India to build rare earth magnet stockpiles, incentivize domestic production
Investing.com -- India is in discussion with various companies to create long-term reserves of rare earth magnets. The government also aims to encourage domestic production by offering fiscal incentives, according to a Reuters report on Thursday.
The government, led by Prime Minister Narendra Modi, is keen to expand domestic manufacturing capabilities to ease the dependence on China. It is contemplating offering production-based fiscal incentives to businesses, the report added.
The Ministry of Heavy Industries is reportedly formulating a plan that includes partially subsidizing the difference between the final price of magnets produced in India and the cost of imported Chinese magnets. This approach would help achieve cost equality and stimulate local demand.
However, the funding for this initiative is still under discussion. The government is expected to meet with industry representatives next week to finalize the details.
Related articles
India to build rare earth magnet stockpiles, incentivize domestic production
ECB cuts interest rates for eighth time amid trade tensions, cooling inflation
Tariffs, oil prices, and a stronger Loonie drag Canada's April exports down 10.8%
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
36 minutes ago
- Yahoo
Trump tariffs may remain in effect while appeals proceed, US appeals court rules
By Dietrich Knauth and Nate Raymond (Reuters) -A federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them on grounds that Trump had exceeded his authority by imposing them. The decision by the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. means Trump may continue to enforce, for now, his "Liberation Day" tariffs on imports from most U.S. trading partners, as well as a separate set of tariffs levied on Canada, China and Mexico. The appeals court has yet to rule on whether the tariffs are permissible under an emergency economic powers act that Trump cited to justify them, but it allowed the tariffs to remain in place while the appeals play out. The Federal Circuit said the litigation raised issues of "exceptional importance" warranting the court to take the rare step of having the 11-member court hear the appeal, rather than have it go before a three-judge panel first. It scheduled arguments for July 31. The tariffs, used by Trump as negotiating leverage with U.S. trading partners, and their on-again, off-again nature have shocked markets and whipsawed companies of all sizes as they seek to manage supply chains, production, staffing and prices. The ruling has no impact on other tariffs levied under more traditional legal authority, such as tariffs on steel and aluminum imports. A three-judge panel of the U.S. Court of International Trade ruled on May 28 that the U.S. Constitution gave Congress, not the president, the power to levy taxes and tariffs, and that the president had exceeded his authority by invoking the International Emergency Economic Powers Act, a law intended to address "unusual and extraordinary" threats during national emergencies. The Trump administration quickly appealed the ruling, and the Federal Circuit in Washington put the lower court decision on hold the next day while it considered whether to impose a longer-term pause. The ruling came in a pair of lawsuits, one filed by the nonpartisan Liberty Justice Center on behalf of five small U.S. businesses that import goods from countries targeted by the duties and the other by 12 U.S. states. Trump has claimed broad authority to set tariffs under IEEPA. The 1977 law has historically been used to impose sanctions on enemies of the U.S. or freeze their assets. Trump is the first U.S. president to use it to impose tariffs. Trump has said that the tariffs imposed in February on Canada, China and Mexico were to fight illegal fentanyl trafficking at U.S. borders, denied by the three countries, and that the across-the-board tariffs on all U.S. trading partners imposed in April were a response to the U.S. trade deficit. The states and small businesses had argued the tariffs were not a legal or appropriate way to address those matters, and the small businesses argued that the decades-long U.S. practice of buying more goods than it exports does not qualify as an emergency that would trigger IEEPA. At least five other court cases have challenged the tariffs justified under the emergency economic powers act, including other small businesses and the state of California. One of those cases, in federal court in Washington, D.C., also resulted in an initial ruling against the tariffs, and no court has yet backed the unlimited emergency tariff authority Trump has claimed. Sign in to access your portfolio
Axios
41 minutes ago
- Axios
U.S., China reach "framework" to activate Geneva trade deal
The U.S. and China have agreed on a "framework" to implement a trade deal struck last month, pending approval from both countries' leaders, Commerce Secretary Howard Lutnick said on Tuesday. Why it matters: Progress on trade peace with China, particularly if it resolves the issue of crucial Chinese rare earth minerals exports, would be a boon to an economy and markets that have struggled for months with the impact of President Trump's tariff program. Catch up quick: After a series of tit-for-tat retaliations in April, the world's two largest economies effectively had a trade embargo in place, with 145% U.S. tariffs crushing imports from China. The sides announced a trade deal that included a 90-day pause on most of those tariffs on May 12 after a weekend of high-level talks in Geneva. Only days later, the U.S. issued global restrictions on the use of certain Chinese chips from Huawei Ascend, saying they were developed in violation of U.S. export controls. The Chinese reacted furiously, and soon there were reports the government was restricting exports of the rare earth materials needed for hundreds of the world's most important high-tech products. The U.S. subsequently retaliated with a move to restrict and withdraw visas for Chinese students. Where it stands: Trump and Chinese leader Xi Jinping spoke for 90 minutes last Thursday about trade issues, and agreed to high-level talks immediately. That led to this week's meeting in London. "We have reached a framework to implement the Geneva consensus," Lutnick told reporters in London Tuesday night after marathon trade talks, Bloomberg reported. The Wall Street Journal reported that Tuesday's deal would essentially get the May 12 deal back on track, including the lowered tariffs and the loosened Chinese restrictions on rare earths. Between the lines: The trade war is squeezing both economies.
Yahoo
an hour ago
- Yahoo
US lawmaker McIver indicted on 3 counts for impeding law enforcement, US attorney says
By Christian Martinez (Reuters) -Democratic U.S. Representative LaMonica McIver was indicted on three counts for "forcibly impeding and interfering" with federal law enforcement, U.S. Attorney for the District of New Jersey Alina Habba said on Tuesday on social media platform X. McIver, a Democrat from Newark, New Jersey, was charged in May with assault and impeding law enforcement during a scuffle that was caught on video at a privately run immigration detention center. "While people are free to express their views for or against particular policies, they must not do so in a manner that endangers law enforcement and the communities those officers serve," Habba said. In a statement posted on X on Tuesday, McIver said the "indictment is no more justified than the original charges." "The facts of this case will prove I was simply doing my job and will expose these proceedings for what they are: a brazen attempt at political intimidation." "We are eager to challenge these allegations head-on in court and fully expect the Congresswoman's exoneration," McIver's counsel Paul J. Fishman said in a statement.
