Kia CEO Looks to Europe as Trump's Tariffs Cloud US Outlook
Kia Corp. is aiming to sell more electric vehicles in Europe as President Donald Trump's auto tariffs and anti-EV policies cloud the outlook in the US.
The South Korean automaker plans to increase sales of EVs in the European Union to more than 60% of the region's total by 2030, which is higher than the industry outlook of 54%, Chief Executive Officer Ho Sung Song said in an interview at the Seoul Mobility Show on Thursday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
A timeline of the twists and turns in the Trump-Musk relationship
The escalating war of words this week between President Donald Trump and tech mogul Elon Musk marked the most contentious chapter in a yearslong and at-times rocky relationship between two of the most influential figures in business and politics. Musk, a former Democrat, has criticized Trump in the past, but over the past year forged a strong relationship with the president that positioned him to wield significant power in the early months of Trump's second administration. Those close ties, though, came after years of ups and downs stretching back to 2016 when Musk accepted a spot on several of Trump's business advisory councils. Here are some of the highlights of Trump and Musk's volatile relationship from the past few years. Musk, who would ultimately emerge as one of the most loyal contributors to Trump's 2024 campaign, was initially a vocal opponent. Despite a solid working relationship with Trump during his first term, the enigmatic tech leader called on Trump to skip the 2024 race. "I don't hate the man, but it's time for Trump to hang up his hat & sail into the sunset," Musk wrote on X. "Trump would be 82 at end of term, which is too old to be chief executive of anything, let alone the United States of America." The post was not without provocation — Trump days earlier at a campaign rally in Alaska bashed Musk for his effort to purchase X, then known as Twitter, and for saying in an interview that he never voted for a Republican. "He told me he voted for me," Trump said at the rally. "He's another bulls--- artist." Musk in response threw his support behind Florida Gov. Ron DeSantis. "If DeSantis runs against Biden in 2024, then DeSantis will easily win — he doesn't even need to campaign," he wrote on X. Weeks after officially taking control of X, Musk extended an olive branch to Trump by reinstating his account on the social media platform — once his favorite online megaphone — after it was banned following the Jan. 6 attack on the Capitol. Musk reinstated the account on Nov. 19, four days after Trump formally launched his 2024 campaign. By the summer of 2023, Trump had been indicted in three separate criminal cases. Musk, who months earlier predicted Trump would win the 2024 election if arrested, condemned the prosecutions. "I did not vote for him last election, but such aggressive legal action against a former president is not right," Musk wrote. The post served as a shift for Musk, who soon after began posting more sympathetic messages about Trump. In the first few months of 2024, Trump's campaign found itself in a cash crunch after allocating upwards of $50 million toward his legal defense. So when Trump met with Musk alongside several other wealthy Republican donors in Palm Beach, Florida, most political observers were quick to connect the dots. Musk, the world's richest man, has insisted that the meeting was unplanned and maintains that Trump never explicitly requested funding. 'I'm not paying his legal bills in any way, shape or form … and he did not ask me for money,' Musk said in an interview after the meeting, though he did say afterward that he was at least "leaning away" from President Joe Biden. When asked about their meeting, Trump said he'd "helped" Musk in the past, without providing details. According to campaign finance documents, Musk created America PAC, a pro-Trump Super PAC, on May 22. Soon after, reports emerged that Trump and Musk had discussed a possible advisory role for the Tesla CEO in a second Trump administration, an effort to ensure Musk would hold a key position in the White House. Less than an hour after an assassination attempt on Trump at a rally in Pennsylvania, Musk officially threw his support behind Trump's candidacy. "I fully endorse President Trump and hope for his rapid recovery," Musk wrote on X. Trump responded by touting reports that Musk planned to contribute $45 million a month to his re-election effort and promising to make life "good" for him. "We have to make life good for our smart people. You know, we have some smart people. We have to make life good for our smart people, and he's as smart as you get," Trump said at his first campaign event after the assassination attempt. In an event billed by Trump's campaign as "the interview of the century," Trump joined Musk for an online rally on X. The event was repeatedly delayed due to tech issues, but saw the pair bond over their shared disdain for Biden's immigration policies. It also saw Musk unsuccessfully try to prod Trump into prioritizing renewable energy over fossil fuels. When Trump returned to the site of the first assassination attempt against him, he shared the rally stage with Musk, who accused Democrats of seeking to take away voters' freedom of speech and right to bear arms. Musk emphatically encouraged Trump supporters to "vote, vote, vote." By October, Musk had already given nearly $75 million to the super PAC he created to support Trump, according to campaign finance filings. That money was used in part to fund sprawling get-out-the-vote drives in battleground states, including door-knocking programs in deep-red, traditionally low-turnout areas. Trump's striking victory, in which he won all seven battleground states and the popular vote for the first time, came as Musk's spending for the effort surpassed a quarter billion dollars, according to campaign finance reports. Of that total, $120 million came in the final weeks of the race. In his election night speech, Trump praised Musk, saying, "A star is born." One week after the election, Trump appointed Musk and Vivek Ramaswamy to head up a newly formed Department of Government Efficiency, fulfilling a campaign promise to allow Musk to oversee cuts to government spending. Ramaswamy later left to pursue a gubernatorial bid in Ohio. Toward the end of the month, Trump traveled to Texas to watch the launch of Musk's SpaceX Starship rocket, despite previously ridiculing the company. Musk spoke at Trump's inauguration rally at Capital One Arena, emphatically lauding Trump's victory, jubilantly raising the prospect of taking DOGE to Mars and thanking the crowd for voting to guarantee "the future of civilization is assured." "My heart goes out to you," Musk said before forcefully touching his heart and raising his hand in a gesture some critics likened to a Nazi salute. Musk has denied that assertion. Among the first executive orders Trump signed on Jan. 20 was one that formalized the creation of the Musk-led Department of Government Efficiency. The White House officially announced Musk's role in early February, clearing way for him to oversee a wide-ranging effort to reduce to the size of the federal government through mass job cuts, the cancellation of research programs and grants and the dismantling a federal agencies. In an early sign of tensions between Musk and several Cabinet members, Trump placed limits on his adviser, making clear in a Truth Social post that staffing decisions across the federal government will be determined by agency heads, not Musk. The Tesla CEO had been exercising authority over rank-and-file federal workers, including a threat to fire them if they didn't respond to inquiries regarding their work output. The new publicly established guardrails appeared to do little to hurt the pair's relationship, with Trump a week later turning the South Lawn of the White House into a Tesla show room to demonstrate support for Musk amid slumping sales for his electric vehicle company. On the first day of May, Musk told reporters at the White House that he would soon step back from DOGE to focus on his companies, comparing the shift to going from full-time to part-time work. The announcement came after Tesla reported a drop in its first-quarter profit and revenue. By the end of the month, Musk's exit was formalized. The White House on May 28 confirmed that Musk's tenure as a special government employee, a temporary role that he soon would legally have to exit anyway, had come to an end. Musk thanked Trump "for the opportunity to reduce wasteful spending," and the president at a news conference with Musk days later said, "Elon's service to America has been without comparison in modern history." Trump presented Musk with a gold-colored key at the event. But underneath the polite exchanges hid simmering tension: Musk days earlier appeared on CBS' "Sunday Morning" and bashed a massive Republican bill, designed to fund much of Trump's domestic agenda, by condemning the expected impact of the legislation on the national debt. Trump soon after pulled the nomination of billionaire Jared Isaacman, an associate of Musk, to be NASA administrator. Days after formally departing the White House, Musk launched a scathing attack on the Trump-backed bill making its way through Congress. 'I'm sorry, but I just can't stand it anymore,' Musk wrote in a post on X. 'This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.' Asked about those criticisms, Trump expressed disappointment. "Elon knew the inner workings of this bill,' Trump told reporters, before suggesting Musk's opposition to the bill was personal. 'Elon is upset because we took the EV mandate which was a lot of money for electric vehicles. They're having a hard time the electric vehicles, and they want us to pay billions of dollars in subsidy," Trump said. The attacks quickly grew more personal. Musk called out Trump's "ingratitude," arguing that Republicans would have lost the 2024 election without his support. Trump in response said Musk "went crazy" after being asked to leave his White House role, and he toyed with the idea of severing government ties with Musk's companies. Musk replied by claiming Trump was in what are known as "the Epstein Files," and said Trump's tariff policy would cause a recession. He also amplified a post calling for Trump to be impeached and replaced by Vice President JD Vance. A day after the barrage of attacks, Trump told reporters he's no longer thinking of Musk. "Honestly, I've been so busy working on China, working on Russia, working on Iran, working on so many — I'm not thinking about Elon. You know, I just wish him well," he said. This article was originally published on
CNBC
an hour ago
- CNBC
Indonesia expects to conclude free trade talks with EU by end of June
Indonesia said on Saturday that free trade negotiations with the European Union, which have been going on for nine years, are expected to finish by the end of June. Airlangga Hartarto, the chief economic minister for Southeast Asia's biggest economy, met with EU Commissioner for Trade Maros Sefcovic in Brussels on Friday. "Indonesia and the European Union have agreed to conclude outstanding issues and we are ready to announce a conclusion of substantial negotiations by the end of June 2025," Airlangga Hartarto said in a statement. He did not disclose details about what agreements may have been reached. Representatives for the EU in Jakarta did not respond to a request for comment. The EU is Indonesia's fifth biggest trade partner, with total trade between the two reaching $30.1 billion last year. Indonesia had a $4.5 billion trade surplus, Airlangga said. Indonesia and the EU have previously disagreed on the EU's trade rules for products with potential links to deforestation, which could affect Indonesian palm oil, as well as Jakarta's ban on exports of raw minerals. Indonesian officials have been motivated to accelerate talks on free trade agreements, keen to diversify the country's export destinations as they deal with U.S. tariff challenges. Seeking to end U.S. trade deficits worldwide, U.S. President Donald Trump announced sweeping "reciprocal" tariffs that have since been paused until July. Indonesia is facing a 32% tariff rate.
Business Upturn
an hour ago
- Business Upturn
Bitcoin rebounds above $104,700 after initial dip on Trump-Musk fallout
Bitcoin (BTC) staged a smart recovery on Friday, climbing back above the $104,700 mark after an early dip sparked by jitters in the market following the reported fallout between former US President Donald Trump and tech billionaire Elon Musk. As per latest data, Bitcoin was trading at $104,731.41, up 2.18% over the past 24 hours. The cryptocurrency saw a volatile session, hitting an intraday low of $102,405.29 before bouncing back sharply to test a high of $105,333.00. The market had initially reacted negatively to reports of strained relations between Trump and Musk, which had raised concerns about potential policy shifts or regulatory overhang on digital assets in the US. The development triggered a broad risk-off sentiment across major cryptocurrencies during early trade. However, BTC's resilience was on display as buyers stepped in at lower levels, fueling a strong rebound. The 24-hour trading volume stood robust at 14,435.76 BTC, with $1.5 billion USDT turnover, indicating healthy participation on the bounce. Crypto market analysts noted that despite short-term headlines, underlying bullish momentum in BTC remains intact amid improving institutional interest and optimism around the next leg of mainstream adoption. Traders will be watching closely for further developments on the Trump-Musk front, along with upcoming macroeconomic cues, which could influence BTC's near-term trajectory. Note: $BTC price at the time of writing this article. News desk at
