Per my discussion with a Tech support on Feb 19, 2018, I am told that Adobe is aware of this issue, i.e. there is no audio when a file that is in AVCHD or MTS format is imported to Premier Elements 2018. I am also told that Adobe is in the process of finding a solution for this known issue. The quickfix that was suggested in the mean time is to convert the AVCHD file to MP4 using a free software called "Handbrake". Once converted, import the MP4 file into Premier Elements 2018. I did it once and it worked. But my current predicament is that I took a video yesterday that has 19 AVCHD files. This means I have to convert each of the 19 AVCHD files into MP4 format and then import the whole 19 MP4 files into Premier Elements 2018. Not a fun exercise. Hope Adobe fixes the issue. Or refund the money!!!!!!!!!!!
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