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Time of India
3 days ago
- Business
- Time of India
Brooos please nooo: In Trump vs Musk, Ye (Kanye West) and Bill Ackman try to play the peacemaker
Once seen side by side at Mar-a-Lago and the White House, President Donald Trump and Tesla CEO Elon Musk are now locked in a very public and politically charged feud. The fallout has triggered not just a market reaction—Tesla shares plunged over 14%—but also a flood of commentary from billionaires, political figures and investors urging the two to reconcile. The tipping point came this week when Trump threatened to revoke billions in government contracts and subsidies to Musk's companies. Musk, in turn, declared he would end SpaceX's Dragon spacecraft operations and went as far as suggesting Trump's name was being suppressed in the Jeffrey Epstein documents. Bill Ackman, Ye and Jim Jordan appeal for peace On Thursday, hedge fund billionaire Bill Ackman made a direct appeal for calm. Posting on X, Ackman wrote: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 새로 나온 '실손보험' 최적가 비교가입! "월 보험료 줄이고, 보장은 실속있게"... 굿리치 보험대리점 (등록번호:제2006038313호) 가격 받기 Undo 'I support @realDonaldTrump and @elonmusk and they should make peace for the benefit of our great country. We are much stronger together than apart.' — elonmusk (@elonmusk) Live Events Musk replied, 'You're not wrong.' The call was echoed by rapper Ye, formerly known as Kanye West, who added on X, 'Broooos please noooooo 🫂 We love you both so much.' — kanyewest (@kanyewest) Meanwhile, Congressman Jim Jordan told Fox News' Laura Ingraham, 'I hope Elon Musk and Trump will reconcile.' Steve Bannon suggests SpaceX takeover Not everyone is in a forgiving mood. Steve Bannon, once a close Trump ally and now a critic of Musk, took a harsher stance. On his War Room Live show, Bannon said: 'The U.S. government should seize it,' referring to SpaceX. 'The administration should strip Musk of his security clearance and suspend all federal contracts to Musk's companies, pending an investigation.' Bannon called on Trump to use the Defence Production Act to nationalise SpaceX, citing national security. Musk lashes out over tax bill The dispute began when Musk publicly criticised Trump's Republican tax bill, labelling it the 'Big Ugly Spending Bill' on X. He argued that its elimination of electric vehicle tax credits would worsen the national deficit. Musk said he had never seen the final version of the bill, which was rushed through overnight. Trump responded during a White House briefing, accusing Musk of 'Trump Derangement Syndrome' and insisted Musk had been consulted. Behind the policy fight is a deeper breakdown. Musk, who once chaired Trump's Department of Government Efficiency, now accuses him of policy sabotage and political betrayal. Wall Street reacts: Tesla shares plummet The market impact was immediate. Tesla shares plunged more than 14% as investors panicked over the political fallout. Dan Ives of Wedbush described the clash as, 'Jaw dropping and a shock to the market.' He warned it could reshape the regulatory landscape for autonomous vehicles under Trump's leadership. Still, Ives maintained a bullish view on Tesla, calling the row a 'fly in the ointment' rather than a full reversal. Ross Gerber of Gerber Kawasaki took a harsher tone, 'Elon going postal on Trump and Tesla stock is getting walloped. Trump will be returning his new Tesla and is saying he got musked. All this can't be good for shareholders.' Speculation on new political alliances Musk's suggestion of forming a centrist political party gained traction. Billionaire Mark Cuban supported the idea, and former candidate Andrew Yang amplified it, imagining a 2028 Independent primary featuring Cuban, JPMorgan CEO Jamie Dimon and actor Matthew McConaughey. Political analyst Ian Bremmer weighed in, posting on X, 'Trump is more powerful than elon, but far less competent.' Strategic fallout: National security concerns grow David Rosenberg, of Rosenberg Research, warned the feud may undermine U.S. dominance in space technology: 'The politics of what Musk is doing may actually be the most significant part of that.' Given SpaceX's central role in U.S. aerospace and defence strategy, any disruption to its federal contracts could have far-reaching consequences. From allies to adversaries: a relationship in reverse Until recently, Musk and Trump were close. Musk had endorsed Trump after he survived an assassination attempt, celebrated with him on election night, and even brought his son to the Oval Office. But all of that collapsed this week. On Thursday, Musk stepped down from his role at the Department of Government Efficiency. He launched into a stream of critical posts, while Trump fired back on Truth Social. The split may have started over tax policy, but now it's personal—and political. And with both men commanding immense influence over money, media and public opinion, their feud could reshape not just alliances, but elections.
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Business Standard
4 days ago
- Business
- Business Standard
China cracks down on illegal mining amid escalating US trade tensions
China, rich in critical minerals, is intensifying enforcement of stricter export regulations to maintain its global dominance in this vital sector. This move comes amid rising pressure from the United States, according to a report by the South China Morning Post. As the world's largest producer of critical minerals, China supplies about 92 per cent of the refined rare earth elements used in consumer electronics, electric vehicles, and advanced defence systems. Under new export controls, companies must now obtain approval from Chinese authorities before shipping these minerals abroad. Regions step up action against illegal mining in China Provinces such as Guangxi Zhuang autonomous region, Guizhou, and Hunan have begun rigorous inspections of exporters and intensified crackdowns on illegal mining. These efforts align with Beijing's directive for tighter 'whole-chain' oversight of strategic mineral exports, according to the state-owned Securities Times. Hunan province will identify all strategic mineral exporters and assist them in improving compliance, while Guangxi plans to step up supervision of mining activity and target unlicensed or unauthorised extraction. In Guangxi and Guangdong, the cities of Wuzhou and Yunfu have established a cross-regional system to jointly combat illegal mining. Stronger control follows US tech restrictions China's moves come as it seeks to strengthen its grip on critical mineral supplies, a key bargaining chip in its complex relationship with the US. Recent US restrictions on jet engine and chip design technologies have further strained bilateral ties. On May 12, China's Ministry of Commerce and other government bodies instructed local officials in mineral-rich regions to enhance control over every stage of the mineral supply chain. The government urged a 'preventive' strategy involving closer monitoring, improved information sharing, and tougher enforcement to curb illegal exports, the South China Morning Post reported. US-China talks in Geneva fail to lift export curbs Following US-China discussions in Geneva on May 10–11, Beijing was expected to lift export controls imposed on April 4 that require permits for seven critical minerals. However, China has yet to confirm any rollback of these restrictions, prompting the US to accuse it of reneging on its Geneva commitments. White House spokeswoman Karoline Leavitt said on Tuesday that US President Donald Trump and President Xi Jinping are expected to speak this week, with China's export limits set to feature prominently. She added that Washington is 'actively monitoring China's compliance with the Geneva trade agreement'. US invokes Defence Production Act In response, the US is preparing to ramp up domestic production of critical minerals. Reuters reported that President Trump intends to invoke emergency powers under the Defence Production Act to bypass some congressional funding requirements. Diplomats, automakers, and business leaders from India, Japan, and Europe are reportedly seeking urgent meetings with Chinese officials to expedite approvals for rare earth magnet exports. China's customs data showed that exports of permanent rare earth magnets to the US fell by 58.5 per cent year-on-year to 246 tonnes in April, reflecting heightened trade tensions. ALSO READ:
The Hindu
10-05-2025
- Politics
- The Hindu
15 U.S. States sue over Trump's move to fast-track oil and gas projects via 'energy emergency' order
A coalition of 15 States in the U.S. is suing over President Donald Trump's efforts to fast-track energy-related projects, saying the administration is bypassing environmental protection laws and threatening endangered species, critical habitat and cultural resources. Mr. Trump issued an executive order declaring a 'national energy emergency ' on the first day of his presidency. The order urges oil and gas expansion through federal use of eminent domain and the Defence Production Act, which allows the government to use private land and resources to produce goods deemed to be a national necessity. Those kinds of steps are supposed to be reserved for actual emergencies, such as projects needed in the aftermath of disasters like hurricanes, flooding or major oil spills, the attorneys general wrote in the lawsuit filed in Washington State on Friday (May 9, 2025). But now, Washington State Attorney General Nick Brown and the other plaintiffs said, agencies like the U.S. Army Corps of Engineers and the Department of Interior bypass required reviews under federal laws like the Clean Water Act and the Endangered Species Act. 'The President of the United States has the authority to determine what is a national emergency, not state attorneys or the courts,' White House spokeswoman Taylor Rogers wrote in an email. 'President Trump recognises that unleashing American energy is crucial to both our economic and national security.' The attorneys general said reliable and affordable electricity is of critical importance to the nation, but noted that U.S. energy production is already at an all-time high. 'The Executive Order is unlawful, and its commands that federal agencies disregard the law and in many cases their own regulations to fast-track extensive categories of activities will result in damage to waters, wetlands, critical habitat, historic and cultural resources, endangered species, and the people and wildlife that rely on these precious resources,' they wrote in the lawsuit. 'The shortcuts inherent in rushing through emergency processes fundamentally undermine the rights of States,' the attorneys general said, noting that the federal Clean Water Act grants states the right to protect water quality within their own borders. They want a federal judge to declare the executive order unlawful and bar the agencies from pursuing emergency permitting for non-emergency projects. Brown and California Attorney General Rob Bonta are leading the lawsuit, and the attorneys general of Arizona, Connecticut, Illinois, Massachusetts, Maine, Maryland, Michigan, Minnesota, New Jersey, Oregon, Rhode Island, Vermont, and Wisconsin have signed on.
ABC News
06-05-2025
- Business
- ABC News
Australian miners see opportunities during US and China trade war chaos
Australian mining companies are walking a tightrope between China, the nation's biggest market for our resources, and the United States, our greatest ally. The trade war between them could open up some big opportunities but there is also a risk that Australian companies could get caught in the crossfire. China has banned exports of some rare earths and critical minerals to the US, a move that threatens high-tech industries there. In August, the Chinese government embargoed the supply of gallium to the US. Gallium is a key component in thermometers, semiconductors, LED screens, smartphones, and Blu-ray technology. They also banned germanium, which is used in space tech, renewables and telecommunications; antimony used in bullets and other weapons; and graphite used in electric vehicle batteries. US Critical Minerals executive director Harvey Kaye said the embargo has become a geopolitical issue. "They are now overtly utilising the withdrawal of those critical elements that affect our defence, our chip manufacturing, satellites, and artificial intelligence," Mr Kaye said. Harvey Kaye says the company is one of many on Donald Trump's list for fast-tracked development. ( Supplied: US Critical Minerals ) US on fast track In response, US President Donald Trump has issued a raft of executive orders to cut red tape, speed up mining approvals, and wants to fund projects by creating a new sovereign wealth fund. US Critical Minerals is one of those companies listed for fast-tracking, according to Mr Kaye. "We have ability through small mining exemptions, categoric exemptions, and the Defence Production Act to fast-track something that would have taken a few years [to get approval] down to 12-14 months," Mr Kaye said. He thinks US government money could flow into processing projects in Australia. "We're in direct conversation as we speak with the [Export-Import] bank … to encourage trade both ways," he said. " We have identified Australia as our prime candidate to foster business relationships with. " Glencore's Murrin Murrin mine in WA accounts for about 5 per cent of global cobalt production. ( Supplied: Glencore ) Australian miners vulnerable Mining generates more than $450 billion in export revenue for Australia, with most of that from iron ore and coal, according to the Minerals Council of Australia. Critical mineral exports are estimated to be worth just $7.6 billion this financial year according to the March Resources and Energy Quarterly Report from the Department of Industry Science and Resources but that could still increase significantly according to Professor Vlado Vivoda, the director of the Strategic Minerals Advisory and Research consultancy and a professor at the University of Queensland. "Our reserves of lithium, nickel, cobalt are number two in the world, the same for copper, we're fourth for rare earths," he said. Vlado Vivoda thinks Australia can ramp up production of critical minerals and rare earths. ( Supplied: University of Queensland ) Australia is also the number one processor of lithium globally, although the price has fallen to its lowest level in four years. Professor Vivoda said China has used its market dominance as a processor of critical minerals and rare earths to kill off competition from other countries, which is exactly what it did recently to Australia's nickel and lithium industries. "They flooded the market with cheap Indonesian nickel, that's produced under not best practice … and a lot of our producers in Western Australia had to put mines into care and maintenance," he said. He said the sector needs protection. "This is not a free market globally so there is some necessity for strategic intervention to safeguard some of these mines that are deemed strategic or critical," Professor Vivoda said. Australia has some of the richest critical mineral deposits in the world. ( Supplied: Geoscience Australia ) He said the relationship with China has a chequered past. "China has been the backbone of the Australian economy for a lot of lot of years, but … there have been certain frictions in that relationship," he said. China banned key Australian commodities during the previous Liberal government including coal, barley, seafood, wine and beef. All of those bans have since been lifted with China recently granting 10 new red meat companies access to the Chinese market and approving new protocols to allow Australian apples to go to China in increasing volumes. Government policies Critical minerals are a priority for the re-elected Labor party, which has provided tax breaks for miners and promised to set up a federal Photo shows A person holds a handfull of ground nickel Australia is joining the European Union and the United States in establishing strategic reserves of critical minerals, but what do they actually do, and why are they so important? It would offer voluntary agreements to miners to buy some of their output, and create a national stockpile of the minerals, effectively underwriting mines by guaranteeing some demand. Professor Vivoda thinks that's a good idea. "That would be a way to protect our producers," he said. The Minerals Council of Australia is less sure. The council's northern Australia executive director Cathryn Tilmouth said the policy could impact the commercial viability of Australian operations. She said miners would need support to deliver those minerals to a reserve. "To ensure they were able to afford energy, that they had appropriate IR (industrial relations), legislation, that they were able to get through the approvals processes, that they weren't facing the removal of fuel tax credits," she said. Lynas Corporation runs the Mt Weld mine near Laverton in WA. ( Supplied: Lynas Corporation ) Walking the tightrope RST Solutions is one of those Australian companies walking the tightrope between China and the US. They are working on mining projects all over the world, including China, and are expanding into the US through a partnership there. They have provided environmental services to the big Stargate nickel processing plant set up by the Chinese in Indonesia to produce ferronickel and new energy nickel battery materials. Operations manager David Handel said they were helping to clean up the mine site. "Sediment is getting washed off the mines into the waterways, so we're trying to stop it at the source," he said. RST Solutions is working with Chinese and Indonesian companies on environmental management at the Stargate Nickel mine in Indonesia. ( Supplied: RST Solutions ) He said Australian companies have a lot to offer in terms of expertise in mining sustainably, but he doesn't think it will be easy for other countries to combat China's dominance of the sector. "You'll never get the economic advantage that everyone's had out of China for years and years," Mr Handel said. And he's not concerned about the trade war and US tariffs because the Australian dollar is low, making his company's products and services relatively cheap in that country. "Our Aussie dollar is so low, we're so attractive still, so these guys aren't even blinking when we're talking tariffs, it's not even coming up in conversation," Mr Handel said. ABC Rural RoundUp newsletter Stories from farms and country towns across Australia, delivered each Friday. 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Yahoo
16-04-2025
- Business
- Yahoo
Trump launches probe into critical minerals as global trade war escalates
US President Donald Trump has signed an executive order to initiate an investigation into critical minerals, potentially leading to additional tariffs on industrial resources. The move follows recent probes into chip and pharmaceutical imports, signalling a further broadening of the global trade war. The investigation, under Section 232 of the Trade Expansion Act of 1962, aims to 'determine the effects on national security of imports of processed critical minerals and their derivative products,' according to the official document. 'Critical minerals, including rare earth elements, in the form of processed minerals are essential raw materials and critical production inputs required for economic and national security.' The same law was previously used by Trump to impose 25% tariffs on steel and aluminium, as well as to launch a probe into copper imports. Last month, the president signed an executive order to boost domestic production of critical minerals by invoking the Defence Production Act, providing support such as financing and loans to the sector. The measure is widely seen as targeting China, which dominates the global supply chain. According to the White House, the US relies on imports of 15 critical minerals, 70% of which originate from China. Last Friday, Beijing announced export restrictions on a wide range of critical minerals, such as germanium, gallium, antimony, and magnets, in response to Trump's sharp tariff hikes. The US has only one rare earth mine and no domestic smelters, leaving it heavily reliant on China for natural resources, including rare earths and critical minerals—vital components in electric devices, battery-powered vehicles, aircraft, and defence equipment. A TD Economics report reveals that China dominates the global production of more than half of the 50 critical minerals identified by the US government in 2022. It also maintains a near-monopoly in refining, processing 90% of global rare earth elements. To strengthen its hand in the trade war, the US will need to diversify sourcing of these industrial materials. 'Processed critical minerals and their derivative products face significant global supply chain vulnerabilities and market distortions due to reliance on a small number of foreign suppliers,' Tuesday's investigation document states, 'The dependence of the United States on imports and the vulnerability of our supply chains raises the potential for risks to national security, defence readiness, price stability, and economic prosperity and resilience.' In February, Trump demanded $500 billion (€442 billion) worth of Ukraine's rare earth and critical minerals as part of peace talks, a move also seen as a strategic effort to enhance the US's position against China. Australia's major mining stocks fell during Wednesday's Asian session, with shares of BHP falling 1.2%, Rio Tinto sliding 2.3%, and Phibara Minerals dropping 2.9% as of 5:52 am CEST. In commodities, iron ore (CFR China) futures on the SGX declined 0.35%, while copper futures fell 0.91%. The downturn in the resource sector may also be linked to reports that Nvidia is facing new US export restrictions to China, which could cost the tech giant billions of dollars. These fresh regulations are expected to dampen demand for industrial resources such as copper and certain critical minerals used in chip manufacturing. Combined with Trump's latest probe, the news has contributed to broader market weakness. European markets may soon feel the ripple effects of the intensifying global trade war, with stock futures pointing to a lower open across major indices.
