Canada ‘only country in the world' outside of China to impose ‘so many' counter-tariffs: Joly
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Chinese exports of two critical minerals plunge even as rare earths rebound
By Lewis Jackson BEIJING (Reuters) -China's exports of two critical minerals used in weapons, telecommunications and solar cells have plunged over the past three months amid a crackdown on smuggling and transshipment that has involved China's top spy agency. Exports of antimony and germanium in June were down 88% and 95%, respectively, versus January, according to customs data published on Sunday. Much as with rare earths, China is by far the largest miner and or refiner for both elements. Both were added to an export control list in 2023 and 2024, respectively. Exports to the U.S. were then banned in December as part of retaliation for chip restrictions. Rare earths were added to the same control list in April, precipitating a sharp collapse in export volumes that forced some carmakers in Europe and the U.S. to pause some production lines. But where rare earth export volumes rebounded sharply last month thanks to a deal struck between Washington and Beijing, exports of germanium and antimony fell to some of the lowest levels on record. The collapse in export volumes coincides with well-publicised crackdown on critical mineral export control evasion. China's spy agency said last week it had detected attempts to bypass controls via transshipment, where cargoes move through a third country before going on to their final destination. The week before Reuters reported that unusually large quantities of antimony were being exported to the United States from Thailand and Mexico in what appeared to be transshipment conducted by at least one Chinese company. China's exports of antimony to Thailand have collapsed by 90% after hitting a record in April. There have been no exports to Mexico since April. Spot market prices for high-purity germanium have more than doubled since China imposed export restrictions in July 2023. Antimony prices have nearly quadrupled from May last year.
Yahoo
2 minutes ago
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Factbox-Closures, disposals reshaping the global petrochemical sector
MILAN/HOUSTON/NEW DELHI (Reuters) -A wave of closures and disposals is reshaping the global petrochemical sector as companies around the world rethink their exposure to markets as they adjust to capacity build-up in China and higher costs in Europe. The European Union is being hit the hardest by the rationalisation, while the United States and the Middle East are considered relatively immune. Petrochemical makers in Asia are also reducing capacity but at a slower pace compared with the EU. Here is a list of some of the major closures, divestment and portfolio reviews: ** U.S.-based LyondellBasell in June said it had started exclusive talks to sell four olefin and polyolefin plants in Europe to Munich-based investment firm AEQUITA. The sites to be sold are in France, Germany, Britain and Spain. The company has also said it is evaluating options for its factories in the Netherlands and Italy. ** U.S. chemical giant Dow Inc said at the beginning of July it would shut down three upstream sites in Europe: an ethylene cracker in Böhlen, Germany and chlor-alkali & vinyl assets in Schkopau, Germany, and its siloxanes plant in Barry, Britain. The company also announced in January that it would idle a cracker in the Netherlands. ** U.S. oil major ExxonMobil said last year it would shut down the steam cracker and close chemical production at Gravenchon in France, adding that the site had lost more than 500 million euros ($582.75 million) since 2018 and remains uncompetitive. ** British oil company Shell in April completed the sale of its energy and chemicals park in Singapore, which includes a refinery, an ethylene cracker and other petrochemical assets. The group's top executives told a post-results conference call in May that the group was undertaking a review of its chemical business, including in Europe. Shell hired Morgan Stanley to conduct the strategic review of its chemicals operations in Europe and the United States, the Wall Street Journal reported in March, citing sources. ** BP said in February it was looking for potential buyers for its Ruhr Oel refinery, cracker and downstream assets at Gelsenkirchen in Germany. ** French oil major TotalEnergies said in April it would shut its oldest steam cracker in Antwerp, Belgium, by end-2027, citing a "significant surplus of ethylene expected in Europe". ** Eni will complete the closure of Italy's two last steam crackers by the end of this year. One is in Brindisi, Apulia, and the second in Priolo, Sicily. It also closed a polyethylene plant in Ragusa, Sicily. ** Poland's Orlen said at the end of 2024 it would scale back plans for its olefins petrochemical project, pushing back output until at least 2030 and aiming to cut its estimated cost by as much as a third. ** U.S. chemical group Huntsman Corp announced the closure of its polyurethanes facility in Deggendorf, Germany, and the reduction of some of its other sites and facilities around Europe. The company will close a facility located in Moers, Germany. The closure is expected to be complete by the end of the current quarter. ** Japan's largest oil refiner, Eneos, said in February that it would consider partially halting an ethylene production facility at its Kawasaki refinery at the end of 2027 due to falling demand. It said in March that it would gradually halt production of lubricants and some petroleum products at its Yokohama plant near Tokyo by March 2028, but will consider relocating lubricants' output to other facilities. ** Saudi Petrochemical Group SABIC said last year it planned to permanently shut one of its two naphtha-fed crackers at its plant in Geleen, the Netherlands. ($1 = 0.8580 euros)
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16 minutes ago
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Trump Says 30% Tariff Is Coming To European, Mexican-Made Cars On August 1
Good morning! It's Monday, July 14, 2025, and this is The Morning Shift, your daily roundup of the top automotive headlines from around the world, in one place. This is where you'll find the most important stories that are shaping the way Americans drive and get around. In this morning's edition, Trump sets a new date for tariffs against vehicles made in the EU and Mexico, Elon Musk says he doesn't want Tesla and xAI to merge, GM idles its truck plant in Mexico, and Land Rover recalls thousands of Range Rover Evoques for an airbag issue. Read more: Popular Cars Consumer Reports Recommends You Skip In Favor Of Something Better 1st Gear: New Tariffs Are Coming To The EU, Mexico If you were tired of hearing about tariffs, then I've got some bad news for you. President Trump just unveiled his latest round of tariff ultimatum, setting a 30% duty on things made in Mexico and the European Union. He sees to be going with the "never let 'em know your next move" method of haphazard negotiation. The President announced the changes in two letters posted on social media over the weekend. He informed some very important trade partners that the new rates would kick in on August 1 if they could not negotiate better terms. His past few weeks have been split between this confusing (and expensive) shuffling of tariffs and dodging questions about Jeffrey Epstein. These latest levels are tweaked from the tariff levels he proposed in April. From Automotive News: The EU had been hoping to conclude a tentative deal with the U.S. to stave off higher tariffs, but Trump's letter punctured the recent optimism in Brussels over the prospects for an 11th-hour agreement between the major economies. Trump did, however, leave an opening for additional adjustments. "If you wish to open your heretofore closed Trading Market to the United States, and eliminate your Tariff, and Non-Tariff, Policy and Trade Barriers, we will, perhaps, consider an adjustment to this letter," Trump wrote. The tariff rates would apply widely, though separate from the president's sectoral tariffs on products such as automobiles and steel. If implemented, it could place the EU at a competitive disadvantage on American exports to the neighboring U.K., which left the bloc in 2020 and was the first country to come to a top-line trade pact with Trump. Germany's VDA auto association tells AutoNews that there is still no solution to easing the current 27.5% duty on cars imported from the EU to the U.S. At the same time, European automakers are still holding out hope (such a silly move) that the two entities can reach some sort of agreement to lower auto import tariffs, potentially including a so-called "netting mechanism" to offset imports with exports. Something like this could be based on the value of exports out of the U.S. market, rather than the number of exported vehicles. In Mexico, Trump wants President Claudia Sheinbaum to continue supporting the securing of the border between the two North American countries. Trump added that if Mexico "is successful in challenging the cartels and stopping the flow of Fentanyl," the U.S. would consider adjusting the levies. "These tariffs may be modified, upward or downward, depending on our relationship with your country," he added. The letter is silent on whether the U.S. will preserve a carve-out for goods traded under the USMCA trade deal, which have been exempt from the current 25 percent rate. The administration has previously said it will keep the exemption for Canada. Other countries Trump has pointed to for tariff hikes in recent days include South Korea, South Africa, Indonesia, Thailand, and Cambodia, as well as Algeria, Libya, Iraq, and Sri Lanka. What is bro doing? 2nd Gear: Musk Doesn't Want Tesla, xAI To Merge Tesla CEO Elon Musk says he does not support a merger between the automaker and his artificial intelligence start-up, xAI, which owns the Grok chatbot that has been having some major issues with racism, sexism, homophobia, and antisemitism lately. This news comes after Musk announced that Grok was on its way to being implemented in Tesla vehicles, something I've got no doubt would go totally smoothly. From Reuters: In response to a user post on X that asked Tesla investors if they supported a merger between the two companies, Musk replied "No." On Sunday, Musk had said he would ask Tesla shareholders to vote whether Tesla can invest in xAI, after earlier saying "it would be great" if Tesla could do so. [...] xAI acquired X, formerly called Twitter and also owned by Musk, in a $33 billion deal in March this year, valuing the combined group at $80 billion at the time. Sources told Reuters in June that xAI had been in talks to raise money at a valuation of more than $120 billion, while a valuation of as high as $200 billion was also discussed. The Wall Street Journal reported on Saturday that Musk's SpaceX had committed $2 billion to xAI as part of a $5 billion equity round. The way Elon's companies invest in each other sort of makes me feel like rearranging deckchairs on the Titanic. It's quite the masterful gambit by Musk. 3rd Gear: GM Idles Mexican Plant General Motors says it is idling production at a pickup truck plant in Silao, Mexico — where it builds the Chevy Silverado and GMC Sierra — for several weeks. The plant was down for the first two weeks of July, and it's scheduled to be idled again the weeks of August 4 and August 11. From Automotive News: "Scheduled down weeks at GM Silao are part of a standard operating process focused on optimizing production at our manufacturing complex," GM said in response to a Reuters inquiry. The Silverado and mechanically similar Sierra are by far GM's top sellers in the U.S., and major profit generators. GM also builds the Silverado and Sierra at factories in Fort Wayne, Ind., Flint, Mich. and Ontario, Canada. It is common for automakers to halt factory work to perform maintenance or adjust assembly lines for model changes. Most of GM's U.S. factories were not operating last week as part of a usual down week for the July 4 holiday. Trucks like the Sierra and Silverado — among some of the best-selling vehicles in America — are absolutely crucial for GM. The automaker sold 278,599 Silverados and 166,409 Sierras in the first half of 2025. Those numbers represent a 2% and 12% respective increase in sales over the same period in 2024. Any downtime seems sure to hurt sales efforts. 4th Gear: Thousnds Of Range Rover Evoques Recalled For Airbag Issue Jaguar Land Rover -- which recently resumed shipping vehicles to the U.S. -- is recalling U.S.-market Range Rover Evoques built between 2021 and 2025 because the front passenger airbag could tear during deployment. Obviously, that's not ideal, and it could lead to a further risk of injury in a crash if the hot gases inside the bag escape. From AutoEvolution: [T]he airbag module in question is produced by the Hungarian arm of Joyson Safety Systems. [...] Jaguar Land Rover started looking into this matter in May 2023, following a number of reports from the manufacturer of the fascia assembly over abnormal front passenger airbag deployments. After many analyses and much investigation, the British automaker concluded in June 2025 that the airbag material showed variability in the folds of suspect airbags. The Recall Determination Committee ultimately decided on a safety recall on June 30, 2025. Thankfully for both customers and JLR's legal team, Jaguar Land Rover is not aware of any reported injuries resulting from this concern. The recall documentation filed with the National Highway Traffic Safety Administration does not explicitly state how the supplier corrected this condition in airbag production or if the remedy modules come from a different supplier. Owners and lessees will have the possibly faulty airbag modules replaced at Land Rover dealerships, who will be informed no later than July 21. Owners can expect to be notified by mail on or before August 25. In total, 20,999 Evoques are being recalled, according to Reuters. Reverse: Built Ford Tough We really don't talk enough about how wild it is that ol' Gerry Ford was able to become the freaking President without receiving a single vote. The man was just built different. If you want to learn more about our 38th President (and the second who shared a name with a car brand), head over to On The Radio: Cobra Starship - Good Girls Go Bad Feat. Leighton Meester There's no better song in the world for hanging in the corner with your five best friends and jamming out. Want more like this? Join the Jalopnik newsletter to get the latest auto news sent straight to your inbox... Read the original article on Jalopnik.
