President Biden Says I Will Not Let China Dominate The Electric Vehicle Market
Portfolio Pulse from Benzinga Newsdesk
President Biden has declared that he will not allow China to dominate the electric vehicle market. This statement could potentially impact the dynamics of the global EV market.
November 09, 2023 | 7:10 pm
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POSITIVE IMPACT
President Biden's statement could potentially stimulate the US EV market, which may positively impact the performance of the SPDR S&P 500 ETF (SPY).
President Biden's statement indicates a potential increase in support for the US EV market. This could stimulate growth in US EV companies, which could positively impact the SPY ETF which tracks the S&P 500 index.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
President Biden's statement could potentially impact the Chinese market, which may affect the performance of the iShares China Large-Cap ETF (FXI).
President Biden's statement indicates a potential increase in competition for China in the EV market. This could affect the performance of Chinese companies, and by extension, the FXI ETF which tracks large Chinese companies.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70