A Boston-based lithium startup is building a US battery plant that will skirt Trump's tariffs
The Boston-based company's move to build a pilot plant comes as President Donald Trump's administration sets the stage for tariffs on imports of key battery components from China. Pure Lithium says it extracts lithium from brine to manufacture a battery free of graphite, nickel, cobalt and manganese, allowing it to be produced without any inputs from China.
The company received a letter of interest from the US Export-Import Bank in April for financing of as much as $300 million.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Stock market closes out chaotic quarter on a high note as S&P 500 notches another new record
The S&P 500 and hit new highs Monday, ending a turbulent quarter that saw a near-bear market two months ago. Monday's U.S. stock market close marked fresh highs for multiple indices, a sharp departure from previous months as one of the most chaotic quarters for equities in recent memory came to an end. The second quarter began on an historically tumultuous note, with President Donald Trump's April 2 announcement of sweeping tariffs sending stocks into free fall and the bond market into turmoil, and putting the U.S.'s global economic dominance at risk. Since then, though, the market has steadily climbed and climbed, as investors shake off concerns about the policies and focus on the news they want to see, like potential tax cuts. In fact, the S&P 500 and Nasdaq both hit all-time highs Friday after Trump said that the U.S. signed a trade deal with China. The momentum continued Monday, with the S&P 500 and Nasdaq notching new all-time highs and increasing 0.52% and 0.47%, respectively, from Friday's session. The Dow Jones Industrial Average ended the day up 0.63% (though not in record territory). 'As markets reach new all-time highs—even with economic surprises at an 11-month low and geopolitical and tariff-related uncertainties lingering—equity investors appear to have entered another 'bad news is good news' phase, with the focus shifting to potential rate cuts, tax incentives, and deregulation,' says Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management. The upward swing comes as inflation stabilizes and earnings trend higher. That said, some analysts and economists point to other potential cracks. 'Arguably, the S&P 500 just returning to its previous record is not enough,' writes Hubert de Barochez, senior markets economist at Capital Economics. He notes that while larger company stocks look good, the Russell 2000, an index of U.S. small caps, is still below its record high, and the index of so-called Magnificent Seven tech stocks, including stalwarts like Amazon, Apple, and Tesla, has also not surpassed its previous high. That said, shares of Meta—one of the Mag Seven stocks—hit a record high late Monday, after CEO Mark Zuckerberg announced a restructuring of the company's artificial intelligence group. More volatility is possible. Next week, the president's 90-day tariff pause is set to expire, and deals with many countries have yet to be made. There is also uncertainty surrounding the Republican tax bill that would add nearly $3.3 trillion to deficits over a decade and whether it can make it through both chambers of Congress this week. And analysts say inflation related to tariff policies has yet to be seen in the official data. 'We think that the high level of uncertainty, which notably stems from Trump's chaotic policymaking, will prevent the S&P 500 from rising as quickly as it has recently,' writes de Barochez. 'The impending expiration of tariff 'pauses' may spark another boot of volatility in the markets.' This story was originally featured on Sign in to access your portfolio
Yahoo
19 minutes ago
- Yahoo
Paramount settles with Trump over ‘60 Minutes' interview, LA Times reports
NEW YORK (Reuters) -CBS parent company Paramount settled a lawsuit on Wednesday filed by U.S. President Donald Trump over an interview that aired on its '60 Minutes' news program in October, LA Times reported. Paramount Global has agreed to pay President Trump $16 million to end his lawsuit, the report said, citing a statement from Paramount.
Yahoo
19 minutes ago
- Yahoo
House Republicans race toward a final vote on Trump's tax bill, daring critics to oppose
WASHINGTON (AP) — Republican leaders in the House are sprinting toward a Wednesday vote on President Donald Trump's tax and spending cuts package, determined to seize momentum from a hard-fought vote in the Senate while essentially daring members to defy their party's leader and vote against it. 'The American people gave us a clear mandate, and after four years of Democrat failure, we intend to deliver without delay,' the top four House GOP leaders said Tuesday after the bill passed the Senate 51-50, thanks to Vice President JD Vance's tiebreaking vote. It's a risky gambit, one designed to meet Trump's demand for a July 4 finish — and there's a steep climb ahead. Since launching early this year, Republicans have struggled mightily with the bill nearly everystepoftheway, often succeeding by only a single vote. Their House majority stands at only 220-212, leaving little room for defections. Some Republicans are likely to balk at being asked to rubber stamp the Senate bill less than 24 hours after passage, having had little time to read or absorb the changes that were made, many at the last minute to win the vote of Alaska Sen. Lisa Murkowski. House Republicans from competitive districts have bristled at the Senate bill's cuts to Medicaid, while conservatives have lambasted the legislation as straying from their fiscal goals. It falls to Speaker Mike Johnson and his team to convince them that the time for negotiations is over. Trump pushes Republicans to do 'the right thing' The bill would extend and make permanent various individual and business tax breaks that Republicans passed in Trump's first term, plus temporarily add new ones that Trump promised during the campaign, including allowing workers to deduct tips and overtime pay, and provide a new $6,000 deduction for most older adults. In all, the legislation contains about $4.5 trillion in tax cuts over 10 years. The bill also provides some $350 billion for defense and Trump's immigration crackdown. Republicans partially pay for it all through less spending on Medicaid and food assistance. The Congressional Budget Office projects that it will add about $3.3 trillion in federal deficits over the coming decade. The House passed its version of the bill back in May, despite worries about spending cuts and the overall price tag. Now, they are being asked to give final passage to a version that, in many respects, exacerbates those concerns. The Senate bill's projected impact on federal deficits, for example, is significantly higher. Trump praised the bill profusely in a social media post, saying 'We can have all of this right now, but only if the House GOP UNITES, ignores its occasional 'GRANDSTANDERS' (You know who you are!), and does the right thing, which is sending this Bill to my desk.' The high price of opposing Trump's bill Speaker Johnson, R-La., is intent on meeting the president's July 4 timeline. He's also betting that hesitant Republicans won't cross Trump because of the heavy political price they would have to pay. They need only look to Sen. Thom Tillis, R-N.C., who announced his intention to vote against the legislation over the weekend. Soon, the president was calling for a primary challenger to the senator and personally attacking him on social media. Tillis quickly announced he would not seek a third term. Others could face a similar fate. One House Republican who has staked out opposition to the bill, Rep. Thomas Massie of Kentucky, is already being targeted by Trump's well-funded political operation. House Majority Leader Steve Scalise, R-La., said leadership was not entertaining the possibility of making changes to the bill before the final vote. He said the two chambers already agree on the vast majority of what's in it. 'It's not as easy as saying, 'hey, I just want one more change,' because one more change could end up being what collapses the entire thing,' Scalise said. Democratic lawmakers, united against the bill as harmful to the country, condemned the process as rushed. Rep. Jim McGovern, D-Mass., said there's no real deadline for getting the bill passed by July 4th. 'We're rushing not because the country demands it, but because he wants to throw himself another party,' McGovern said. 'This isn't policy. It's ego management.' Democrats warn health care, food aid are being ripped away House Democratic leader Hakeem Jeffries described the bill in dire terms, saying that cuts in Medicaid spending would result in 'Americans losing their lives because of their inability to access health care coverage.' He said Republicans are 'literally ripping the food out of the mouths of children, veterans and seniors.' 'House Democrats are going to do everything we can for the next few hours, today, tomorrow, for the balance of this week and beyond to stop this bill from ever becoming law,' Jeffries said. Republicans say they are trying to rightsize the safety net programs for the population they were initially designed to serve, mainly pregnant women, the disabled and children, and root out what they describe as waste, fraud and abuse. The package includes new 80-hour-a-month work requirements for many adults receiving Medicaid and applies existing work requirements in the Supplemental Nutrition Assistance Program to more beneficiaries. States will also pick up more of the cost for food benefits, with the amount based on their payment error rates, which include both underpayments and overpayments. The driving force behind the bill, however, is the tax cuts. Many expire at the end of this year if Congress doesn't act. 'Passing this bill means smaller tax bills and bigger paychecks for the American people — permanently,' said Senate Majority Leader John Thune. 'It will also help get our economy firing on all cylinders again.' The Tax Policy Center, which provides nonpartisan analysis of tax and budget policy, projected the bill would result next year in a $150 tax break for the lowest quintile of Americans, a $1,750 tax cut for the middle quintile, and a $10,950 tax cut for the top quintile. That's compared to what they'd face if the 2017 tax cuts expired. ___ Associated Press writer Joey Cappelletti contributed to this report. Kevin Freking And Lisa Mascaro, The Associated Press 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
