Here's how China just proved it can shut down auto production around the world
China dominates the world's production and processing of rare earth elements, which are used in all kinds of things: sports equipment, national defense, and each of the roughly 16 million cars sold in the US every year. The Asian country suddenly restricted exports in early April 2025. The move sent shockwaves through the auto industry which can't build cars without these minerals. CNBC Dove in to see how we got here, and how the auto industry might find its way out.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Politico
4 hours ago
- Politico
Trade talks morph into Trump's global bargaining table
President Donald Trump's trade talks aren't just about trade. They're about tech regulation, defense spending, critical minerals — even war and peace. Since slapping sweeping tariffs on nearly every country in April, Trump has turned narrow, trade-focused talks into kitchen-sink diplomatic forums. In closed-door negotiations, the president's top lieutenants have pressured foreign governments to significantly increase their military budgets, upend their tax systems and scuttle domestic legislation that could hurt U.S. businesses. The president has even leveraged U.S.-brokered ceasefires, such as the one between Israel and Iran, to induce other countries to buy more American goods It's part of a broader effort by Trump to use tariffs not only as a tool to boost domestic manufacturing and revenue, but as a lever to extract concessions on a host of unrelated issues. 'Access to the American market should cost you. Additional tariffs or additional levies — of course it makes sense to tie it to foreign policy. Why wouldn't we?' said former Trump adviser Steve Cortes. 'I get why countries are like, 'What the hell? This isn't the America we've been dealing with.' No, it isn't,' Cortes added. 'You just have to decide, is it worth it? If it is, well, play by our rules.' Trump sees a win-win: If countries refuse to bend to his will, he keeps his 'Liberation Day' tariffs in place, protecting domestic businesses and boosting U.S. coffers. Case in point: Trump on Friday ended trade negotiations with Canadain part because of its digital services tax on American tech companies slated to start being collected Monday, which he called a 'direct and blatant attack on our Country' in a post on Truth Social. The broad set of issues at play has frustrated other negotiations ahead of the president's self-imposed July 8 deadline to broker trade deals, as foreign leaders grapple with the fact that everything is on the table when negotiating with the United States. The ongoing uncertainty threatens to upend the global economy, confuse American industry, alienate U.S. allies and drive countries into the arms of China. 'It's unprecedented, if not completely dubious,' said one official from an Asian country, pointing to the Trump administration raising antitrust legislation in talks with South Korea and export controls in talks with China, as an example. The person, granted anonymity to discuss the negotiations, added: 'There is no indication it's working, and Trump will not reverse course.' But White House aides argue that the administration's kitchen-sink approach matches the scope of the problem. 'This whole thing is unprecedented. I mean, we are trying to basically reset what's a four or five decade-old status quo in which the United States was basically subject to free riding by a lot of our trading partners and other countries in the world, whether it be on trade, on defense and national security,' said a White House official, granted anonymity to share the administration's thinking. 'I push back on the idea that you can silo off trade,' the official added. 'They're all connected here.' At the NATO summit in the Netherlands this week, Trump threatened new tariffs on Spain after the country refused to increase its defense spending in line with other NATO allies — even though Spain is part of the European Union and doesn't negotiate trade deals independently. It's also been a hot topic in negotiations with Japan and South Korea, which have balked at the 5 percent across-the-board defense spending target the U.S. has set for its allies in Asia despite their exclusion from NATO. Trump this month said the U.S., which spends roughly 3.4 percent of its GDP on defense, would not abide by the 5 percent pledge. Trump has positioned Canadian investment in his 'Golden Dome' missile defense system for the United States as a way for the country to 'prove' itself amid ongoing trade negotiations — though the U.S. actually can't build the system without help from its northern neighbor. At the same time, the U.S. is pressuring South Korea to abandon antitrust legislative proposals aimed at regulating online platforms that are opposed by Google, Apple and Meta. It has also, like Canada, pressured the U.K. and EU countries to eliminate their digital services tax. On Tuesday, Trump added another demand, suggesting that China boost purchases of American oil as a thank you for the Israel-Iran ceasefire — an ask that comes as the president pushes Beijing to increase its imports from the U.S. And he's implied that he used the cudgel of trade wars to negotiate peace between India and Pakistan this spring, though India has disputed the suggestion. Trump took a similar approach during his first term when he threatened hefty levies to get Mexico to curb the flow of Central American migrants to the U.S., and tariffed China over 'unfair practices' in part related to the theft of U.S. intellectual property. In his second term, Trump has built on that strategy. He levied tariffs on Mexico, Canada and China in February aimed at curbing the tide of fentanyl and undocumented immigrants into the U.S. He also in April threatened 25 percent 'secondary tariffs' on any country that imports oil from Venezuela, a move he framed as targeting the country's authoritarian leader Nicolás Maduro and the Tren de Aragua gang. Foreign leaders are confronting the very real possibility that if they slow walk negotiations or abandon talks, Trump would happily slap a tariff large enough to effectively serve as an embargo with the U.S. — cutting off access to the world's largest economy. 'The president feels that tariffs are leverage — leverage for the relationship, of which trade is one component. That's why each of these negotiations has unique elements to it, which makes matters more unpredictable,' said one former White House official, granted anonymity to speak candidly about the president's approach. But giving into the president's demands on non-trade issues isn't a guarantee of tariff relief. Trump has shown no signs that he will heed French President Emmanuel Macron's calls for an end to the U.S.'s trade war with the European Union after NATO members agreed to hike defense spending to 5 percent of their gross domestic product. That unwillingness to significantly budge on his array of tariffs has bogged down trade negotiations and hindered the administration from crafting substantial trade deals. As the U.S. has set out to negotiate deals with more than 60 trading partners, world leaders have grown increasingly frustrated with what they say are unbalanced demands from the U.S. Other trading partners, including the European Union, have bristled at the terms of the UK framework and said they would not agree to a similar deal. That arrangement left a 10 percent so-called baseline tariff in place, while laying out a path to slash sector-specific tariffs. The bloc isn't alone, and Trump's numerous demands and 'do-it-or-else' approach have made it challenging for countries to corral the domestic political support they'll need in order to sell any deal at home. 'If the deal gets too imbalanced, it will get a very bad reception by most of our national public opinions,' said one European official granted anonymity to speak candidly about the state of negotiations with the United States. 'I don't think the EU side and countries can really accept a very imbalanced deal without risk of it backfiring.' But former Trump administration officials doubt the White House is about to change course. 'I see no evidence that the administration intends to reverse or scale back its use of this approach,' said Patrick Childress, a former U.S. Trade Representative assistant general counsel.
Time Business News
5 hours ago
- Time Business News
The Ultimate Shopping Experience Inside the Biggest and Best Mall in Pakistan
The retail landscape in Pakistan has transformed dramatically in recent years, shifting from conventional bazaars to expansive, current purchasing shops. These department shops are greater than simply locations to save. They are now full-day destinations for households, pals, and vacationers. From branded stores and entertainment zones to gourmet dining and indoor theme parks, the modern mall offers something for everyone. Among them stands a towering symbol of luxury and scale. The biggest mall in Pakistan. It's not just large in terms of space; it offers the most complete shopping and entertainment experience in the country. But which one earns the title of the largest mall in Pakistan, and what makes it the best mall in Pakistan for thousands of visitors each day. Packages Mall is home to loads of local and international brands, multiple enjoyment options, and a huge food court docket that attracts food lovers from throughout the city. What units it aside isn't simply its length, however its centers. From a hypermarket and cinema complex to children' play zones and luxury fashion shops, it surely has the whole lot below one roof. Whether you are a fashion enthusiast, a parent searching out a circle of relatives-friendly sports, or a foodie searching for your next favorite meal, this mall has you blanketed. Packages Mall in Lahore to be the first-rate mall in Pakistan for the overall revel in colourful towns, Packages Mall gives an unrivaled combination of shopping, dining, entertainment, and aesthetics. Packages Mall is domestic to high-quit fashion brands, luxury accessories, electronics stores, and family items. All organized in a spacious and fantastically designed indoors. It offers a top rate revel in without the chaos, thanks to its considerate layout, customer service, and smooth environment. Families, couples, students, and even travelers flock here day by day, making it one of the most visited malls. One of the important highlights of Packages Mall is its seamless integration of neighborhood culture with cutting-edge layout. It celebrates Pakistani manufacturers alongside international names, presenting a properly-balanced shopping journey. The mall also hosts fashion occasions, product launches, and seasonal fairs, making each go feel like an experience in place of just a shopping journey. No buying trip is entirely without a meals smash and the meals courtroom in the biggest and first-rate department shops in Pakistan is a destination in its very own proper. In malls like Packages Mall, Emporium Mall, and Lucky One Mall, food courts are carefully curated to offer something for anyone. Whether you are yearning for fast meals, desi flavors, Asian delicacies, or Italian dishes, the food court gives dozens of alternatives in a smooth, vibrant, and family-friendly setting. Popular names like McDonald's, Hardee's, OPTP, KFC, Subway, and Pizza Hut sit down aspect through facet with neighborhood favorites like Biryani Express, Bundu Khan, Howdy, and The Wok. The meals courtroom normally functions as a mass of seating, making it clean for large households or agencies to dine together. You'll also find dessert kiosks imparting gelato, waffles, shakes, and conventional Pakistani candies. In some cases, there may even be stay tuned or weekend activities that enhance the dining experience. Beyond the meals court docket, cafes and first-rate dining eating places are scattered at some stage in the mall. These encompass international coffee chains, rooftop lounges, and intimate bistros that provide an extra relaxed place for food or meetings. Today's pinnacle shops in Pakistan offer an awful lot greater than retail therapy. Entertainment is now an important part of the mall revel in, in particular for households. The biggest mall in Pakistan generally has a wide range of leisure centers which include multiplex cinemas, indoor amusement parks, VR gaming zones, bowling alleys, and tender play regions for children. In Emporium Mall Lahore, as an example, there's an indoor amusement park that could be a favorite amongst young families. These enjoyment areas make malls an all-day destination, wherein households can store, consume, and play all without ever stepping outside. This aggregate of retail and endeavor is one of the key motives why modern shops are overtaking traditional purchasing facilities in recognition. The rise of purchasing malls in Pakistan is more than just a retail trend. It's a cultural shift. With the emergence of massive shops throughout towns like Lahore, Karachi, and Islamabad, people at the moment are transferring far from crowded traditional markets in the direction of prepared, weather-controlled, and safer buying spaces. Families do not visit malls most effectively for shopping. These locations have grown to be places to satisfy, rejoice, dine, loosen up, and even attend business meetings. Another aspect that contributes to the appeal of the most important shops in Pakistan is their grand and cutting-edge architectural design. Walk into Packages Mall, or Lucky One Mall, and you'll be impressed by using their interior elegance. Tall ceilings, marble floors, ambient lighting fixtures, and natural spaces supply those department shops with a global appearance and experience. From style indications and product launches to weekend concerts and kids' contests, the first-class malls in Pakistan maintain matters exciting with regular activities. Promotions are often mall-extensive, allowing consumers to enjoy offers across diverse categories — from apparel and electronics to beauty products and domestic essentials. Loyalty packages, scratch card campaigns, and lucky draws are also commonplace, making each visit potentially worthwhile. For instance, at some point of the Almas Sale, or a Sapphire Lawn Sale, shoppers can grab premium merchandise at discounted prices. Similarly, brands like Borjan, Outfitters, and Khaadi regularly provide save-huge promotions that make the mall a bustling hub of interest. The best mall in Pakistan is not only approximately its length or logo range — it's additionally approximately convenience, cleanliness, and protection. Top shops ensure steady parking, wheelchair accessibility, smooth restrooms, and adequate safety staff to offer a snug and worry-loose experience for traffic of every age. Most huge department stores are placed in prime regions of huge cities, making them easy to get admission to with the aid of public or private delivery. Parking regions are spacious and nicely-prepared, regularly featuring valet offerings and committed spots for women and people with disabilities. Additionally, the indoor environment is right for year-spherical purchasing, in particular all through severe climate conditions. Central air-conditioning, noise control, and properly-maintained public regions make contributions to an exciting ambiance, whether you're there for a fast go or a full-day outing. No mall can be declared to be the high-quality mall in Pakistan without providing pinnacle-tier offerings in phrases of hygiene, safety, and accessibility. Fortunately, malls like Emporium, Packages, and Lucky One have raised the same old throughout the board. These malls employ skilled protection employees, have CCTV surveillance, and follow strict cleansing schedules to ensure a safe and sanitary environment. The upward thrust of the largest mall in Pakistan has revolutionized the manner people store, dine, and spend their enjoyment time. With world-magnificence infrastructure, limitless buying options, superb food courts, and tasty entertainment centers, those shops have emerged as more than retail facilities. They are lifestyle destinations. So whether or not you are planning a shopping spree, a family dinner, or certainly an area to hang around and relax, travelling the biggest mall in Lahore or Karachi is an enjoyment you gained't need to overlook. TIME BUSINESS NEWS
CNBC
9 hours ago
- CNBC
Here's how China just proved it can shut down auto production around the world
China dominates the world's production and processing of rare earth elements, which are used in all kinds of things: sports equipment, national defense, and each of the roughly 16 million cars sold in the US every year. The Asian country suddenly restricted exports in early April 2025. The move sent shockwaves through the auto industry which can't build cars without these minerals. CNBC Dove in to see how we got here, and how the auto industry might find its way out.
