Abandoning EU's 2035 zero-emission car target would risk 1 million jobs, study says
Transport & Environment
showed on Tuesday.
Conversely, deploying no industrial strategy and going back on the 2035 target that all new cars and vans sold in the EU no longer emit carbon dioxide could result in a loss of 1 million auto industry jobs and two-thirds of planned battery investments, T&E said in a statement.
WHY IT'S IMPORTANT
Already challenged by high costs in their home markets and a gap to Chinese and U.S. rivals in the electric vehicle industry, European carmakers now face the effects of U.S. President Donald Trump's 25% tariffs on auto imports, which have pushed many manufacturers to pull their forecasts for 2025.
Following heavy lobbying, the European Parliament gave its backing to a softening some of the EU CO2 emissions targets for cars and vans in May, but it has so far stuck the regulations that will bar the sale of fossil-fuel cars by 2035.
KEY QUOTES
"It's a make or break moment for Europe's automotive industry as the global competition to lead the production of electric cars, batteries and chargers is immense," Julia Poliscanova, Senior Director for Vehicles & Emobility Supply Chains at T&E, said in the statement.
BY THE NUMBERS
If the 2035 goal is maintained and policies to boost domestic EV production are implemented, the automotive value chain's contribution to the European economy would grow 11% by 2035, the advocacy group said.
Job displacement in vehicle manufacturing could be offset by the creation of more than 100,000 jobs in battery making by 2030 and 120,000 in charging by 2035, it added.
Weakening the goal alongside lack of comprehensive industrial policies meanwhile could slash the value chain's contribution by 90 billion euros ($105.5 billion) by 2035.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
21 minutes ago
- Time of India
India's apparel, footwear exports to gain as US hikes tariffs on rival nations: Exporters
India's export sectors such as apparel and footwear are expected to gain a competitive edge in the US market following Washington's decision to impose higher tariffs on over a dozen countries, including Bangladesh and Thailand, exporters said. On Monday the Donald Trump administration announced a 25 per cent tariffs on Japan, South Korea, Kazakhstan, Malaysia, Tunisia; 30 per cent on South Africa, Bosnia and Herzegovina; 32 per cent on Indonesia; 35 per cent on Bangladesh, Serbia; 36 per cent Cambodia, Thailand; and 40 per cent tariffs on Laos and Myanmar. These duties will come into effect from August 1. Play Video Play Skip Backward Skip Forward Mute Current Time 0:00 / Duration 0:00 Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions and subtitles off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Baghdad: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo Bangladesh is the third biggest exporter of apparel (not knitted or crocheted) to the US with a market share of 13.15 per cent in 2024. India's exports to the US in this sector was USD 2.5 billion but it is not among the top three, according to an analysis by economic think tank Global Trade Research Initiative (GTRI). Live Events In apparel knitted and crocheted, Cambodia with about 6 per cent share is ahead of India (5.09 per cent). "India faces stiff competition from Bangladesh and Vietnam in the US garment market. High duties on Bangladesh will help enhance competitiveness of Indian products in the US market," an exporter said. Federation of Indian Export Organisations (FIEO) President SC Ralhan said that sectors like leather and apparel may get competitive advantage from India's competitor countries. A Mumbai-based exporter said that the elevated duties on Thailand can lead to gains in exports of rubber and its articles. Thailand is the top exporter of rubber to the US with a share of 15.16 per cent while India is at fourth spot with 2.93 per cent share of US imports. "We will get greater advantage in the leather segment also," the export added.
Time of India
21 minutes ago
- Time of India
How one tiny Myanmar town controls the globe's rare earth supply and is holding the world hostage
Bhamo, a town in the northern hills of Myanmar, home to just 166,000 people, may appear to be a small town, but it is where almost half of the world's heavy rare earths are found, like the minerals essential for electric cars and wind turbines, as per a report. The Civil War That Could Disrupt EVs Worldwide Since December, Kachin Independence Army (KIA), an ethnic militia, has been fiercely fighting Myanmar's junta for control of Bhamo, which is a civil war that started after the military's 2021 coup, as reported by Reuters. The town is within 100 kilometres of the Chinese border and is a strategically vital garrison town, according to the report. The takeover of Bhamo would grant the KIA control of the primary rare-earth mining area, something that has shaken China and caused supply chain disturbances globally, as per the Reuters report. China's Critical Role in Rare Earth Processing The heavy rare earths are usually shipped to China for processing into magnets that power electronic vehicles and wind turbines, as China has a near-monopoly over the processing of the minerals, as reported by Reuters. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo ALSO READ: SoFi stock surges 7% on Trump tax plan hype — earnings buzz builds ahead of July 29 Beijing's Ultimatum China has now reportedly threatened to stop buying the minerals mined in KIA-controlled territory unless the militia stops trying to seize full control of Bhamo, Reuters reported, citing people familiar with the matter. Live Events A KIA official told Reuters that, in May, China had made its demand, and a KIA commander pointed out that Beijing was represented by foreign ministry officials at the talks, according to the report. The ongoing fight in the region has limited mining operations, and rare-earth exports from Myanmar and now China is "using its dominance to shore up Myanmar's beleaguered junta, which China sees as a guarantor of its economic interests in its backyard," wrote Reuters in its report. While China's foreign ministry told Reuters that it was not aware of the specifics of deliberations with the KIA, but said that, "An early ceasefire and peace talks between the Myanmar military and the Kachin Independence Army are in the common interests of China and Myanmar as well as their people," as quoted in the report. ALSO READ: Wolfspeed stock soars over 100% after shock CFO appointment — who is Gregor van Issum? The KIA official revealed that Beijing had offered a greater cross-border trade with KIA-controlled territories if the militia stopped efforts to seize Bhamo, as reported by Reuters. The official said, "And if we did not accept, they would block exports from Kachin State, including rare-earth minerals," as quoted in the report. An independent Myanmar-focused analyst, David Mathieson, pointed out that Beijing is not seeking to resolve the wider civil war, but it wants fighting to stop as it wants to advance its economic interests, and said that, "China's pressure is a more general approach to calming down the conflict," as quoted in the Reuters report. Conflict Disrupts Mining and Exports The ongoing conflict in Bhamo started just after the KIA wrested control of the main rare-earth belt in Kachin last October, and since its takeover, the KIA has increased taxes on miners and throttled production of dysprosium and terbium, sending prices of the latter skyrocketing, as reported by Reuters. FAQs Who is fighting over Bhamo? The Kachin Independence Army is fighting Myanmar's military junta for control of the region, as per the Reuters report. What happens if China follows through on its threat? Global supply chains could be shaken, prices for rare earths could spike, and manufacturers might struggle to get the materials they need, as per the Reuters report.
Time of India
23 minutes ago
- Time of India
Trump says ‘no extensions' to August 1 tariff deadline; warns more letters to follow
US President Donald Trump on Tuesday doubled down on his sweeping tariff campaign, announcing that no further extensions will be granted, and that all countries must begin paying duties from August 1, 2025. The statement, made on Truth Social , came just a day after Trump had postponed the enforcement of his 'Liberation Day' tariffs by three weeks and signalled a possible willingness to remain flexible. 'As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted. Thank you for your attention to this matter!' Trump posted on Wednesday. Mixed signals before the hardline Trump had reignited his global trade war on Monday, threatening more than a dozen countries with steep new tariffs—including 25 percent duties on Japan and South Korea—but also left room for talks. In letters sent ahead of the original July 9 deadline, Trump said countries had until August 1 to strike new trade deals or face automatic tariff hikes. When asked at a dinner with visiting Israeli Prime Minister Benjamin Netanyahu whether the August deadline was final, Trump had responded:'I would say firm, but not 100 percent firm.' Pressed further, he added, 'I would say final, but if they call with a different offer, and I like it, then we'll do it.' But the tone changed sharply with Tuesday's Truth Social post. Tariff letters and country-wise impact Trump's 'take it or leave it' letters to Japan, South Korea, and others warned that the tariff holiday granted in April was over. His administration had initially unveiled a 10 percent baseline tariff on all imports on April 2, then suspended any rates above 10 percent for 90 days following market volatility. According to letters posted online, Indonesia will now face a 32 percent tariff, Bangladesh 35 percent, Thailand 36 percent, and several African and Southeast Asian nations will see duties ranging from 25 to 40 percent. Countries like Laos and Cambodia saw lower tariffs than originally proposed, but the bulk of measures remained severe. Trump justified the higher rates in his letters by arguing that many of the U.S.'s trade relationships are 'unfortunately, far from Reciprocal.' 'All money will be due and payable starting August 1,' he said. He also warned against retaliation, stating there could be 'further escalation' if countries responded with their own duties. Global pushback and diplomatic outreach International reactions have been swift. Japan's Prime Minister Shigeru Ishiba said at a cabinet meeting that the 25 percent tariffs were 'genuinely regrettable,' according to local media. Meanwhile, South Korea's National Security Adviser Wi Sung-lac met with U.S. counterpart Marco Rubio in Washington, expressing hope for a bilateral summit to resolve 'key pending issues.' Further, Thailand's acting Prime Minister Phumtham Wechayachai said, 'The most important thing is that we maintain good relations with the US… I want a better deal than the 36 percent tariff.' Malaysia, also facing a 25 percent duty, said it remained committed to 'balanced, mutually beneficial, and comprehensive trade' with the U.S. At the White House, Press Secretary Karoline Leavitt said, 'It's the president's prerogative, and those are the countries he chose,' when asked why Japan and South Korea were first on Trump's list. Markets dip and BRICS warning The renewed trade threats triggered jitters in the financial markets. The Nasdaq fell 0.9%, while the S&P 500 lost 0.8% on Monday. The Trump administration, under pressure to deliver on its '90 deals in 90 days' promise, has so far concluded only two firm agreements, with Britain and Vietnam, along with a partial de-escalation in tariffs with China. Trump has also threatened an additional 10 percent tariff on countries aligning with the BRICS bloc, accusing them of 'Anti-American policies' after they criticised his tariff regime at a recent summit. Even so, diplomatic outreach continues. The European Commission said EU chief Ursula von der Leyen had a 'good exchange' with Trump on trade during a call on Sunday, signalling that backchannel negotiations remain active despite the president's public hardline stance.
