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Economist Adewale “Wally” Adeyemo reacts as he testifies before the Senate Finance Committee during his confirmation hearing to be Deputy Secretary of the Treasury in the Dirksen Senate Office Building, in Washington, D.C., February 23, 2021.
Jim Lo Scalzo | Reuters

U.S. Deputy Treasury Secretary Wally Adeyemo told CNBC Tuesday that President Joe Biden was doing his best in difficult circumstances.

The Covid-19 pandemic, supply chain issues and inflation are just a few of the challenges facing the Biden administration. And to make matters worse for the White House, the latest poll shows the American public is not too impressed with Biden’s record in office so far.

Only 41% of voters approve of Biden, according to the latest Washington Post/ABC survey released on Sunday, continuing a downward trend in the president’s ratings.

“I think the president has done everything he can to make sure that we deal with the top issue that faces America, which is a pandemic that has killed hundreds of thousands of Americans and the president has successfully addressed this,” he said, speaking to CNBC’s Hadley Gamble at the Adipec energy industry forum in Abu Dhabi.

“But we have more work to do in terms of addressing the pandemic and until we fully address the pandemic we’re going to face high prices in our economy,” he added.

Nonetheless, Adeyemo said Biden’s Covid vaccination drive and investments made as part of the White House’s rescue plan had left America “in a better position” both in terms of public health and economically.

Adeyemo cited the low unemployment rate of 4.8% and economic growth of 6% (although the economy expanded at 6.7% in the second quarter, it grew by 2% in the third quarter) as reasons to be optimistic, and said prices are expected to “moderate as the pandemic moderates.”

“Because of investments we’re making today the American economy will be in a position to grow and because of that, the president’s economic strategy will be successful.”

Adeyemo’s visit comes amid a flurry of international diplomacy over a range of pressing global issues, from the high-profile COP26 U.N. climate summit to joint cooperation between China and the U.S. and mounting tensions between Europe and Russia over migration flows to the region via Belarus, Russia’s ally, that the EU believes are intended to destabilize the bloc.

Earlier on Tuesday, U.S. President Joe Biden and Chinese President Xi Jinping met virtually in the closest communication between the two countries’ leaders since Biden took office in January.

Both sides noted recent points of tension, and issued public statements after the meeting that emphasized ways to avoid conflict.

Read more: Biden-Xi virtual meeting ends with both sides calling for more cooperation amid tensions

Biden said there was a “need for common-sense guardrails to ensure that competition does not veer into conflict and to keep lines of communication open,” according to White House readout after the meeting.

Xi said during the meeting that for China and the U.S. to get along “in a new era,” three principles of mutual respect, peaceful coexistence and win-win cooperation should be followed, according to China’s official English-language readout. Beijing typically uses language like “mutual respect” in calling for more favorable terms from the U.S.

– CNBC’s Evelyn Cheng contributed reporting to this story.

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Daily Ev Recap: Ultra-fast charging adds 370 miles of range in 10 minutes

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Daily Ev Recap:  Ultra-fast charging adds 370 miles of range in 10 minutes

Listen to a recap of the top stories of the day from Electrek. Quick Charge is now available on Apple PodcastsSpotifyTuneIn and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded Monday through Thursday and again on Saturday. Subscribe to our podcast in Apple Podcast or your favorite podcast player to guarantee new episodes are delivered as soon as they’re available.

Stories we discuss in this episode (with links)

Everrati rebrands B2B EV conversion arm to ‘Powered by Everrati’ amid clientele increase

Tesla Cybertruck owner gets quoted over $30,000 for Powershare installation

CATL unveils world’s first LFP battery with 4C ultra-fast charging for 370-mi in 10 mins

Tesla (TSLA) surges on Elon Musk trying to ride AI wave

Tesla expects its 4680 battery cells to be cheaper than suppliers by end of year

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Daily Ev Recap:  Ultra-fast charging adds 370 miles of range in 10 minutes

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You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.

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Watch the world’s first artificial energy island being built [video]

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Watch the world's first artificial energy island being built [video]

The first of 23 caissons for Princess Elisabeth Island, the world’s first artificial energy island, is nearly complete.

Princess Elisabeth Island will be an electricity grid at sea that will connect offshore wind farms to the Belgian mainland and also serve as a hub for future interconnectors with the UK and Denmark. Belgian electricity transmission system operator Elia is the project’s developer.

The 20,000-ton caissons, which will form the energy island’s outer walls, are being built at Jan De Nul Group and DEME’s construction site in Vlissingen, the Netherlands. It takes around three months to build one caisson. The production process is split into five 20-day stages. The caissons are moved between the different work sites using “runners,” which takes about six hours. 

When the caissons are ready, a semi-submersible vessel will transport them further down the harbor, where they’ll be temporarily stored in the water. They’ll then be moved to their final location in the North Sea this summer, weather allowing, said maritime infrastructure company Jan de Nul.

You can watch a time-lapse video of Princess Elisabeth Island’s first caisson being built here:

Princess Elisabeth Island is part of the larger Princess Elisabeth Zone, a future 3.5 gigawatt (GW) offshore wind farm in the North Sea, around 45 km (28 miles) off the Belgian coast. The world’s first artificial energy island will receive power from the wind turbines via undersea cables, and it will then be converted to high-voltage electricity and distributed to the Belgian mainland and other European countries. The energy island will combine both direct current (HVDC) and alternating current (HVAC).

The energy island will be finished in late 2026 when the electrical equipment will start to be installed. Princess Elisabeth Island is expected to be fully connected to all wind farms and the mainland by 2030. 

Read more: 2023 was a record year for wind power growth – in numbers


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Daily Ev Recap:  Ultra-fast charging adds 370 miles of range in 10 minutes

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Honda joins EV race with historic $11B investment to build 240K EVs a year

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Honda joins EV race with historic B investment to build 240K EVs a year

Honda is finally joining the EV race after announcing a massive $11 billion (CAD$15 billion) investment to build four new EV plants in Canada. The historic investment will be used to build Canada’s first EV supply chain, enabling 240,000 Honda EVs to be made for the US and Canada annually.

Honda reveals game changing investment to build EVs

Honda announced its largest investment in Canada ever as it prepares for the electric era. The plans for a new Honda EV plant and stand-alone EV battery factory in Alliston, Ontario.

Once fully operational, the EV facility will be able to produce 240,000 EVs a year, while its battery plant will have capacity of 36 GWh per year. Production is expected to begin in 2028.

According to a press release from the prime minister’s office, Honda will build Canada’s first comprehensive EV supply chain. The project will include four new manufacturing plants in Ontario.

In addition to the EV plant and battery factory, Honda will build a cathode active material and precursor plant through a joint venture with POSCO Future M. A second is planned with Asahi Kasei Corp.

Honda-investment-EVs
2024 Honda Prologue (Source: Honda)

Justin Trudeau, prime minister of Canada, said Honda’s investment is a “game changer for manufacturing in Canada.” With a full supply chain, Honda expects to cut costs by over 20%.

Honda aims for EVs and FCEVS to account for 100% of vehicle sales by 2040. Honda also invested $700 million to retool three Ohio plants to serve as its hub for future EV and EV battery production.

Meanwhile, Honda’s first electric SUV, the Honda Prologue, went on sale earlier this year. Starting at $47,400 (excluding destination), the Prologue offers up to 296 miles range.


2024 Honda Prologue trim
Starting Price
(w/o $1,395
destination fee)
Starting price after
tax credit

(w/o $1,395
destination fee)
Starting price after
tax credit

(with $1,395
destination fee)
EPA Range
(miles)
EX (FWD) $47,400 $39,900 $41,295 296
EX (AWD) $50,400 $42,900 $44,295 281
Touring (FWD) $51.700 $44,200 $45,595 296
Touring (AWD) $54,700 $47,200 $48,595 281
Elite (AWD) $57,900 $50,400 $51,795 273
2024 Honda Prologue prices and range

With the $7,500 federal tax credit, the Prologue’s starting price can fall to as low as $39,900 (excluding destination).

Lace Woelfer, VP of Honda America National Auto Sales, said the Honda Prologue hits the “sweet spot” as a sporty, stylish electric SUV.

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Daily Ev Recap:  Ultra-fast charging adds 370 miles of range in 10 minutes

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