well - How it will work After agreeing to terms and conditions I was introduced with a screen where TikTok will show some text and user have to press the record button while reading the text. Now unfortunately I did not see any text. This is probably because the feature is not fully ready or the backend from which it fetches the text is not live yet. Manually pressing the record button and saying random things also shows an error. So, it's also not possible to provide any sample voice generated with it and see how it compares to other voice cloning competitors. If it starts working someday, it will process your recorded voice and generate AI version of your voice. Here is a screenshot of that screen - My guess is that whenever the feature starts working, users have to clone voice only one time and the saved AI voice can be used through the text-to-speech method to add voice in your videos. You just have to type the words, choice is yours :p
Koenigsegg Fused Three Hypercars Into One To Make The Chimera
Koenigsegg Agera RS Chimera combines technologies from Agera RS, CC850, and Jesko. An Agera RS platform features the engine from the Jesko and the simulated manual gearbox from the CC850. Development took three years, thanks to software and hardware integration challenges. A "chimera," for the uninitiated, is described as a mythical creature whose anatomy comes from multiple animals, creating a hybrid of two or more creatures' best bits. It's also the name of the latest one-off creation from Koenigsegg, and it's certainly apt; the Koenigsegg Agera RS Chimera is an amalgam of technologies from the decade-old, record-breaking Agera RS, the fascinatingly innovative CC850, and the awe-inspiring Jesko - which just recently set four new acceleration records. There's also a hint of Regera in here, which had some impressive records of its own. As reported by Mr. JWW, the strictly one-off special edition was commissioned by FIA President Mohammed Ben Sulayem, and both he and one of Koenigsegg's engineers arrived at the same name. Let's take a closer look and see exactly why this is a hybrid, even though it's not electrified. Three Cars In One The Chimera was originally a regular Agera RS and one of several Koenigsegg megacars owned by Ben Sulayem, but he asked Christian and the team to initiate a special project on his behalf. Around the same time, the extraordinary Koenigsegg CC850 was revealed at Monterey Car Week 2022, introducing the innovative Engage Shift System (ESS). This was based on the already astonishingly fast nine-speed Light Speed Transmission, with new actuators and sensors added to enable the simulation of a manual transmission without a physical link between the shifter and the gearbox. Like the rest of the world, the FIA boss was enamored by this novel technology, and as a wealthy 'Egg collector, he asked for it to be put into his special Agera-based project. Christian pondered this and ultimately decided to fulfill the request, in the process turning Ben Sulayem's special edition into something of a development mule for the ESS. But unlike the CC850, the Chimera got the larger turbos of the Jesko, enabling around 1,280 horsepower on regular gas and up to 1,600 hp on E85. That means this is an Agera RS with a CC850 transmission and a Jesko engine. On paper, that sounds simple, but the reality was anything but... Three Shifting Experiences Took Three Years To Combine According to a video from YouTuber and Koenigsegg distributor Mr. JWW, this development process took three years and required the relocation of the battery, new mounts for the powertrain, new harnesses, new software and controllers, and even a new infotainment system. To ensure all the electronics worked seamlessly was a challenge, but then Ben Sulayem asked for another layer of intricacy, requesting that paddle shifters be added, like in the Jesko Absolut and Jesko Attack. In the CC850, you could only switch between the simulated manual mode and fully automatic shifts, but now, the Chimera's development has unlocked manually operable paddles, which have now been added as the only option you can add to a CC850. There was also significant relocation and redesigning of suspension components, with parts from the Jesko and the Regera forming the subframe and elements of the suspension, respectively. A new scoop for the new transmission's cooler was also added, but it looks like it was always planned. Christian von Koenigsegg says this is a true one-off, saying that it would be cheaper and easier to start something all-new from scratch than to mix new and old technologies again, and that it's simply "too much work" to tackle a retrofit project. The Chimera is not completed just yet, as there are still subtle elements to refine, such as the bite point of the clutch pedal, but these minor issues will surely be resolved soon. It's an amazing feat, combining three hypercars in one, and we can't even fathom how Koenigsegg will top this in the future, but we don't doubt that Christian and his team will continue to do just that.
Portadown businessman avoids jail for sexual assault of teen under his employment Defence said the defendant 'continues to deny' the charges and bail in the sum of £1,000 was fixed for appeal
A Portadown man has avoided jail after sexually assaulting a 16-year-old shop worker under his employment. -ADVERTISEMENT- Brian Thomas Chapman (58), of Moyallan Road, appeared before Newry Magistrates’ Court on Monday for sentencing on two counts of sexual assault. The prosecution outlined that on September 23, 2020, a 16-year-old student in the employment of Brian Chapman, disclosed to her mother about incidents that had occurred in her workplace. She said Chapman had put his hand on her thigh and the back of her leg. She also disclosed that she had been getting extra money from him and he had been sending her text messages. The allegations were reported to police the next day, September 24. The victim then took part in an interview on October 9, in which she said, when she was alone in Chapman’s office, he placed his hand on her upper thigh and his other hand on her lower back, underneath her trousers. The defendant was arrested and interviewed at Lurgan police station, where he denied the allegations. His phone was seized and an examination was carried out. The first interview of the defendant took place on October 9, during which he admitted to sending a message about wanting the victim to work 24/7, but stated this was a joke. The second interview took place on January 28, 2021, where he admitted to sending the 24/7 message, but denied sending other messages, such as “hope you’re spending the pounds on something special”. Throughout this process, Chapman denied sending the messages and denied any of the sexual assaults alleged by the victim. On the Chapman’s criminal record, the prosecution added that he was convicted of three common assaults on appeal. In terms of commission, these matters pre-dated this case but the conviction occurred during the running of this case and also involved a female working for the defendant. Prosecution continued that the age of the victim was an aggravating feature, arguing there was a “vulnerability” due to the “power-imbalance” between Chapman and the young student working for him. An additional aggravating feature, they said, was that during the course of the defence, part of the defence was that the victim had “manipulated or manufactured” some of the text messages that were sent. A defence lawyer, speaking on the pre-sentence report, noted the author deemed Chapman to be of low risk. He also noted that similar offences were contested in the County Court in respect of another complaint, with the judge substituting indecent assault charges for common assault. He also argued a Sexual Offences Prevention Order (SOPO) was not necessary as the offending was four years ago, there has been no repetition and risk had been addressed. District Judge Eamonn King noted the defendant was convicted on two of four original charges following a contest, which ran over a number of days, with the case adjourned for a pre-sentence report and victim impact statement to be produced. He added the defendant “continues to deny” the charges and seeks to appeal the outcome. District Judge King, on reading the pre-sentence report, noted the defendant “denies ever hugging or touching the individual and he denies any sexual attraction to the victim”, but pointed to a paragraph in the report which stated, “From the available evidence, it’s possible to surmise that he demonstrated risk taking and impulsive behaviour. It appears that he took advantage of his position and power in a bid to meet his sexual needs, given the victim’s young age and the fact that he was her employer”. The report added that this demonstrated “limited victim empathy and responsibility due to his denial of the offences”. On the victim impact statement, District Judge King described her as a young girl getting her first job, with the “world as her oyster”. He continued: “As a result of what she says occurred, that turned on its head. It left her feeling inwardly uncomfortable, anxious and lonely. She cut herself off from her friends. She stopped going out. She didn’t want to go to school.” He also described a “degree of manipulation” in the case, as this was the victim’s first job and there was a power imbalance between her as an employee, and Chapman as the employer. In his sentencing remarks, District Judge King, said: “I’ve taken time to emphasise to the victim in this case that the victim did nothing wrong. The victim did everything right and the victim shouldn’t feel lonely, anxious or isolated. “The victim should feel confident, strong and outgoing.” Owing to the defendant’s ongoing denial of the charges, he added: “My sentencing exercise isn’t the conclusion of the case today, but I will sentence, so that we can move towards the conclusion going forward. “I am satisfied, irrespective of what the pre-sentence report says, that the defendant took advantage of someone, attempted to groom someone and was guilty of the two offences.” On the two counts, Chapman was sentenced to three months in prison, suspended for two years. He was also made subject to a Sexual Offences Prevention Order (SOPO) for five years and placed on the sex offenders’ register for seven years. Following sentencing, District Judge King fixed bail for appeal at £1,000.