Industrial giant Copec posts Q4 profit up 15%
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Reuters
an hour ago
- Reuters
US hikes steel, aluminum tariffs on imported appliances, railcars, EV parts
WASHINGTON, Aug 19 (Reuters) - The U.S. Commerce Department said on Tuesday it is hiking steel and aluminum tariffs on more than 400 products including wind turbines, mobile cranes, appliances, bulldozers and other heavy equipment, along with railcars, motorcycles, marine engines, furniture and hundreds of other products. The department said 407 product categories are being added to the list of 'derivative' steel and aluminum products covered by sectoral tariffs, with a 50% tariff on any steel and aluminum content of these products plus the country rate on the non-steel and non-aluminum content. Evercore ISI said in a research note the move covers more than 400 product codes representing over $200 billion in imports last year and estimates it will raise the overall effective tariff rate by around 1 percentage point. The department is also adding imported parts for automotive exhaust systems and electrical steel needed for electric vehicles to the new tariffs as well as components for buses, air conditioners as well as appliances including refrigerators, freezers and dryers. A group of foreign automakers had urged the department not to add the parts, saying the U.S. does not have the domestic capacity to handle current demand. Tesla (TSLA.O), opens new tab unsuccessfully asked Commerce to reject a request to add steel products used in electric vehicle motors and wind turbines, saying there was no available U.S. capacity to produce steel for use in the drive unit of EVs. The new tariffs take effect immediately and also cover compressors and pumps and the metal in imported cosmetics and other personal care packaging like aerosol cans. "Today's action expands the reach of the steel and aluminum tariffs and shuts down avenues for circumvention – supporting the continued revitalization of the American steel and aluminum industries," said Under Secretary of Commerce for Industry and Security Jeffrey Kessler. Steelmakers including Cleveland Cliffs (CLF.N), opens new tab, Nucor (NUE.N), opens new tab and others had petitioned the administration to expand the tariffs to include additional steel and aluminum auto parts.
Reuters
4 hours ago
- Reuters
Turkish Airlines says Spain's Air Europa accepts its offer to buy a minority stake
ANKARA, Aug 19 (Reuters) - Turkish Airlines ( opens new tab said on Tuesday that its binding offer for the acquisition of a minority stake in Spanish airline Air Europa has been accepted. In a statement to the Public Disclosure Platform, Turkish Airlines said the transaction involves an investment of 300 million euros ($349.38 million). ($1 = 0.8587 euros)
Reuters
4 hours ago
- Reuters
Trump says he will name new Fed chair 'a little bit earlier'
WASHINGTON, Aug 13 (Reuters) - U.S. President Donald Trump on Wednesday said he had narrowed down his pick for the next Federal Reserve chair to three or four names and would make the names public "a little bit earlier."
