Latest news with #manufacturing
Yahoo
an hour ago
- Business
- Yahoo
American Primary Aluminum Association Applauds President Trump's Announcement of a 50% Tariff on All Foreign Aluminum Imports
WASHINGTON, May 31, 2025 /PRNewswire/ -- The American Primary Aluminum Association (APAA), today applauds President Donald J. Trump for taking strong and decisive action to raise the tariff rate on foreign aluminum imports from 25% to 50%. The tariff will come into effect on Wednesday 4th June. "We applaud President Trump's historic announcement that he will impose a 50% tariff to stop the flood of foreign aluminum imports," remarked Mark Duffy, President of the APAA. "For decades, subsidized foreign producers have hollowed out domestic aluminum manufacturing. Under President Donald J. Trump, we finally have a strong leader who is fighting to rebuild domestic manufacturing and protect thousands of American aluminum jobs." About the American Primary Aluminum Association: The American Primary Aluminum Association advances the interests of America's primary aluminum industry and its workers through the Aluminum Now campaign. APAA is registered and incorporated in Washington, DC and operates as a non-profit trade association. For more, please visit: View original content to download multimedia: SOURCE American Primary Aluminum Association 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
The Independent
2 hours ago
- Business
- The Independent
Spike in steel tariffs could imperil Trump promise of lower grocery prices
President Donald Trump's doubling of tariffs on foreign steel and aluminum could hit Americans in an unexpected place: grocery aisles. The announcement Friday of a staggering 50% levy on those imports stoked fear that big-ticket purchases from cars to washing machines to houses could see major price increases. But those metals are so ubiquitous in packaging, they're likely to pack a punch across consumer products from soup to nuts. 'Rising grocery prices would be part of the ripple effects,' says Usha Haley, an expert on trade and professor at Wichita State University, who added that the tariffs could raise costs across industries and further strain ties with allies 'without aiding a long-term U.S. manufacturing revival.' Trump's return to the White House has come with an unrivaled barrage of tariffs, with levies threatened, added and, often, taken away, in such a whiplash-inducing frenzy it's hard to keep up. He insisted the latest tariff hike was necessary to 'even further secure the steel industry in the U.S.' That promise, though, could be at odds with his pledge to reduce food costs. Rising grocery prices, Trump has said, were among the biggest reasons voters swung his way. A look around a supermarket makes clear how many products could be impacted by new taxes on steel and aluminum, from beer and soda to dog food to can after can of beans, fruit, tomato paste and more. 'It plays into the hands of China and other foreign canned food producers, which are more than happy to undercut American farmers and food producers,' insists Can Manufacturers Institute president Robert Budway. 'Doubling the steel tariff will further increase the cost of canned goods at the grocery store.' Budway says production by domestic tin mill steel producers, whose products are used in cans, have dramatically decreased in recent years, making manufacturers reliant on imported materials. When those prices go up, he says, 'the cost is levied upon millions of American families.' Food companies were already warily assessing the administration's tariffs before the latest hike, which Trump said would go into effect on Wednesday. The Campbell Co., whose soup cans are a staple for millions of Americans, has said it was working to mitigate the impact of tariffs but may be forced to raise prices. ConAgra Brands, which puts everything from cans of Reddi-Whip to cooking sprays like Pam on supermarket shelves, likewise has pointed to the impact steel and aluminum tariffs have. 'We can't get all of our materials from the US because there's no supply,' ConAgra CFO David Marberger said at a recent Goldman Sachs conference on global staples. Beyond the obvious products — canned foods like tuna, chicken broth and cranberry sauce — economists warn of a spillover effect that tariffs can have on a gamut of items. If the cost to build a store or buy a truck to haul food rise, the prices of products may follow. Most Americans will never buy a tractor, but Babak Hafezi, who runs a global consulting firm and teaches international business at American University, says a price spike in such a big-ticket item vital to food production will spill down to all sorts of other items. 'If a John Deere tractor costs 25% more, consumers pay the price for that,' Hafezi says. 'This trickles down the economy and impacts every aspect of the economy. Some of the trickling is immediate and others are slower to manifest themselves. But yes, prices will increase and choices will decrease.' Trump appeared before a crowd of cheering steelworkers to unveil the new tariffs at a rally outside Pittsburgh. In a statement, David McCall, president of the United Steelworkers International union, called tariffs 'a valuable tool in balancing the scales' but 'wider reforms of our global trading system" are needed. It may be harder to gauge the weight of tariffs on, say, a can of chickpeas versus that of a new car, but consumers are likely to see myriad indirect costs from the levies, says Andreas Waldkirch, an economics professor at Colby College who teaches a class on international trade. 'Anybody who's directly connected to the steel industry, they're going to benefit. It's just coming at a very high cost,' Waldkirch says. 'You may get a few more steel jobs. But all these indirect costs mean you then destroy jobs elsewhere. If you were to add that all in, you come up with a pretty large negative loss.' ___ Matt Sedensky can be reached at msedensky@ and
Yahoo
7 hours ago
- Business
- Yahoo
China's factory activity contraction eases after trade war truce
(Bloomberg) — China's factory activity contracted at a slower rate in May after a reprieve in the tariff war with the US unclogged trade flows, even as weak domestic demand continues to weigh on the economy. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NYC Congestion Toll Brings In $216 Million in First Four Months The Economic Benefits of Paying Workers to Move Where the Wild Children's Museums Are The official manufacturing purchasing managers' index was 49.5, versus 49 in April, the National Bureau of Statistics said Saturday. That matched the median estimate of economists surveyed by Bloomberg. A reading below 50 indicates contraction. The non-manufacturing measure of activity in construction and services fell to 50.3 from 50.4 in April, the statistics office said. That compares with a forecast of 50.5. The composite index rose to 50.4. The PMI figures are the first official data available each month to provide a snapshot of the health of the Chinese economy. The latest readings capture the initial aftermath of the trade truce, after Beijing and Washington agreed to reduce tariffs for 90 days beginning May 14. The strength of manufacturing in the months ahead is still in question given an uncertain export outlook, and especially as tensions rise again in recent days with Washington. Although the US lowered the average rate of tariffs to roughly 40% following talks in Geneva, that level is still enough to reduce American imports from China by around 70% over the medium term, according to estimates from Bloomberg Economics. Even so, the reprieve on tariffs has sent trade between China and the US surging. Analysts surveyed by Bloomberg lifted forecasts for growth and exports this year following the agreement in Geneva, but still expect deflationary pressures to get worse in China, which has already seen economy-wide prices fall for two straight years. Gross domestic product is forecast to expand 4.5% this year, based on a Bloomberg survey conducted in late May, still significantly lower than the around 5% target set by Chinese policy makers. Economists expect exports will grow 1.1% in 2025 versus a year ago, an upgrade from the 1% contraction they expected in April. —With assistance from Zhang Dingmin. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? How Coach Handbags Became a Gen Z Status Symbol AI Is Helping Executives Tackle the Dreaded Post-Vacation Inbox ©2025 Bloomberg L.P.
Yahoo
9 hours ago
- Business
- Yahoo
China's factory activity contraction eases after trade war truce
(Bloomberg) — China's factory activity contracted at a slower rate in May after a reprieve in the tariff war with the US unclogged trade flows, even as weak domestic demand continues to weigh on the economy. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NYC Congestion Toll Brings In $216 Million in First Four Months The Economic Benefits of Paying Workers to Move Where the Wild Children's Museums Are The official manufacturing purchasing managers' index was 49.5, versus 49 in April, the National Bureau of Statistics said Saturday. That matched the median estimate of economists surveyed by Bloomberg. A reading below 50 indicates contraction. The non-manufacturing measure of activity in construction and services fell to 50.3 from 50.4 in April, the statistics office said. That compares with a forecast of 50.5. The composite index rose to 50.4. The PMI figures are the first official data available each month to provide a snapshot of the health of the Chinese economy. The latest readings capture the initial aftermath of the trade truce, after Beijing and Washington agreed to reduce tariffs for 90 days beginning May 14. The strength of manufacturing in the months ahead is still in question given an uncertain export outlook, and especially as tensions rise again in recent days with Washington. Although the US lowered the average rate of tariffs to roughly 40% following talks in Geneva, that level is still enough to reduce American imports from China by around 70% over the medium term, according to estimates from Bloomberg Economics. Even so, the reprieve on tariffs has sent trade between China and the US surging. Analysts surveyed by Bloomberg lifted forecasts for growth and exports this year following the agreement in Geneva, but still expect deflationary pressures to get worse in China, which has already seen economy-wide prices fall for two straight years. Gross domestic product is forecast to expand 4.5% this year, based on a Bloomberg survey conducted in late May, still significantly lower than the around 5% target set by Chinese policy makers. Economists expect exports will grow 1.1% in 2025 versus a year ago, an upgrade from the 1% contraction they expected in April. —With assistance from Zhang Dingmin. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? How Coach Handbags Became a Gen Z Status Symbol AI Is Helping Executives Tackle the Dreaded Post-Vacation Inbox ©2025 Bloomberg L.P.
Yahoo
10 hours ago
- Automotive
- Yahoo
Hyundai just built a $7.6 billion EV factory in Georgia to compete with Tesla and GM — see inside
The Hyundai Motor Group Metaplant America is an all-new $7.6 billion EV factory. HMGMA, located near Savannah, Georgia, opened its doors in March of this year. The factory will be able to build 500,000 EVs and Hybrids for Hyundai, Kia, and Genesis every year. The $7.6 billion Hyundai Motor Group Metaplant America, or HMGMA, is one of the newest and most technologically advanced car factories in the world. The plant, located near Savannah, Georgia, opened its doors in March and will be a key production facility for Hyundai's EVs and PHEVs, as well as those belonging to its Genesis luxury brand and sister company Kia. In a recent interview with Business Insider, Genesis North America COO Tedros Mengiste cited the investment as an example of Hyundai's track record for "visionary and strategic, and long-term thinking." I recently took a behind-the-scenes tour of Hyundai's new megafactory packed with autonomous robots and state-of-the-art tech. The Hyundai Metaplant is situated on a 3,000-acre campus in the south Georgia town of Ellabell. Located just 20 miles from the Port of Savannah, one of the busiest in the US, the plant not only gives Hyundai much-needed manufacturing capacity in the US to avoid import tariffs, but it also affords the company the flexibility to export vehicles abroad. It also gives Hyundai the production footprint to compete against rivals like Tesla, GM, and Rivian, which is also building a new factory in Georgia. Driving up to the factory, it's easy to be wowed by the sheer scale of the sprawling complex. It's Hyundai Group's second car factory in the state. The company also operates a $3.2 billion, 2,200-acre facility in West Point, Georgia, that builds Kia EV and ICE SUVs. I drove to the factory in a new 2026 Hyundai Ioniq 9 EV SUV, which is one of the vehicles assembled at the Metaplant. The only other model assembled at the plant is the Hyundai Ioniq 5 EV. My tour began in the plant's modern main lobby. Hyundai broke ground on the facility in the fall of 2022 and took just two years to complete construction on the main production buildings. The Metaplant site consists of 11 buildings totalling 7.5 million square feet of space. The Metaplant is a marvel of vertical integration, with the goal of having as many key components, ranging from battery packs to seats, made on-site. Here's a Hyundai XCIENT hydrogen fuel cell semi truck used to transport parts and supplies to the factory. It's one of 21 emission-free XCIENT trucks deployed around the Metaplant site. The production process starts in the stamping shop, where sheet metal is cut and stamped into parts that will make up the frame of the car. The sheet metal is supplied by the on-site Hyundai Steel facility. Stamped parts are transported by automated guided vehicles, or AGVs. The plant employs almost 300 AGVs to shuttle everything from spare parts to partially assembled cars. The stamped metal panels are then stored in these massive racks. The Metaplant was originally expected to produce up to 300,000 electrified vehicles annually. However, Hyundai announced at the plant's grand opening in March that its capacity will be expanded to 500,000 units in the coming years as part of a new $21 billion investment in US manufacturing. Here are parts of the Ioniq 9, Hyundai's new flagship three-row EV SUV. The plant is expected to start production of its first Kia model next year. The next part of the tour is the welding shop. Here, the stamped metal pieces are welded together by robot to form the body of the vehicle. The work done by the welding robots is then inspected by the plant's human employees known as Meta Pros. The Metplant employees more than 1,300 Meta Pros, nearly 90% of whom were hired locally. There are employee meeting and break areas located along the inspection and assembly areas. An employee cafeteria with remote ordering capability is located in the main assembly building. In addition to human eyes, the vehicles are also inspected by a pair of Boston Dynamics robot dogs called Spot. In 2021, Hyundai acquired an 80% stake in Boston Dynamics in a deal that valued the company at $1.1 billion. After the inspections are complete, a robot loads the partially assembled vehicles onto a conveyor system. Next stop, the paint shop. Unfortunately, my tour did not get access to the paint shop due to concerns that outside visitors may compromise the quality of the paint application. After receiving a fresh coat of paint, the vehicles travel through a bridge to the assembly building. Here, the painted bodies are married with their battery packs and skateboard chassis. Hyundai Mobis produces the skateboard chassis in a building next door to the general assembly facility. The Metaplant's on-site battery factory, operated in a joint venture with LG, is expected to come online next year. The plant currently sources its batteries from Hyundai's other facilities, including one in North Georgia that's a joint venture with SK. The vehicles' interiors are then assembled by hand. The further along the production process, the more you see human workers on the assembly line. Partially assembled EVs are shuttled through from area to area by the automated robots. The entire facility was immaculately clean, quiet, and felt beautifully choreographed. Assembled vehicles are loaded onto different AGVs that navigate the facility by reading the QR codes embedded into the floor. These AGVs shuttle the vehicles through the plant's various quality control tests. At the end of the assembly line, completed EVs are put through their paces at the on-site test track before being sent to the vehicle preparation center, or VPC, to get them ready for shipping. Vehicles destined for dealerships in the region are put on trucks, while those traveling more than 500 miles are shipped by rail at the Metplant's on-site train terminal. Read the original article on Business Insider 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
