Trump Teases Tariffs on Chips, Pharmaceuticals
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Trump says he could impose more tariffs on China, similar to India duties, over Russian oil
WASHINGTON (Reuters) -U.S. President Donald Trump on Wednesday said he could announce further tariffs on China similar to the 25% duties announced earlier on India over its purchases of Russian oil, depending on what happens. "Could happen," Trump told reporters, after saying he expected to announce more secondary sanctions aimed at pressuring Russia to end its war in Ukraine. He gave no further details. "It may happen ... I can't tell you yet," Trump said. "We did it with India. We're doing it probably with a couple of others. One of them could be China." Trump on Wednesday imposed an additional 25% tariff on Indian goods, on top of a 25% tariff announced previously, citing its continued purchases of Russian oil. The White House order did not mention China, which is another big purchaser of Russian oil. Last week, U.S. Treasury Secretary Scott Bessent warned China that it could also face new tariffs if it continued buying Russian oil.
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US ethane curbs will make contracting to China harder, Energy Transfer says
By Arathy Somasekhar HOUSTON (Reuters) -Recent U.S. restrictions on ethane exports to China will likely make it more difficult to contract with Chinese companies, even though they have already been lifted, U.S. exporter Energy Transfer said on Wednesday. The U.S. placed restrictions on shipping ethane - and a wide swathe of other exports - to China in late May and early June after accusing Beijing of slowing shipments of rare earths vital to automakers and other industries. The restrictions were rescinded last month, but they disrupted flows of ethane and caused significant delays to shipments. "That, you know, put a little bit of a black eye on us, on our industry, on our country...," Marshall McCrea, co-CEO of Energy Transfer, said in a post-earnings conference call. The company is one of the top U.S. exporters of ethane, a natural gas liquid. "We think it's going to be probably a little bit more difficult to contract with Chinese crackers, good or bad, we think that they're probably going to be a little bit more hesitant," McCrea added. About half of U.S. ethane, which is extracted from shale gas, heads to China where it is run through crackers to produce ethylene, a building block for plastics. Chinese petrochemical firms use ethane as a feedstock because it is cheaper than naphtha, while U.S. oil and gas producers need China to buy their natural gas liquids as domestic supply exceeds demand. Rival Enterprise Products Partners also warned last week that the export curbs compromised the U.S. brand for reliable supply and energy security. "These kind of actions rarely hurt the intended target and often backfire hurting our own industry more," said Jim Teague, CEO of Enterprise Products. Enterprise said at least one non-Chinese company that it was in discussions with about contracting ethane decided to contract naphtha instead. Energy Transfer reported a 11.5% decline in net income to $1.16 billion, or 32 cents per unit, in the three months ended June 30. Revenue of $19.24 billion came in well below estimates of about $22 billion, according to LSEG data. Sign in to access your portfolio
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General Motors, Hyundai ink first joint deal to develop five vehicles amid rising competition
(Reuters) -General Motors and Hyundai Motor announced on Wednesday their first agreement to jointly develop five vehicles. Four of the vehicles — a compact SUV, a car, a pickup, and a mid-size pickup — are targeted at Central and South American markets and will support both internal combustion and hybrid powertrains. The two global automakers will also co-develop an electric commercial van for the North American markets. Reuters in March reported that the two automakers were nearing a deal to share two commercial electric vans. Global automakers face stiff competition from Chinese EV makers and a trade war impacting imports of crucial parts, including rare earth materials, which has pushed production costs higher. Chinese automakers have put out several high-tech, low-cost models, affecting demand for EVs from legacy automakers including GM. Hyundai's presence in China — the world's largest auto market — is minimal but it faces growing pressure from Chinese auto exports globally. The Korean automaker is leaning on its U.S. sales while its China sales decline. Unlike GM, Hyundai has little presence in the lucrative U.S. commercial vehicle and truck market. Collaborating with Hyundai on vans could help GM reduce development costs on those models, especially considering its decades-old Chevrolet Express and GMC Savana vehicles. At full production scale, the companies expect to roll out up to 800,000 vehicles annually. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
