Lutnick says US-China talks going well, could run into Wednesday
US Commerce Secretary Howard Lutnick said trade talks with Chinese officials were going well and he hoped they would end on Tuesday night, but said they could run into Wednesday.
'I think the talks are going really, really well. We're very much spending time and effort and energy – everybody's got their head down working closely,' Lutnick told reporters at Lancaster House in London, where teams from both countries have met for two days.
'I hope they end this evening, but maybe we'll be here tomorrow, but I hope they end this evening,' he added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
17 minutes ago
- Business Standard
No disruption in operations due to rare earth supply crisis: Maruti
Automaker says situation is 'uncertain and evolving' amid report that it has made e-Vitara production cuts Deepak Patel New Delhi Maruti Suzuki India (MSIL) said on Thursday its operations are unaffected by the global rare earth magnet shortage, but added that the situation is 'uncertain and evolving'. The company said it is exploring multiple solutions to maintain continuity in operations and will notify stakeholders if any material impact arises. The clarification comes amid a Reuters report earlier this week stating that the country's largest carmaker has slashed production estimates for its upcoming electric SUV, the e-Vitara, by nearly two-thirds due to rare earth supply constraints. According to the report, MSIL has revised its production target for the e-Vitara from 26,000 units to just 8,200 units for the first half of FY26. The report, citing internal documents, attributed the change to 'supply constraints' of critical rare earth elements, particularly magnets used in electric powertrains. Despite the scale back, MSIL reportedly aims to meet its full-year target of 67,000 units by ramping up production in the second half of the financial year. 'Regarding the situation on rare earth, as of now there is no disruption in our operation due to this issue,' said a MSIL spokesperson, in a statement on Thursday. 'There is a lot of uncertainty and the situation is continuously evolving. We are monitoring the situation and pursuing multiple solutions to ensure continuity in our operations. If and when there is any material impact to our business, we will inform all stakeholders in line with regulatory requirements,' the spokesperson added. Rare earth magnets are a crucial component in electric vehicle (EV) motors and are also used in power steering systems, speakers, and other car components. Their shortage stems from China's decision in April to tighten export controls on key rare earth elements, including neodymium, dysprosium and terbium. These elements are essential in the production of permanent magnets used in EVs. According to the Federation of Automobile Dealers Associations (FADA), electric car sales in India reached 107,645 units in fiscal year 2024–25, up from 91,506 units in FY24, marking a 17.7 per cent year-over-year increase. China controls more than 90 per cent of the global rare earth magnet supply chain. China's new export rules require companies to obtain end-use certifications and licences, which has slowed shipments and created uncertainty for automakers worldwide. The disruption has raised alarm in India's automotive industry, especially among EV manufacturers who depend heavily on Chinese supplies. The Indian government is monitoring the situation. A delegation may soon travel to China to expedite clearances for shipments stuck due to regulatory bottlenecks. Additionally, the government is evaluating measures such as incentivising domestic rare earth magnet production and expanding recycling initiatives. The rare earth crunch comes at a time when Indian automakers are stepping up EV production to meet future emission targets and global demand.
Time of India
17 minutes ago
- Time of India
Rare earth magnets: Maruti Suzuki explores multiple options to ensure operational continuity
Maruti Suzuki India on Thursday said it is exploring multiple solutions to ensure continuity in its manufacturing operations amid the ongoing rare earth magnet shortage issue. The country's largest carmaker noted that there is a lot of uncertainty due to the situation, but so far, there is no impact on its manufacturing activities. "Regarding the situation on rare earth, as of now there is no disruption in our operation due to this issue. There is a lot of uncertainty and the situation is continuously evolving," the car market leader said in a statement. It further said, "We are monitoring the situation and pursuing multiple solutions to ensure continuity in our operations." If and when there is any material impact to the company's business, the automaker will inform all stakeholders in line with regulatory requirements, Maruti Suzuki India stated. Live Events MORE STORIES FOR YOU ✕ Rare earths roadblock: India's automakers await China's nod for magnet talks Rare earths are not rare: Chinese move can backfire US, China reach deal to ease rare earths export curbs, keep tariff truce alive « Back to recommendation stories I don't want to see these stories because They are not relevant to me They disrupt the reading flow Others SUBMIT Domestic auto industry is forced to take steps as the Chinese government has put restrictions since April 4 on the export of rare earth elements and related magnets. China has mandated special export licences for seven rare earth elements and related magnets. The country controls over 90 per cent of global processing capacity for the magnets, used across sectors including automobiles, home appliances and clean energy. With no clarity on approvals, the Indian automobile industry is staring at production issues, especially for electric vehicles . The domestic automobile industry has also sought government support in expediting approvals from the Chinese government for importing rare earth magnets . The critical materials include samarium, gadolinium, terbium, dysprosium and lutetium, which are essential in electric motors, braking systems, smartphones and missile technology. Rare earth magnets are integral to permanent magnet synchronous motors (PMSMs) used in EVs for their high torque, energy efficiency and compact size. Hybrids also depend on them for efficient propulsion. In internal combustion engine (ICE) vehicles, the use of rare earth magnets is largely limited to electric power steering and other motorised systems.
Deccan Herald
20 minutes ago
- Deccan Herald
Rare earth magnets: Maruti Suzuki explores multiple options to ensure operational continuity
Domestic auto industry is forced to take steps as the Chinese government has put restrictions since April 4 on the export of rare earth elements and related magnets.
