(Reuters) -MP Materials, which owns the only U.S. rare earths mine, said on Thursday it has stopped shipping the critical minerals to China for processing after Beijing boosted import tariffs to 125% in response to U.S. levies, sending the company’s shares down nearly 5%. The move essentially halts a major source of revenue for MP…
STOCKHOLM (Reuters) – Sweden’s Volvo Cars, which is controlled by Chinese auto maker Geely, will need up to two years to expand its U.S. car production in order to avoid hefty import tariffs, CEO Hakan Samuelsson told daily Dagens Nyheter (DN) on Friday. Volvo Cars is one of the most exposed automakers to U.S. President…
LUXEMBOURG (Reuters) – The European Union’s countermeasures targeting a list of U.S. imports in response to the Trump’s administration steel and aluminum tariffs will be less than 26 billion euros’ ($28.46 billion) worth after taking in account member states’ remarks, EU trade commissioner Maros Sefcovic told reporters on Monday. “When it comes to steel, aluminum…
Tata Motors’ luxury car subsidiary, Jaguar Land Rover, is temporarily halting shipments of its British-made vehicles to the United States as it navigates the impact of President Trump’s newly imposed tariffs, according to The Times. One of Britain’s biggest carmakers is making the move from Monday while it works out how to mitigate the cost…
“Liberation Day” turned out to be alarming. President Trump floored investors by announcing the largest tax hike on Americans since at least the 1940s. April 2, which Trump called “Liberation Day,” was Trump’s deadline for unveiling a sweeping set of taxes on imports that almost nobody in the investing universe saw coming. For the first…
Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. Myanmar quake strikes China’s belt and road heartland: how bad is it? The impact on a key Chinese energy corridor is being closely monitored after a deadly earthquake hit…
President Trump threatens 200% tariff on alcohol from EU President Donald Trump has threatened to place a 200% tariff on all alcohol from the European Union. WASHINGTON – To some people, President Donald Trump is shaking things up. To others, he is sowing an unusual amount of chaos and confusion in a world that has…
Tesla’s stock plunges by half; is Elon Musk’s EV party over? Tesla’s stock has dropped by nearly half in three months, losing most of the gains it made following the U.S. election last year, when CEO Elon Musk helped fund the victory of President Donald Trump. U.S. stocks mostly fell in early trading Tuesday, extending…
Recession fears persist amid inflation and trade wars President Donald Trump did not rule out the possibility of a recession in a recent Fox News interview, amid his administration’s continuing trade war. With the stock market tumbling, consumer confidence skidding and U.S. companies ramping up layoffs, it may look like the nation is hurtling toward…
Canadian, Mexican and American industries react as tariffs take effect North Americans in the auto, agriculture and toy industries shared their reactions to new tariffs. WASHINGTON ― President Donald Trump on Thursday said Mexico won’t be required to pay tariffs on any goods that fall under the United States-Mexico-Canada Agreement on trade, but he did…