Biden courts India at G20
FT News Briefing
Fri, September 8, 2023
Podchat Summary

G20 Summit in New Delhi: Biden's Opportunity to Strengthen Relationships

The G20 summit is currently underway in New Delhi, but notable absences from Chinese President Xi Jinping and Russian President Vladimir Putin have caught attention. This absence is seen as an opportunity for US President Joe Biden to improve relationships with low- and middle-income countries. With a focus on diplomacy and cooperation, Biden aims to strengthen ties and foster collaboration on global issues.

Germany Pushes for Tariff Delay on UK-EU Electric Vehicle Sales

Germany is advocating for a three-year delay on tariffs for electric vehicle sales between the UK and the European Union. This move is considered a win for the UK, as European car makers argue that implementing tariffs in January would result in significant financial losses and production cuts. By postponing the tariffs, both the UK and the EU can work towards a mutually beneficial agreement that supports the growth of the electric vehicle market.

Controversy Surrounding Huawei's New Smartphone

Huawei's latest smartphone has become a sensation in China, but it has also raised concerns among US lawmakers. There are allegations that Huawei may have obtained advanced chips for the phone in violation of US sanctions. This has sparked a debate about the role of Chinese technology and calls for stricter sanctions. The controversy surrounding Huawei's success has implications not only for the company but also for the broader tech industry.

Apple's Stock Decline and Impact of Huawei's Success

Apple has experienced a significant decline in its stock value, losing approximately 6% and $200 billion in market value over the past few days. This decline can be attributed, in part, to the success of Huawei's smartphone in the Chinese market. Additionally, reports have emerged that Beijing has instructed government officials to stop using iPhones, further impacting Apple's reputation and market position. These developments have cast a shadow over the upcoming launch of Apple's highly anticipated iPhone 15.

As the G20 summit progresses and debates surrounding Huawei and Apple continue, the global tech landscape is undergoing significant shifts. The outcomes of these events will shape international relations, trade policies, and the future of the tech industry.

Original Show Notes

India hosts the G20 summit this weekend, Germany is pushing the European Commission to postpone tariffs on electric vehicle sales between the UK and the EU, Apple shares are taking a beating, and Huawei has seen a resurgence despite sanctions from the United States. 


Mentioned in this podcast:

Joe Biden pushes for bigger World Bank to combat China’s rising influence

Germany backs EV tariff delay in boost to Sunak

US to check on chips used in Huawei’s ‘Made in China’ smartphone

Apple stock hit by China worries ahead of iPhone 15 launch

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Monique Mulima, Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. 

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