Building out Electric Car Charging Stations in the US
Chinese EV maker BYD announces it can recharge a car in just five minutes. But advancing the EV charging infrastructure in the US is going to take a lot more time and money says Mark Morelli, the CEO of Vontier--a company that provides EV chargers and software. He joined Bloomberg Open Interest to talk about the state of US EV charging networks and why what's bad for Tesla, isn't necessarily bad for the industry.
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Yahoo
44 minutes ago
- Yahoo
Trump Touts Higher Duty Rate for Chinese Imports Under New Trade Deal
Hours after his cabinet announced that the United States would resume its previously agreed upon trade truce with China, President Donald Trump stoked confusion by revealing a new tariff rate of 55 percent for the sourcing superpower. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, along with U.S. Trade Representative Ambassador Jamieson Greer, traveled to London this week to sit down with Chinese trade officials following weeks of trade tensions and the crumbling of a provisional agreement solidified in Switzerland in mid-May. More from Sourcing Journal China-to-US Freight Rates 'No Longer Surging'-Is it All Downhill from Here? Trump Likely to Extend Tariff Pause as Negotiations Take Shape, Treasury Secretary Says China and US Return to Terms of May Trade Truce At the end of negotiations on Tuesday, Lutnick indicated that both sides had agreed to 'implement the Geneva consensus' upon approval from Trump and Chinese President Xi Jinping. That deal centered on the deferral of reciprocal duties—lowered on the U.S. side to 30 percent and China's side to 10 percent—for three months. But by Wednesday morning, Trump had Truthed new information about the deal, saying that China will now pay a 55-percent duty rate, while the U.S. will still be subject to 10-percent tariffs on any goods imported into China. An all-caps missive said the deal with China was done, though subject to final approval by Xi and himself. 'RELATIONSHIP IS EXCELLENT!' he wrote. The president did not elucidate the reasoning for the 55-percent rate, which appears on its face to be a a 25-percent increase from the May agreement. But a White House spokesperson, who spoke to The Guardian anonymously, said the rate includes Trump's 10-percent universal baseline tariffs, a previous 20-percent punitive duty for fentanyl trafficking and an existing 25-percent tariff on China-made goods. 'A reported 55 percent tariff on our largest supplier of American apparel and footwear, stacked on top of already high MFN and Section 301 rates is not a win for America,' Steve Lamar, president and CEO of the American Apparel and Footwear Association, said in a statement. 'We're closely watching for more details, but the reality is this: nearly all clothes and shoes sold in the U.S. are now subject to elevated tariff rates,' he added. 'These costs will hit American families hard especially as they get ready for back-to-school shopping and the holiday seasons. New trade deals that bring lower tariffs can't come soon enough.' At a budget meeting with the House Ways and Means Committee on Wednesday, Secretary Bessent seemed to hint that the China deal may be shakier than the president indicated in his post on Truth Social. 'China has a singular opportunity to stabilize its economy by shifting away from excess production towards greater consumption. But the country needs to be a reliable partner in trade negotiations,' he told the Committee. 'If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva last month, then a big, beautiful rebalancing of the world's two largest economies is possible.' Footwear Distributors and Retailers of America senior vice president Andy Polk told Sourcing Journal that he believes this week's trade talks represent 'more political marketing than anything else.' 'It is positive that high level talks continue in hopes of getting us closer to a tariff end-game,' he said. 'However, there doesn't seem to be anything rally new coming out of these talks, just a climb down from threats.' Calling the president's tariff calculations 'very confusing,' Polk said he believes the 55-percent rate includes the Section 301 duties from his first term, the 20-percent fentanyl-related tariffs and the 10-percent baseline duties for all trade partners, among others. 'It is not a new tariff rate he is adding, it just seems to be fuzzy tariff math on his part.''Perhaps these steps forward will continue to unlock other issues to reduce this trade impasse, but I am not sure they are tackling the big items in a speed we need,' Polk said. 'We need a real deal that reduces tariffs back to reasonable levels quickly, and one that stabilizes them so shoe companies aren't jolted around constantly.' 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
Yahoo
44 minutes ago
- Yahoo
Trump Likely to Extend Tariff Pause as Negotiations Take Shape, Treasury Secretary Says
U.S. Treasury Secretary Scott Bessent said it's 'highly likely' that President Donald Trump will extend his July 9 reciprocal tariff deadline to continue negotiations with trade partners. Following two days of discussions in London with Chinese officials which resulted in a patched-up trade truce, Bessent testified in front of the House Ways and Means Committee on Wednesday, telling members of Congress that the administration is 'working toward deals' with '18 important trading partners' or blocs, in the case of the European Union. More from Sourcing Journal China-to-US Freight Rates 'No Longer Surging'-Is it All Downhill from Here? DHL Makes $570 Million Splash in the Middle East Trump Touts Higher Duty Rate for Chinese Imports Under New Trade Deal Those deals may take more time to complete, Bessent hinted, saying that countries that are 'negotiating in good faith' could see extensions on the tariff deadline. 'If someone is not negotiating, then we will not,' he added. Just one month remains until the double-digit 'Liberation Day' duties that the president announced on April 2 will go into effect. With negotiations between the Washington and Beijing reaching an apparent consensus, Commerce Secretary Howard Lutnick said trade-focused members of Trump's team, including himself, Bessent, and U.S. Trade Representative (USTR) Ambassador Jamieson Greer, will now be focused on other deals. 'Our teams are moving them forward… we're going to be focused starting today,' he said during an interview on CNBC, noting that the U.S. is in 'good shape with a lot of countries' and could see 'deal after deal' as soon as next week. 'We've got lots of them in the hopper. We just want to make sure they're the best deal we possibly can make. We don't want to rush,' he said. Lutnick confirmed that dealmaking with the E.U. has been tense. 'Europe was more than thorny,' he told the news outlet, saying, 'they just weren't really engaging.' In late May, Trump threatened the E.U. with sweeping 50-percent tariffs—significantly higher than the 20 percent announced in April—saying leaders had been 'difficult to deal with' and that the negotiations were 'going nowhere.' The president accused the trade bloc of maintaining high trade barriers and value-added taxes (VAT) on American goods, among other complaints. At the time, he said the heightened duty rate would help address the trade deficit between Europe and the U.S., which totaled $235 billion in 2024, according to USTR data. Lutnick echoed Trump's sentiments on Wednesday, telling CNBC that the sheer breadth of the negotiations, which will result in trade rules that apply to 27 European countries, makes it 'tough' to come to a resolution. Within the scope of the administration's trade deal agenda, 'Europe will be probably the very, very end,' he said. Lutnick also commented on recent legal setbacks that the president's tariff regime has suffered, referencing a ruling by a Court of International Trade that the duties, applied under the International Emergency Economic Powers Act (IEEPA), were illegal. A federal appeals court granted a stay on that decision as it reviews the cases brought against the president, and the tariffs are allowed to move forward—for now. The Commerce Secretary said 'ultimately, it's not going to matter' what the courts rule because the president has a number of executive authorities and avenues to pursue to execute his tariff plan.
Yahoo
an hour ago
- Yahoo
Trump claims 'done deal' with China … but is it, really?
[Source] President Donald Trump announced Wednesday that a U.S.-China trade deal is 'done' after two days of high-stakes negotiations in London, but observers say it just put Washington in a circle. Catch up The London meetings were prompted by a May agreement in Geneva that temporarily lowered punishing tariffs that had brought trade between the superpowers nearly to a halt. Trump's April duties had climbed to 145% on most Chinese goods, leaving U.S. businesses that rely on them struggling. The Geneva agreement lowered Trump's new tariffs to 30% and China's to 10%, establishing a 90-day window until Aug. 10 for a broader deal. The arrangement, however, fell apart due to conflicts over rare earth shipments and technology access. Beijing holds dominant market position in rare earth production — materials vital for products from automobiles to military hardware — leading U.S. industries to lobby Washington for action. Trending on NextShark: Where things stand After a pivotal phone conversation between Trump and Xi Jinping last week that Commerce Secretary Howard Lutnick said 'changed everything,' negotiators reached what officials termed a 'framework' during extended talks at London's Lancaster House. 'Our deal with China is done, subject to final approval with President Xi and me,' Trump posted on Truth Social Wednesday, noting that the U.S. will get 'a total of 55% tariffs' and China, 10%. The 55% U.S. tariff structure includes several components: 10% universal duties on most trading partners, 20% penalties aimed at China over fentanyl issues and 25% rates carried over from Trump's first presidency. The framework calls for China to deliver 'full magnets, and any necessary rare earths … up front,' while the U.S. will maintain Chinese student access to American universities. Trending on NextShark: Treasury Secretary Scott Bessent told lawmakers that 'there is no quid pro quo in terms of chips for rare earths.' China's Commerce Ministry, on the other hand, took a more reserved stance, calling the result a 'framework' from the 'first meeting' between the parties. On Thursday, Chinese Foreign Ministry spokesperson Lin Jian confirmed that a consensus has been reached and reiterated that Beijing will always honor its commitments. 'It is hoped that the U.S. will work with China to implement the important consensus reached by the two heads of state during their phone call, give full play to the role of the China-U.S. economic and trade consultation mechanism, enhance consensus, reduce misunderstandings and strengthen cooperation through communication and dialogue,' Lin said. The big picture Trending on NextShark: Despite Trump's positive assessment, analysts are questioning the deal's substance. It appears the framework only primarily returns both nations to their pre-April status, with elevated tariffs still in effect. 'What exactly are we getting that we weren't already getting before?' Veronique de Rugy, a senior research fellow with the libertarian think tank Mercatus Center, told The New York Times. 'This deal suggests there was never a real plan.' Fundamental trade disagreements — including China's large trade surplus and intellectual property concerns — remain untouched, while the World Bank this week lowered global growth projections, identifying elevated tariffs as a 'significant headwind' for most economies. The U.S. and Chinese governments must approve the framework before any implementation begins. Trending on NextShark: This story is part of The Rebel Yellow Newsletter — a bold weekly newsletter from the creators of NextShark, reclaiming our stories and celebrating Asian American voices. Subscribe free to join the movement. If you love what we're building, consider becoming a paid member — your support helps us grow our team, investigate impactful stories, and uplift our community. Trending on NextShark: Subscribe here now! Download the NextShark App: Want to keep up to date on Asian American News? Download the NextShark App today!
