EV Maker VinFast Sees New India Factory as Key for Exports
The new plant will have an initial production capacity of 50,000 vehicles, which can be ramped up to 150,000 a year, Chau said in an interview with Bloomberg TV's David Ingles ahead of VinFast's Tamil Nadu factory inauguration Monday. The factory will focus on premium electric SUV models, the VF 7 and VF 6, the company said in a statement.
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4 minutes ago
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New US tariffs cloud outlook for exporters in Asia and beyond
BANGKOK (AP) — President Donald Trump's new tariff rates on U.S. imports from dozens of countries took effect Thursday, the latest chapter in the saga of Trump's reshaping of global trade. But many questions remain. Trump has threatened tariffs of up to 200% on imports of pharmaceuticals and has ordered a 100% import tax on computer chips. Most U.S. imports of copper, steel and aluminum are subject to a 50% tariff. There's still no agreement on what tariffs might apply to products shipped from China. India has no deal yet and faces a potential 50% tariff as Trump pressures it to stop buying oil from Russia. Recent data shows uncertainty is clouding the outlook for exporters around the world as a rush to beat the tariffs during a pause for negotiation tapers off. Companies are reporting billions of dollars in higher costs or losses due to the higher import duties. Global financial markets took Thursday's tariff adjustments in stride, with Asian shares and U.S. futures mostly higher. Here's where things stand in what has proven to be a fast-changing policy landscape. The tariffs taking effect this week The tariffs announced on Aug. 1 apply to 66 countries, Taiwan and the Falkland Islands. They are a revised version of what Trump called " reciprocal tariffs," announced on April 2: import taxes of up to 50% on goods from countries that have a trade surplus with the United States, along with 10% 'baseline'' taxes on almost everyone else. That move triggered sell-offs in financial markets and Trump backtracked to allow time for trade talks. The president has bypassed Congress, which has authority over taxes, by invoking a 1977 law to declare the trade deficit a national emergency. That's being challenged in court, but the revised tariffs still took effect. To keep their access to the huge American market, major trading partners have struck deals with Trump. The United Kingdom agreed to 10% tariffs and the European Union, South Korea and Japan accepted U.S. tariffs of 15%. Those are much higher than the low single-digit rates they paid last year, but down from the 30% Trump had ordered for the EU and the 25% he ordered for Japan. Countries in Africa and Asia are mostly facing lower rates than the ones Trump decreed in April. Thailand, Pakistan, South Korea, Vietnam, Indonesia and the Philippines cut deals with Trump, settling for rates of around 20%. Indonesia views its 19% tariff deal as a leg up against exporters in other countries that will have to pay slightly more, said Fithra Faisal Hastiadi, a spokesperson in the Indonesian president's office. 'We were competing against Vietnam, India, Bangladesh, Sri Lanka and China ... and they are all subject to higher reciprocal tariffs,' Hastiadi said. 'We believe we will stay competitive.' The latest situation for China and India Trump has yet to announce whether he will extend an Aug. 12 deadline for reaching a trade agreement with China that would forestall earlier threats of tariffs of up to 245%. Treasury Secretary Scott Bessent said the president is deciding about another 90-day delay to allow time to work out details of an agreement setting tariffs on most products at 50%, including extra import duties related to illicit trade in fentanyl. Higher import taxes on small parcels from China have hurt smaller factories and layoffs have accelerated, leaving some 200 million workers reliant on 'flexible work' — the gig economy — for their livelihoods, the government estimates. India also has no broad trade agreement with Trump. On Wednesday, Trump he signed an executive order placing an extra 25% tariff for its purchases of Russian oil, bringing combined U.S. tariffs to 50%. India's Foreign Ministry has stood firm, saying it began importing oil from Russia because traditional supplies were diverted to Europe after the outbreak of the Ukraine conflict, a 'necessity compelled by the global market situation.' The hardest-hit countries Struggling, impoverished Laos and war-torn Myanmar and Syria face 40-41% rates. Trump whacked Brazil with a 50% import tax largely because he's unhappy with its treatment of former Brazilian President Jair Bolsonaro. South Africa said the steep 30% rate Trump has ordered on the exporter of precious gems and metals has put 30,000 jobs at risk and left the country scrambling to find new markets outside the United States. Even wealthy Switzerland is under the gun. Swiss officials were visiting Washington this week to try to stave off a whopping 39% tariff on U.S. imports of its chocolate, watches and other products. The rate is over 2 1/2 times the 15% rate on European Union goods exported to the United States. Canada and Mexico have their own arrangements Goods that comply with the 2020 United States-Mexico-Canada Agreement that Trump negotiated during his first term are excluded from the tariffs. Even though U.S. neighbor and ally Canada was hit by a 35% tariff after it defied Trump, a staunch supporter of Israeli Prime Minister Benjamin Netanyahu, by saying it would recognize a Palestinian state, nearly all of its exports to the U.S. remain duty free. Canada's central bank says 100% of energy exports and 95% of other exports are compliant with the agreement since regional rules mean Canadian and Mexico companies can claim preferential treatment. The slice of Mexican exports not covered by the USMCA is subject to a 25% tariff, down from an earlier rate of 30%, during a 90-day negotiating period that began last week. The outlook for businesses Surveys of factory managers offer monthly insights into export orders, hiring and other indicators of how businesses are faring. The latest figures in the United States and globally mostly showed conditions deteriorating. In Japan, factory output contracted in July, purchasing activity fell and hiring slowed, according to the S&P Global Manufacturing PMI. But the data were collected before Trump announced a trade deal that cut tariffs on Japanese exports to 15% from 25%. Similar surveys show a deterioration in manufacturing conditions worldwide, as a boost from 'front loading' export orders to beat higher tariffs faded, S&P Global said. Similar measures for service industries have remained stronger, reflecting more domestic business activity. In Asia, that includes a rebound in tourism across the region. Corporate bottom lines are also taking a hit. Honda Motor said Wednesday that it estimates the cost from higher tariffs at about $3 billion. On top that, the U.S. economy — Trump's trump card as the world's biggest market — is starting to show pain from months of tariff threats. ___ Associated Press writer Niniek Karmini in Jakarta and Aniruddha Ghosal in Hanoi contributed.
Yahoo
4 minutes ago
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Apple Partnership Expands Corning (GLW) U.S. Glass Production With $3 Billion Investment
Corning recently announced a significant partnership expansion with Apple, which centers on precision glass manufacturing for Apple products, creating substantial potential for growth and innovation. Over the last quarter, Corning's stock price increased by 42%, with significant contributions from expanding partnerships and collaborations with major tech companies like Apple and Broadcom, as well as strong earnings results. Their partnership with Apple is especially impactful, involving a $2.5 billion investment which marked a strategic move towards increased production efficiency and innovation. Additionally, the broader market movement remains positive, with major indices witnessing consistent gains. Corning has 3 possible red flags we think you should know about. Find companies with promising cash flow potential yet trading below their fair value. The recent partnership expansion between Corning and Apple presents promising implications for Corning's future performance, especially considering its focus on precision glass manufacturing. This development is expected to drive significant growth in both revenue and earnings, reinforcing Corning's position in the high-tech materials sector. Over the past five years, Corning's total shareholder return, including both stock price appreciation and dividends, reached 125.50%. This showcases the company's ability to generate value for its investors over an extended period. In comparison to the broader market and the US Electronic industry, Corning's one-year performance exceeded that of the US Electronic industry, with returns surpassing 42%. This indicates a robust recovery and growth trajectory, supported by the company's strategic industry engagements and innovations in Optical Communications and Solar sectors. The collaboration with Apple can potentially enhance Corning's revenue growth forecasts, with analysts projecting an annual growth rate of 12.4% over the next three years. This aligns with Corning's aim to increase profit margins significantly. Despite the recent share price rise to US$63.98, slightly below the consensus price target of approximately US$66.25, the gap suggests a potential room for further appreciation as the company leverages its expanded capabilities and market opportunities. The close alignment with analyst expectations for share price and growth metrics indicates confidence in Corning's strategic direction and its anticipated impact on future financial performance. Our comprehensive valuation report raises the possibility that Corning is priced higher than what may be justified by its financials. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include GLW. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
Yahoo
4 minutes ago
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How India ended up facing steep US tariffs despite its strategic partnership
NEW DELHI (AP) — U.S. President Donald Trump has vowed additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%. India has called the additional tariffs 'unfortunate.' Trump's Wednesday announcement came as India and the U.S. are still negotiating a trade deal that has faced roadblocks after it was first announced when Indian Prime Minister Narendra Modi met Trump in Washington earlier this year. It also comes at a time when ties between India and the U.S. appear to have taken a hit even as Modi and Trump share a warm relationship. Here is how India, a strategic partner of the U.S. in Asia, ended up facing steep tariffs: February Trump imposes tariffs on Canada, Mexico and China. He initially spares India, despite repeatedly calling the country a 'tariff king," but threatens that high tariffs are coming. February 14 Modi meets Trump in Washington in an effort to resolve trade concerns. Trump again warns of higher U.S. tariffs on Indian goods. India and the U.S. agree to work on a trade deal and expand bilateral trade to $500 billion by 2030. They don't share details as to how the target would be achieved. Modi says he expects a deal to be completed later this year. March 3 India's trade minister, Piyush Goyal, visits Washington and meets his counterparts to initiate negotiations for the bilateral trade agreement. April 21 U.S. Vice President JD Vance meets Modi in New Delhi and says both sides are making progress on trade talks. India and the U.S. also finalize the terms of reference for the trade negotiation, bringing them a step closer to an agreement. May 10 Trump says he stopped military hostilities between India and Pakistan by offering possible trade concessions to both. India is angered by Trump's claims and disputes them. May 17 Trade minister Goyal leads a team of senior Indian officials to Washington for more negotiations. India's commerce secretary says the proposed bilateral trade agreement is progressing 'very well.' June 27 Trump signals a deal may be close. 'We're having some great deals. We have one coming up, maybe with India, a very big one, where we're going to open up India,' he says. July An Indian trade delegation visits Washington for another round of discussions, which end without reaching a breakthrough. July Goyal says India is ready to make trade deals in 'the national interest,' but not just to meet deadlines. July 31 Trump imposes 25% tariffs on Indian imports. He warns of further penalties for India because of its buying of Russian oil, and calls its economy 'dead.' August 6 Trump vows an additional 25% import taxes on India to punish the country for its purchases of Russian oil, bringing combined tariffs to 50%. The tariffs are set to go into effect after 21 days. The Associated Press 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
