Latest news with #HowardLutnik
The Hill
30-05-2025
- Business
- The Hill
Department of Energy cancels nearly $4B in energy awards
The Big Story The Trump administration announced Friday it has canceled nearly $4 billion in awards aimed at the decarbonizing industry that were issued under the Biden administration. © Greg Nash A press release described the $3.7 billion in canceled funding as mostly carbon capture projects — where technology is used to cut planet-warming emissions from fossil fuel plants — and 'decarbonization initiatives.' It also notes that of the 24 awards it canceled, 16 of them were issued between Election Day and Trump's inauguration. 'While the previous administration failed to conduct a thorough financial review before signing away billions of taxpayer dollars, the Trump administration is doing our due diligence to ensure we are utilizing taxpayer dollars to strengthen our national security, bolster affordable, reliable energy sources and advance projects that generate the highest possible return on investment,' Energy Secretary Chris Wright said in a written statement Friday. In addition to carbon capture, projects that were canceled include efforts to advance climate-friendly cement production, getting greener furnaces at glass and pipe companies and an effort to cut emissions at various plants used by food company Kraft Heinz. Read more at Welcome to The Hill's Energy & Environment newsletter, I'm Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. Did someone forward you this newsletter? Subscribe here. Essential Reads How policy will affect the energy and environment sectors now and in the future: Trump announces plan to double steel tariffs President Trump announced Friday his administration would be doubling tariffs on steel imports from 25 percent to 50 percent during a visit to Pennsylvania focused on boosting the U.S. steel industry. Swiss village buried in glacier collapse A village in Switzerland was buried in a recent glacier collapse, according to Swiss officials. Canadian wildfire smoke to affect air quality, visibility in parts of US: What to know Smoke from wildfires burning in Canada is expected to cast a haze over the skies — and diminish air quality — in parts of the U.S. over the coming days. What We're Reading News we've flagged from other outlets touching on energy issues, the environment and other topics: Oil Companies Are Sued Over Death of Woman in 2021 Heat Wave (The New York Times) Extreme Heat Waves Are Longer and Hitting the Tropics Hardest (Bloomberg) On Our Radar Upcoming news themes and events we're watching: Wednesday Commerce Secretary Howard Lutnik is slated to testify before the Senate Appropriations Committee Thursday Commerce Secretary Howard Lutnik is slated to testify before the House Appropriations Committee What Others are Reading Two key stories on The Hill right now: GOP runs into voter buzzsaw of criticism on Trump's 'big, beautiful bill' Fresh off a huge victory in passing their 'big, beautiful bill' through the House, Republican lawmakers are finding that President Trump's agenda is a much tougher sell at home. Read more Ernst responds to jeers on Medicaid cuts: 'Well, we're all going to die' Iowa Sen. Joni Ernst (R) pushed back against constituents who shouted out at her recent town hall meeting that cuts to Medicaid and the Supplemental Nutrition Assistance Program (SNAP) would cause people to die, responding, 'Well, we're all going to die.' Read more Opinions in The Hill Op-ed related to energy & environment submitted to The Hill: Thank you for signing up! Subscribe to more newsletters here
CNBC
15-05-2025
- Business
- CNBC
White House announces AI data campus partnership with the UAE
The U.S. and United Arab Emirates are partnering on a massive artificial intelligence campus touted as the largest such facility outside the U.S., the White House said Thursday. The Abu Dhabi data center will be built by the Emirate firm G42, which will partner with several U.S. companies on the facility, according to the release from the Department of Commerce. It will have a 5-gigawatt capacity and cover 10 square miles. The names of the U.S. companies were not disclosed. "In the UAE, American companies will operate the data centers and offer American-managed cloud services throughout the region," Commerce Secretary Howard Lutnik said in the release. "The agreement also contains strong security guarantees to prevent diversion of U.S. technology." The announcement comes as President Donald Trump visited the UAE as part of a broader trip to the Middle East, where he met with heads of state and announced several deals.
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Business Standard
08-05-2025
- Automotive
- Business Standard
Boost to Jaguar Land Rover: US trade deal cuts duty to 10% for 100K UK cars
In what could turn out to be a major upside for UK-based luxury car maker Jaguar Land Rover (JLR), a Tata Motors arm, the US and UK on Thursday announced a trade deal which would now allow UK-based manufacturers to export 100,000 cars to the US that would attract only 10 per cent duty, down from the current 25 per cent. US is JLR's most important market, accounting for roughly a quarter of its sales Tata Motors stock prices went up in two consecutive trading sessions after the India-UK Free Trade Agreement (FTA) was announced which would benefit UK car manufacturers from a quota that reduces tariffs from over 100 per cent to 10 percent. In a press conference in Washington, US President Donald Trump and the US commerce secretary Howard Lutnik said that the UK would be able to export 100,000 cars annually to the US that would attract 10 per cent instead of the 25 per cent tariff. This would protect 'tens of thousands of jobs' in the UK, they said. In 2024, light vehicle sales in the US totalled approximately 15.9 million units, with around 3 million being passenger cars and just under 12.9 million being light trucks. Lutnik said that a 100,000 units is thus a small number in the context of the overall auto market in the US. JLR had paused shipments to the US in April following US' declaration of a 25 per cent tariff on automobile imports. The company does not have a plant in the US and exports cars to that country from the UK and Slovakia plants. JLR posted flat wholesale and retail volumes for the full year 2024-25 at 400,898 units and 428,854 units respectively. In the fourth quarter the retail sales slipped 5.1 per cent to 108,232 units even as wholesales were up marginally by 1.1 per cent to 111,413 units. Interestingly, the wholesale volumes were up 14.4 per cent in North America for the fourth quarter. According to reports, JLR has resumed shipments to the US in May despite the 25 per cent tariff, while there has been no official confirmation from the company. While it is not yet clear how the 100,000 quota gets divided among key carmakers, JLR is among the major exporters from the UK, along with BMW owned Rolls-Royce and Mini, and Aston Martin. Around 80 per cent of cars produced in the UK were for overseas markets like the EU, US and China. China continues to remain a pain-point in JLR global sales. In Q4FY25 Chinese wholesale volumes fell by 29.4 per cent even as Europe grew by 10.9 per cent, and the UK remained flat at 0.8 per cent. Excluding the Chery Jaguar Land Rover China joint venture the wholesale volumes of (111,413 units) was up 6.7 per cent compared to the previous quarter (Q3FY25), and up 1.1 per cent year-on-year. 'China continues to remain under stress. However, JLR remains the least impacted with a decline of just 3 per cent compared to the industry's decline of over 20 per cent. Its inventory in China is also well under control,' Motilal Oswal analysts had said in a note in March. The India-UK FTA is also a positive for the car-maker which is witnessing growing demand in this country. UK car manufacturers will benefit from a quota that reduces tariffs from over 100 per cent to 10 per cent. This starts with internal combustion engine (ICE) cars but transitions to electric vehicles (EVs) and hybrids to reflect how manufacturing in the UK is evolving. Similarly, Indian access to the UK market for EVs and hybrids is also staged and under a quota to support the UK auto industry's transition to fully EVs, while increasing consumer choice.
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Business Standard
08-05-2025
- Automotive
- Business Standard
JLR to benefit as US-UK trade deal cuts import duty to 10% on cars
In what could turn out to be a major upside for UK-based luxury car maker Jaguar Land Rover (JLR), a Tata Motors arm, the US and UK on Thursday announced a trade deal which would now allow UK-based manufacturers to export 100,000 cars to the US that would attract only 10 per cent duty, down from the current 25 per cent. US is JLR's most important market, accounting for roughly a quarter of its sales Tata Motors stock prices went up in two consecutive trading sessions after the India-UK Free Trade Agreement (FTA) was announced which would benefit UK car manufacturers from a quota that reduces tariffs from over 100 per cent to 10 percent. In a press conference in Washington, US President Donald Trump and the US commerce secretary Howard Lutnik said that the UK would be able to export 100,000 cars annually to the US that would attract 10 per cent instead of the 25 per cent tariff. This would protect 'tens of thousands of jobs' in the UK, they said. In 2024, light vehicle sales in the US totalled approximately 15.9 million units, with around 3 million being passenger cars and just under 12.9 million being light trucks. Lutnik said that a 100,000 units is thus a small number in the context of the overall auto market in the US. JLR had paused shipments to the US in April following US' declaration of a 25 per cent tariff on automobile imports. The company does not have a plant in the US and exports cars to that country from the UK and Slovakia plants. JLR posted flat wholesale and retail volumes for the full year 2024-25 at 400,898 units and 428,854 units respectively. In the fourth quarter the retail sales slipped 5.1 per cent to 108,232 units even as wholesales were up marginally by 1.1 per cent to 111,413 units. Interestingly, the wholesale volumes were up 14.4 per cent in North America for the fourth quarter. According to reports, JLR has resumed shipments to the US in May despite the 25 per cent tariff, while there has been no official confirmation from the company. While it is not yet clear how the 100,000 quota gets divided among key carmakers, JLR is among the major exporters from the UK, along with BMW owned Rolls-Royce and Mini, and Aston Martin. Around 80 per cent of cars produced in the UK were for overseas markets like the EU, US and China. China continues to remain a pain-point in JLR global sales. In Q4FY25 Chinese wholesale volumes fell by 29.4 per cent even as Europe grew by 10.9 per cent, and the UK remained flat at 0.8 per cent. Excluding the Chery Jaguar Land Rover China joint venture the wholesale volumes of (111,413 units) was up 6.7 per cent compared to the previous quarter (Q3FY25), and up 1.1 per cent year-on-year. 'China continues to remain under stress. However, JLR remains the least impacted with a decline of just 3 per cent compared to the industry's decline of over 20 per cent. Its inventory in China is also well under control,' Motilal Oswal analysts had said in a note in March. The India-UK FTA is also a positive for the car-maker which is witnessing growing demand in this country. UK car manufacturers will benefit from a quota that reduces tariffs from over 100 per cent to 10 per cent. This starts with internal combustion engine (ICE) cars but transitions to electric vehicles (EVs) and hybrids to reflect how manufacturing in the UK is evolving. Similarly, Indian access to the UK market for EVs and hybrids is also staged and under a quota to support the UK auto industry's transition to fully EVs, while increasing consumer choice. Tata Motors declined to comment without having the fine-print of the trade deal. JLR saw its highest ever sales in India in FY25 with wholesales of 6,266 units. Analysts also feel that besides importing vehicles at cheaper rates, JLR also stands to benefit from EV exports. While finer details are not known, the upcoming Tamil Nadu plant of the company may play a critical role in EV exports from India.
CBS News
11-03-2025
- Business
- CBS News
What impact tariffs could have on the Gordie Howe International Bridge
It's been a roller coaster ride day after President Trump initially announced plans to increase tariffs on steel and aluminum products from Canada to 50%. Mr. Trump made that announcement on his social media site Truth Social Tuesday morning. It was in response to Ontario placing a 25% surcharge on electricity coming into the U.S. Hours later, U.S. Secretary of Commerce Howard Lutnik spoke with Ontario Premier Doug Ford. After that conversation, Ford agreed to suspend the 25% surcharge for now. Will the threat of a new tariff impact projects like the Gordie Howe International Bridge? Officials say it's unlikely. Completion of the Gordie Howe International Bridge is getting closer and closer. "It's kind of difficult to say percentage wise, because each of the components kind of moves at its own pace. So I'd say probably close to the 90-94% complete on each of the four components," said Heather Grondin, Windsor-Detroit Bridge Authority (WDBA) Chief Relations Officer. While progress on the link between Canada and the U.S. continues, experts agree that the ongoing trade will only hurt businesses and consumers here at home. "I think that American consumers are going to be caught between the rock and the hard place. In order for them to be able to continue living the quality of life that they're accustomed to, they are going to have to absorb a larger share of these tariffs, and it is going to be in the $1000s," said Shooshan Danagoulian, associate professor of economics at Wayne State University. Economists say that if Americans buy fewer cars or build houses, they might feel the pinch less. "However, if American consumers respond by buying fewer houses, buying fewer cars, we know that at the end of the day, it's the American economy that's going to suffer anytime consumers slow down their spending, it's bad for the economy," Danagoulian said. The WDBA is overseeing the Gordie Howe International Bridge project. The group says nothing can stop progress now of the project, including an increased tariff on steel and aluminum products. "There is still some steel work that needs to be done. It's smaller than what you might envision. So those kind of major pieces of steel that were required for the bridge deck, that's all done now. It's more things like handrails, guard rails, fencing that needs to be installed, and that's much smaller from a procurement perspective," Grondin said. Despite the threat of higher tariffs, construction on the Gordie Howe International Bridge is still on track to wrap up in September of this year.
