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Market Talk Roundup: Latest on Trump, U.S. Politics

14 Jan 2018 8:58 pm

The latest Market Talks covering President Donald Trump and U.S. politics. Published exclusively on Dow Jones Newswires throughout the day.

1538 ET (Dow Jones)--Auto makers and tech firms must persuade consumers that driverless-car systems are safe, said U.S. Transportation Secretary Elaine Chao. "Consumer acceptance will be the constraint to their growth," she said Sunday at the Detroit auto show, adding she'd met with Silicon Valley firms and traditional manufacturers. "It is incumbent on these manufacturers and high-tech companies to share their enthusiasm and their confidence in this new technology, because unless they do so, the consumers will not accept it and this will not be a success. So it's to their own self interest." She added regulators maintain role with safety oversight, but has said the Trump administration is "not going to be top down, we are not going to be command and control, we're tech neutral." (mike.spector@wsj.com; @MikeSpectorWSJ)

1552 ET (Dow Jones)--Regulators want "more time" to scrutinize emerging technology that would let cars talk to one another in an effort to avoid crashes, what's often called "V2V," said U.S. Transportation Secretary Elaine Chao, noting transition could be difficult. "What happens when you have a less integrated world in which some vehicles have that technology and others do not?" she said Sunday at Detroit auto show. "We would like to have more time to understand and evaluate what that transition is going to be like." The Obama administration in December 2016 proposed rules requiring vehicles be equipped with the technology and Chao said the effort hasn't received lower priority during Trump administration. (mike.spector@wsj.com; @MikeSpectorWSJ

1350 ET (Dow Jones)--U.S. Transportation Secretary Elaine Chao, nodding to safety advocates, notes that General Motors published voluntary safety assessment letter encouraged under regulators' autonomous-vehicle guidance that outlines plan to deploy robot Chevy Bolt electric cars without steering wheels or brake pedals. Chao insists regulators won't pick winners or losers and wants to take a hands-off approach in effort to encourage innovation, emphasizing such letters voluntary. But she notes AAA survey finding significant portion of Americans afraid to ride in driverless car. "So there are legitimate public concerns that must be addressed before this technology can reach its full potential in our society," she said Sunday at Detroit auto show, adding that GM letter "helps increase public awareness about how these vehicles are designed to operate safely." ( mike.spector@wsj.com; @MikeSpectorWSJ

1545 ET (Dow Jones)--U.S. Transportation Secretary Elaine Chao lauds Fiat Chrysler Automobiles' decision to shift heavy-duty Ram pickup truck production to Michigan from Mexico and pay $2,000 bonuses to 60K workers, citing moves as ramifications of corporate savings from GOP's tax reform measure. "This is just one example of the positive impact that [tax cuts] will have on workers, job creators, employers and our country," she said in remarks Sunday at North American International Auto Show in Detroit. (mike.spector@wsj.com; @MikeSpectorWSJ)

1542 ET [Dow Jones] U.S Transportation Secretary Elaine Chao declined to address President Donald Trump's vulgar remarks describing African nations while she fielded questions from reporters at the Detroit auto show. "I'm here to talk about transportation and the technology that would transform our world," she said Sunday when asked about the president referring to "shithole" countries during a White House immigration meeting with lawmakers last week. "This is an ideal place to do so because Detroit is always a place for mobility and for innovation so that is what I'm talking about today, " said Chao, an immigrant who traveled by cargo ship to the U.S. with her family as young child. Two Republican senators who attended the Thursday White House meeting questioned on Sunday whether Trump used the vulgar term. (mike.spector@wsj.com; @MikeSpectorWSJ)

(END) Dow Jones Newswires

January 14, 2018 15:58 ET (20:58 GMT)

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