Latest news with #America-made
Yahoo
20-05-2025
- Automotive
- Yahoo
The auto industry is scaling back
The auto industry slowdown continues. Honda (HMC) on Tuesday scaled back its electric vehicle targets, citing diminishing U.S. demand. The Japanese automaker had initially planned to invest $69 billion in an electrification strategy by the end of 2031 but has reduced the figure to $48 billion. 'The environment surrounding the automobile industry is changing day by day. Uncertainty in the business environment is increasing, due particularly to the slowdown in the expansion of the EV market due to several factors, including changes in environmental regulations,' Honda said in a statement. The decision is 'a switch in the planned course,' said Honda Motor Co. Chief Executive Toshihiro Mibe. Although the company remains committed to its long-term electrification, the roadmap faces delays, he added. And General Motors (GM) on Monday halted exports of Chevrolet Tahoe sport utility vehicles to China, and announced it will forgo plans to export other high-end models there. G.M. began shipping the America-made Tahoes to China last year, a spokesman said, under a scheme called the Durant Guild, named after G.M founder, Billy Durant. 'Due to significant changes to economic conditions, we have decided to restructure the Durant Guild and correspondingly optimize G.M. China's operations,' the automaker said in a statement. Yet, it's worth noting, Durant exports account for less than 0.1 percent of the 443,000 vehicles that G.M. manufactures and sells in China. There are several obstacles weighing on the domestic auto industry. Trump introduced a 25% tariff on cars and parts imported into the U.S. in March. Shortly after, the S&P Global (SPGI) downgraded its 2025 forecast for U.S. vehicle sales by 700,000. This is on top tit-for-tax tariffs: a 30% levy remains on Chinese goods, and U.S. imports into China face a 10% tax. The GOP also has launched an assault on EVs. House Republicans have proposed ending Inflation Reduction Act tax credits for buyers, and the Trump administration is rolling back auto emissions standards. New data suggests that EV demand could be slowing as a result. Installation of high-speed chargers fell by more than 21% in the first quarter compared to the year-earlier period, according to a Bloomberg analysis of Energy Department data. BloombergNEF has reduced its cumulative estimate for U.S. charging installations by 20% this year, down to 285,000. BloombergNEF analyst Ash Wang foresees annual U.S. charger installations by 2030 even dropping by 30% or more, 'if [we] continue in this direction,' she told Bloomberg. Souring consumer sentiment toward Tesla (TSLA) CEO Elon Musk may also be hampering sales. An Axios Harris Poll 100 on Tuesday revealed a 30% drop in Tesla's reputation over the last decade, plummeting from 'Excellent' to 'Poor.' Shares in Tesla fell by more than 50% between December and April, although they have rebounded in recent weeks as Musk reassured investors he would be taking a step back from overseeing the Department of Government Efficiency, or DOGE. Signs of a strained U.S. auto market come as CATL, the world's biggest EV maker, made its market debut on Tuesday, launching its initial public offering in Hong Kong— the world's largest this year. Despite U.S. investors being locked out from the listing, shares in CATL surged 16% on the first day of trading. For the latest news, Facebook, Twitter and Instagram. 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
Yahoo
15-05-2025
- Business
- Yahoo
Musk Used State Department to Force Another Country to Get Starlink
The U.S. State Department is interfering with foreign countries on behalf of Elon Musk's satellite internet business, according to a sweeping report published Thursday by ProPublica. State Department officials both in Washington and in Gambia have been aggressively pushing for the West African country to approve a license for Starlink, which is owned and operated by SpaceX, of which Musk owns a $150 billion stake. In one February meeting between Sharon Cromer, the ambassador from the United States to Gambia, and Lamin Jabbi, the Gambian minister of communications and digital economy, the American diplomat reportedly pressured the Cabinet member to approve the use of Starlink. Hassan Jallow, Jabbi's top deputy, told ProPublica that Cromer issued a thinly veiled threat by stressing the many ways that the U.S. has been financially supporting Gambia. 'The implication was that they were connected,' Jallow told the outlet. In mid-March, Jabbi and Jallow traveled to Washington to attend the World Bank summit, and were subjected to a meeting organized by the State Department that quickly turned contentious. The meeting was with Ben MacWilliams, a former U.S. diplomat now in charge of Starlink's expansion efforts in Africa, who accused Jabbi of kneecapping the country's development, according to Jallow and four others who attended the meeting. When the conversation ended without Jabbi acquiescing, his following meeting with U.S. government officials at the State Department headquarters was cancelled. Starlink told Jabbi that 'there was no more need' for a meeting anymore, Jallow recounted to ProPublica. It was then that Cromer sent an 'important request' about approving Starlink over Jabbi's head and straight to Gambian President Addama Barrow. She urged him to go around his communications minister to 'facilitate the necessary approvals for Starlink to commence operations.' While the U.S. state officials had previously worked with Starlink during the Biden administration, efforts have only intensified since Donald Trump entered the White House, bringing Musk along with him. Starlink has fiercely sought to expand its market in Africa, already getting five new African countries to approve licenses, setting the total at 15. Musk's apparent leverage within the Trump administration may play a hefty role in negotiations, particularly after the State Department was reportedly planning to close many of its embassies throughout the region—including the one in Gambia. A spokesperson for the State Department released a statement responding to the report. 'Starlink is an America-made product that has been a game changer in helping remote areas around the world gain internet connectivity. Any patriotic American should want to see an American company's success on the global stage, especially over compromised Chinese competitors,' the statement said. Musk is clearly using his proximity to the Trump administration to boost his many businesses. While attending an investors conference in Saudi Arabia with Trump Tuesday, Musk announced that the Gulf nation had also approved the use of Starlink. While chatting with the Saudi communications minister, Musk and Trump managed to plug every single one of the former's businesses. The State Department is only the latest federal agency to potentially help Musk enrich himself. Democratic lawmakers have also accused Trump's Department of Commerce of going to great lengths to line the billionaire's pockets by, among other things, begging Americans to buy Tesla stock.
Yahoo
09-05-2025
- Business
- Yahoo
Vance says Powell is a ‘nice guy' who is ‘wrong about almost everything'
Vice President Vance praised Federal Reserve Chair Jerome Powell as a person during a recent interview but argued that Powell has been 'wrong about almost everything.' 'Well, first of all, I think the president is right about Jerome Powell. Jerome Powell, he's a nice guy, but he's been wrong about almost everything. He was way too late in combating the Biden inflation, and now I think he's way too late in actually helping us fight back against some of these ridiculous trade deals that have stolen the wealth of the American people,' Vance said during his interview on Fox News. 'And so, I think Jerome Powell is just wrong about that,' he told host Martha MacCallum. President Trump has criticized the Fed chair in recent weeks. Earlier on Thursday, when asked if he planned to meet with Powell, the president described it as 'like talking to a wall.' 'Well the Bank of England cut, China cut, everybody's cutting but him,' Trump said. 'We'll see what happens. It's a shame. I call him 'Too Late.'' Trump's critique came a day after the central bank decided not to cut interest rates, holding them steady at a range of 4.25 percent to 4.5 percent despite the president's pressure. 'The labor market is solid, inflation is low. We can afford to be patient as things unfold. There's no real cost to our waiting at this point,' Powell said during a Wednesday press conference. 'There's a great deal of uncertainty about … where tariff policies are going to settle out and also, when they do settle out, what will be the implications for the economy, for growth and for employment,' the Fed chair added. Powell was nominated as Fed chair in 2017 by Trump and was reappointed by Biden. Vance also defended Trump's tariff agenda during his Fox News interview, saying the Trump administration inherited the 'highest peacetime deficits' in the country's history. 'We had $34 trillion in debt and growing under Joe Biden's economy. And the president has been very honest with the American people. You don't get to peace and prosperity by doing the same thing you have under the Biden administration or frankly that that we have done in this country for 40 years. We gotta take this country in a different direction,' the vice president said. 'We have to renegotiate some of these trade deals. We have got to open up foreign markets to America-made things, and we've got to make our country more self-reliant,' Vance added. 'These are long-term big plays.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
09-05-2025
- Business
- The Hill
Vance says Powell is a ‘nice guy' who is ‘wrong about almost everything'
Vice President Vance praised Federal Reserve Chair Jerome Powell as a person during a recent interview but argued that Powell has been 'wrong about almost everything.' 'Well, first of all, I think the president is right about Jerome Powell. Jerome Powell, he's a nice guy, but he's been wrong about almost everything. He was way too late in combating the Biden inflation, and now I think he's way too late in actually helping us fight back against some of these ridiculous trade deals that have stolen the wealth of the American people,' Vance said during his interview on Fox News. 'And so, I think Jerome Powell is just wrong about that,' he told host Martha MacCallum. President Trump has criticized the Fed chair in recent weeks. Earlier on Thursday, when asked if he planned to meet with Powell, the president described it as 'like talking to a wall.' 'Well the Bank of England cut, China cut, everybody's cutting but him,' Trump said. 'We'll see what happens. It's a shame. I call him 'Too Late.'' Trump's critique came a day after the central bank decided not to cut interest rates, holding them steady at a range of 4.25 percent to 4.5 percent despite the president's pressure. 'The labor market is solid, inflation is low. We can afford to be patient as things unfold. There's no real cost to our waiting at this point,' Powell said during a Wednesday press conference. 'There's a great deal of uncertainty about … where tariff policies are going to settle out and also, when they do settle out, what will be the implications for the economy, for growth and for employment,' the Fed chair added. Powell was nominated as Fed chair in 2017 by Trump and was reappointed by Biden. Vance also defended Trump's tariff agenda during his Fox News interview, saying the Trump administration inherited the 'highest peacetime deficits' in the country's history. 'We had $34 trillion in debt and growing under Joe Biden's economy. And the president has been very honest with the American people. You don't get to peace and prosperity by doing the same thing you have under the Biden administration or frankly that that we have done in this country for 40 years. We gotta take this country in a different direction,' the vice president said. 'We have to renegotiate some of these trade deals. We have got to open up foreign markets to America-made things, and we've got to make our country more self-reliant,' Vance added. 'These are long-term big plays.'
Time of India
05-05-2025
- Business
- Time of India
Young Barron Trump's toy room pic goes viral after Donald Trump says two dolls are enough
Photos of Barron Trump's toy room when he was a kid go viral as Donald Trump says two dolls are enough. The photos of a young Barron Trump's toy room went viral after his father President Donald Trump said two dolls are enough and no one needs 30 dolls. The president's remarks were in the context of tariffs impacting American families as prices are soaring -- including even the prices of toys. "Well, maybe the children will have two dolls instead of 30 dolls. You know, and maybe the two dolls will cost a couple of bucks more than they would normally. But, we're not talking about something that we have to go out of our way," Trump said, suggesting that Americans do not need many of the Chinese things that will become costly owing to the tariffs. White House deputy chief of staff Stephen Miller defended Trump's statement and said Americans would be willing to pay more to buy America-made dolls. "He was making the point that I think almost every American consumer agrees with, which is if they had a choice between a -- and I'm a parent of young children -- a choice between a doll from China that might have, say, lead paint in it, that is not as well constructed as a doll made in America, that has a higher environmental and regulatory standard, and that is made to a higher degree of quality, and those two products are both on Amazon that yes, you probably would be willing to pay more for a better made American product," Miller said. Barron had an entire floor of the Trump penthouse for toys The Manhattan Trump Tower had an entire floor for Barron Trump's toys. The viral photos taken from a video of a 2010 tour of the penthouse show Barron's Mercedes Benz, electric toy car, which had the logo and a license plate reading 'BARRON'. Barron was also pictured sitting on his stuffed lion.
