In response to China’s retaliatory tariffs and export controls, MP Materials, which owns the only U.S. rare earths mine, announced Thursday they will be ceasing shipments of rare earth concentrate to China. The company said in a statement that they have been preparing for this moment and that it reflects “a long-term vision built to … Read More
Under a plan put forward by the US Trade Representative on Thursday, all Chinese-built and -owned ships docking in the US would be subject to a fee based on the volume of goods carried, on a per-voyage basis. The proposal follows a months-long investigation ordered by the Biden administration into whether Chinese shipbuilding threatens US … Read More
Hong Kong’s postal service will stop handling packages coming from or going to the United States, in the latest retaliatory move amid an escalating trade war between Washington and Beijing. In a statement published Wednesday announcing the decision, the government of Hong Kong cited US President Donald Trump’s decision last week to eliminate the so-called … Read More
Because the tariffs avoid anything made nationally versus internationally, Gagnon has avoided price increases for his products and is fighting off the international competition. Additionally, even though half of his products are shipped internationally, Gagnon says that the steel industry here in America will only continue to grow. Read the article.
Trump tariffs in 2016 sent a glut of cheap Chinese imports, originally intended for the US, into South East Asia, hurting many local manufacturers. But they also opened new doors for other businesses, often into global supply chains that wanted to cut their dependence on China. But Trump 2.0 threaten to shut those doors, which … Read More
The US will begin imposing tariffs of more than 20% on most imports of tomatoes from Mexico, citing “unfairly priced” shipments from the country. A current trade agreement with Mexico for tomatoes failed to protect US growers, the Department of Commerce said in a statement released Monday. It slapped a 20.91% anti-dumping duty on most … Read More
Hyundai Motor Co.’s top executive expects car prices to remain relatively steady over the coming months despite added costs from the escalating global trade war, as automakers try to maintain stability and keep customers coming to dealer lots. “I don’t expect to see a huge increase overnight,” Chief Executive Officer José Muñoz said Tuesday in … Read More
Canadian Prime Minister Mark Carney said his government will allow automakers to import US-manufactured cars and trucks without tariffs, as long as the companies keep making vehicles in Canada. The move provides some relief from the trade war to companies including General Motors Co. and Stellantis NV that have assembly plants in Ontario but still … Read More
Ford, GM, and Stellantis have conceded they’re willing to pay tariffs on completed cars and large components like engines and transmissions, according to people familiar with the matter. Detroit’s Big Three automakers for weeks have lobbied the Trump administration to exclude certain low-cost car components from planned tariffs. Read the article.
Trump’s 145% tariffs on China’s goods are threatening to obliterate its access to the world’s biggest economy, with Goldman Sachs Group Inc. estimating that up to 20 million people — or about 3% of the labor force — may be exposed to US-bound exports. A full economic divorce would roil a workforce already drained by … Read More
