China starts construction on world's biggest hydropower project in Tibet
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Chinese Premier Li Qiang attended a ceremony on Saturday marking the start of construction for a new $167 billion mega dam project in Tibet. The project aims to boost the national economy as well as increase the country's capacity to produce clean energy, but it raises risks to biodiversity and to relations with India. Also in this edition, we look at the success of Barcelona's tourist tax scheme.
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France 24
2 hours ago
- France 24
Trump announces 'massive' Japan trade deal including 15% tariff
The two countries have been locked in negotiations for months since Trump launched his global trade offensive, with levies targeting steel and automobiles -- both important Japanese exports -- seen as particular sticking points. Trump had previously threatened Japan, a major US trading partner, with a tariff of 25 percent beginning August 1 if a deal was not reached. "We just completed a massive Deal with Japan, perhaps the largest Deal ever made," Trump announced on his Truth Social platform. He said that under the deal, "Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits." He did not provide further details on the unusual investment plan, but claimed the deal "will create Hundreds of Thousands of Jobs." Japanese Prime Minister Shigeru Ishiba said that he needed to examine the deal before commenting. "As for what to make of the outcome of the negotiations, I am not able to discuss it until after we carefully examine the details of the negotiations and the agreement," Ishiba told reporters in Tokyo after Trump's announcement in Washington. Rice imports? Japan has agreed to "open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things," Trump said. Rice imports are a sensitive issue in Japan, and Ishiba's government had previously ruled out any concessions on the topic. Japan's Nikkei index bounced over one percent on news of the deal, with Japanese auto stocks rising six percent. The deal comes after Ishiba faced a bruising weekend election that left his coalition without a majority in the upper house. Trump has been under pressure to wrap up trade pacts after promising a flurry of deals ahead of his August 1 tariff deadline. Earlier on Tuesday, he announced a deal had been reached with the Philippines which would see the country face 19 percent tariffs on its exports. The White House also laid out details of a deal with Indonesia, which would see it ease critical mineral export restrictions and also face a 19 percent tariff. Similar agreements have been struck with the United Kingdom and Vietnam, while negotiations are ongoing with the top three largest US trading partners, China, Canada and Mexico. After an escalatory tit-for-tat with Beijing, the two major economies agreed to a temporary lowering of tariffs, with another round of negotiations expected next week in Stockholm. Since returning to the White House in January, Trump has imposed a sweeping 10 percent tariff on allies and competitors alike, alongside steeper levels on steel, aluminum and autos.
France 24
3 hours ago
- France 24
Trump announces 'massive' trade deal with Japan, 15 percent tariff on exports
President Donald Trump said Tuesday that the United States had agreed to a "massive" trade deal with Japan that would include a 15 percent tariff on its exports. The two countries have been locked in negotiations for months since Trump launched his global trade offensive, with levies targeting steel and automobiles -- both important Japanese exports -- seen as particular sticking points. Trump had previously threatened Japan, a major US trading partner, with a tariff of 25 percent beginning August 1 if a deal was not reached. "We just completed a massive Deal with Japan, perhaps the largest Deal ever made," Trump announced on his Truth Social platform. He said that under the deal, "Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits." He did not provide further details on the unusual investment plan, but claimed the deal "will create Hundreds of Thousands of Jobs." Japanese Prime Minister Shigeru Ishiba said that he needed to examine the deal before commenting. "As for what to make of the outcome of the negotiations, I am not able to discuss it until after we carefully examine the details of the negotiations and the agreement," Ishiba told reporters in Tokyo after Trump's announcement in Washington. Rice imports? Japan has agreed to "open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things," Trump said. Rice imports are a sensitive issue in Japan, and Ishiba's government had previously ruled out any concessions on the topic. Japan's Nikkei index bounced over one percent on news of the deal, with Japanese auto stocks rising six percent. The deal comes after Ishiba faced a bruising weekend election that left his coalition without a majority in the upper house. Trump has been under pressure to wrap up trade pacts after promising a flurry of deals ahead of his August 1 tariff deadline. Earlier on Tuesday, he announced a deal had been reached with the Philippines which would see the country face 19 percent tariffs on its exports. The White House also laid out details of a deal with Indonesia, which would see it ease critical mineral export restrictions and also face a 19 percent tariff. Similar agreements have been struck with the United Kingdom and Vietnam, while negotiations are ongoing with the top three largest US trading partners, China, Canada and Mexico. After an escalatory tit-for-tat with Beijing, the two major economies agreed to a temporary lowering of tariffs, with another round of negotiations expected next week in Stockholm. Since returning to the White House in January, Trump has imposed a sweeping 10 percent tariff on allies and competitors alike, alongside steeper levels on steel, aluminum and autos.
Sustainability Times
8 hours ago
- Sustainability Times
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IN A NUTSHELL 🚗 Toyota launches the affordable bZ3X SUV in China, priced at around $15,000, to compete in the EV market. launches the affordable bZ3X SUV in China, priced at around $15,000, to compete in the EV market. 🔋 The bZ3X is equipped with a locally-made EV motor developed with Nidec, cutting costs and boosting sales. developed with Nidec, cutting costs and boosting sales. 🛡️ Despite its low price, the SUV offers a luxurious interior, advanced safety features, and a spacious design for families. 🌟 Strategic partnerships with companies like Xiaomi and Huawei are enhancing Toyota's market presence and technological edge. Toyota is making significant strides in the electric vehicle (EV) market, particularly in China, where competition is fierce and consumer demand is rapidly growing. With the recent launch of their most affordable EV, priced at around $15,000, Toyota is positioning itself as a formidable contender in the Chinese EV space. This move is not just about affordability; it's a strategic play involving new technology and local manufacturing partnerships to reduce costs and boost sales. Let's delve into how Toyota is leveraging these strategies to succeed in the world's largest automotive market. Breaking Ground with a Locally-Made EV Motor Toyota's strategic decision to equip its bZ3X electric SUV with a China-made EV motor is a game-changer. Developed through a partnership with Japan's Nidec, this motor is a cornerstone of Toyota's cost-cutting strategy, allowing the automaker to offer the bZ3X at a competitive starting price. This move is pivotal in the intense EV price war in China, where affordability often dictates consumer choice. The bZ3X's remarkable sales performance, becoming the best-selling foreign brand EV in China, underscores the success of this approach. According to Nidec's president, Mitsuya Kishida, the creation of the new electric motor was a challenging endeavor, but one that has already yielded significant cost reductions. Approximately 99% of the materials and parts for the motor are sourced locally, highlighting Toyota's commitment to integrating into the Chinese market. This local sourcing not only cuts costs but also strengthens Toyota's supply chain resilience, making it less susceptible to international market fluctuations. A Budget-Friendly Yet Luxurious Electric SUV The bZ3X is not just an affordable option; it's a well-rounded vehicle that offers luxury and advanced technology. Despite its low price point, the SUV boasts a luxurious interior, featuring a 12.3-inch infotainment screen and an 8.8-inch driver cluster screen. These features enhance the driving experience, making it appealing to tech-savvy consumers. Additionally, the SUV is equipped with nearly 50 advanced safety features, including Level 2 assisted driving, powered by Momenta's intelligent driving model. This makes the bZ3X a compelling choice for families seeking safety and convenience. With its spacious interior—nearly 10 feet with seats folded down—the SUV is perfect for family excursions and daily commutes alike. The model's two battery options offer considerable driving range, catering to diverse consumer needs. Strategic Partnerships and Market Expansion Toyota is not resting on its laurels; the company is aggressively expanding its EV lineup and forging key partnerships. The recent launch of another electric SUV, the bZ5, reflects Toyota's commitment to diversification. This model, comparable in size to a Tesla Model Y yet available at half the cost, further emphasizes Toyota's competitive pricing strategy. Moreover, Toyota's collaborations with industry giants like Xiaomi, Huawei, and Momenta are poised to drive innovation and expand market presence. These partnerships enable Toyota to integrate cutting-edge technology into its vehicles, enhancing their appeal in the tech-driven Chinese market. With sales in China up 7.7% in the first five months of 2025, Toyota is clearly on an upward trajectory. Future Prospects and Challenges As Toyota continues to solidify its presence in China, the construction of a new Lexus EV plant in Shanghai marks another significant development. This facility, Toyota's second wholly owned plant in China, follows in the footsteps of Tesla, signaling a commitment to long-term growth in the region. The potential collaboration with Nidec for this project could further enhance Toyota's production capabilities. Looking ahead, Toyota faces the challenge of sustaining its momentum in an ever-evolving market. With several new EV models in the pipeline, including the bZ7, Toyota aims to maintain its competitive edge. However, as the market continues to grow, Toyota must navigate regulatory changes, technological advancements, and shifting consumer preferences. Can Toyota continue to innovate and lead in China's dynamic EV landscape? This article is based on verified sources and supported by editorial technologies. Did you like it? 4.5/5 (24)
