What opponents of the EU-US trade deal get wrong
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Reuters
21 minutes ago
- Reuters
Umicore sees no problem so far from China's curbs on critical minerals
Aug 1 (Reuters) - Umicore ( opens new tab said on Friday that China's curbs on exports of rare earths and other critical minerals had so far not disrupted operations of the group that recycles and refines metals in both China and Europe. Large amount of the materials Umicore refines end up in the European markets. It processes 17 out of the 34 raw materials the European Union has defined as critical, its management said. "We have not had any issues in getting materials through our active management on stocks and our diversified supply chain," CEO Bart Sap said in a post-earnings call with analysts. Many of Umicore's catalytic applications are not currently covered by China's restrictions, he added. Umicore processes a wide range of metals sourced across the world. Those include antimony and germanium, critical minerals used in weapons, telecommunications and solar cells, that are on China's export control list alongside rare earths. It was not immediately clear if Umicore had been sourcing any of those metals from China, and the company could not be immediately reached. Exports of antimony and germanium were down 88% and 95% respectively in June compared to January, according to Chinese customs data. Much as with rare earths, China is by far the largest miner and or refiner for both elements.
Leader Live
22 minutes ago
- Leader Live
Global stock markets under pressure after Trump's latest tariff blow
The FTSE 100 Index fell 0.6% – down 50.2 points to 9082.7 – in mid-morning trade on Friday, while European markets suffered steeper falls as the Cac 40 in France dropped 1.8% and Germany's Dax was off 1.7%. It follows big drops on Asian indices overnight after the Hang Seng in China fell 1.1% and Japan's Nikkei 225 was 0.7% down. Mr Trump has signed an executive order setting new tariffs on a raft of US trading partners, which will take effect on August 7. Big exporters to the US, such as Taiwan, will be hit with steep new levies. While the latest tariffs are less harsh some of those announced on his so-called Liberation Day on April 2, it still sees many of US trading partners facing sharp rises. The pound was also lower on Friday, down 0.5% to 1.314 US dollars and 0.3% lower at 1.153 euro. Derren Nathan, head of equity research at Hargreaves Lansdown, said: 'Countries playing tariff poker with Donald Trump have had their bluff called with new US import tax rates announced for 92 nations shortly before the August 1 deadline came into play, with rates ranging from 10% to 41%. 'Mexico was the only reprieve of note, earning a 90-day extension to agree a deal. 'China already faces a separate deadline of August 12.' The declines saw the FTSE 100 drop below the 9,100 level, having hit record highs in recent weeks, but Mr Nathan added this was 'to be expected after climbing 4% in July'. Joshua Mahony, chief market analyst at Rostro trading group, said markets will be concerned over the impact of the tariffs and whether it will send global inflation soaring. He said: 'Part of the problem for markets is the question of who will pay for these tariffs, with the best-case scenario being that foreign businesses bear the brunt through lower margins. 'However, that is not entirely the case, with US consumers starting to feel the pinch through higher prices, while earnings from the likes of General Motors, Ford and Apple have highlighted the fact that they are expected to lose billions at the hands of Trump's tariffs.'
The Independent
22 minutes ago
- The Independent
Trump administration weighs fate of $9M stockpile of contraceptives feared earmarked for destruction
President Donald Trump 's administration says it is weighing what to do with family planning supplies stockpiled in Europe that campaigners and two U.S. senators are fighting to save from destruction. Concerns that the Trump administration plans to incinerate the stockpile have angered family planning advocates on both sides of the Atlantic. Campaigners say the supplies stored in a U.S.-funded warehouse in Geel, Belgium, include contraceptive pills, contraceptive implants and IUDs that could spare women in war zones and elsewhere the hardship of unwanted pregnancies. U.S. State Department deputy spokesman Tommy Pigott said Thursday in response to a question about the contraceptives that 'we're still in the process here in terms of determining the way forward." "When we have an update, we'll provide it," he said. Belgium says it has been talking with U.S. diplomats about trying to spare the supplies from destruction, including possibly moving them out of the warehouse. Foreign Ministry spokesperson Florinda Baleci told The Associated Press that she couldn't comment further 'to avoid influencing the outcome of the discussions.' The Trump administration's dismantling of the U.S. Agency for International Development, which managed foreign aid programs, left the supplies' fate uncertain. Pigott didn't detail the types of contraceptives that make up the stockpile. He said some of the supplies, bought by the previous administration, could 'potentially be' drugs designed to induce abortions. Pigott didn't detail how that might impact Trump administration thinking about how to deal with the drugs or the entire stockpile. Costing more than $9 million and funded by U.S taxpayers, the family planning supplies were intended for women in war zones, refugee camps and elsewhere, according to a bipartisan letter of protest to U.S. Secretary of State Marco Rubio from U.S. senators Jeanne Shaheen, a New Hampshire Democrat, and Alaska Republican Lisa Murkowski. They said destroying the stockpile 'would be a waste of U.S. taxpayer dollars as well as an abdication of U.S. global leadership in preventing unintended pregnancies, unsafe abortions and maternal deaths — key goals of U.S. foreign assistance.' They urged Rubio to allow another country or partner to distribute the contraceptives. Concerns voiced by European campaigners and lawmakers that the supplies could be transported to France for incineration have led to mounting pressure on government officials to intervene and save them. The executive branch of the European Union, through spokesman Guillaume Mercier, said Friday that 'we continue to monitor the situation closely to explore the most effective solutions.' The U.S. branch of family planning aid group MSI Reproductive Choices said it offered to purchase, repackage and distribute the stock at its own expense but 'these efforts were repeatedly rejected.' The group said the supplies included long-acting IUDs, contraceptive implants and pills, and that they have long shelf-lives, extending as far as 2031. Aid group Doctors Without Borders said incineration would be 'an intentionally reckless and harmful act against women and girls everywhere.' Charles Dallara, the grandson of a French former lawmaker who was a contraception pioneer in France, urged President Emmanuel Macron to not let France 'become an accomplice to this scandal.' 'Do not allow France to take part in the destruction of essential health tools for millions of women,' Dallara wrote in an appeal to the French leader. 'We have a moral and historical responsibility.' ___ Leicester reported from Paris. Matthew Lee contributed from Washington, D.C.
