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CTV News
an hour ago
- CTV News
U.S. says tariff deadline of Aug 1 is firm, no extensions
U.S. President Donald Trump listens to members of the media after he arrived at Prestwick Airport in Ayrshire, Scotland, Friday, July 25, 2025.(AP Photo/Jacquelyn Martin) WASHINGTON — The U.S. deadline of August 1 for imposing tariffs on its trading partners is firm and there will be no extensions, U.S. Commerce Secretary Howard Lutnick said Sunday. 'So no extensions, no more grace periods. August 1, the tariffs are set. They'll go into place. Customs will start collecting the money, and off we go,' Lutnick told 'Fox News Sunday.' After the levies kick in, U.S. President Donald Trump -- who was negotiating Sunday in Scotland with European Union officials -- is still willing to keep talking, Lutnick said. Of the Europeans, Lutnick said, 'You know they're hoping they make a deal, and it's up to President Trump, who's the leader of this negotiating table. We set the table.' So far five countries have struck deals with the Trump administration ahead of the Friday deadline as it tries to overhaul the global system of largely free trade by slapping tariffs on countries that the United States deems as engaging in unfair practices. These five are Britain, Vietnam, Indonesia the Philippines, and Japan. The levies they accepted are often higher than the new base rate of 10 percent that the United States has applied to most countries since April. But they are far below the levels the Trump administration threatened to impose if no deal were reached. AFP
Globe and Mail
2 hours ago
- Globe and Mail
U.S., China negotiators to resume talks in effort to extend tariff truce
Senior U.S. and Chinese negotiators meet in Stockholm on Monday to tackle longstanding economic disputes at the centre of the countries' trade war, aiming to extend a truce keeping sharply higher tariffs at bay. China is facing an August 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached a preliminary deal in June to end weeks of escalating tit-for-tat tariffs. Without an agreement, global supply chains could face renewed turmoil from duties exceeding 100 per cent. The Stockholm talks, led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, take place a day after European Commission President Ursula von der Leyen meets Trump at his golf course in Scotland to try to clinch a deal that would likely see a 15 per cent baseline tariff on most EU goods. Trade analysts on both sides of the Pacific say the discussions in the Swedish capital are unlikely to produce any breakthroughs but could prevent further escalation and help create conditions for Trump and Chinese President Xi Jinping to meet later this year. Previous U.S.-China trade talks in Geneva and London in May and June focused on bringing U.S. and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia H20 AI chips and other goods halted by the United States. U.S. to discuss tariff deadline extension with China as Trump, Philippines reach deal So far, the talks have not delved into broader economic issues. They include U.S. complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that U.S. national security export controls on tech goods seek to stunt Chinese growth. 'Stockholm will be the first meaningful round of U.S.-China trade talks,' said Bo Zhengyuan, Shanghai-based partner at China consultancy firm Plenum. Trump has been successful in pressuring some other trading partners, including Japan, Vietnam and the Philippines, into deals accepting higher U.S. tariffs of 15 per cent to 20 per cent. He said there was a 50-50 chance that the U.S. and the 27-member European Union could also reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. Two of Trump's top trade officials, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer, will attend the Scotland talks and then travel to Stockholm. Analysts say the U.S.-China negotiations are far more complex and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on U.S. industries. In the background of the talks is speculation about a possible meeting between Trump and Xi in late October. Trump has said he will decide soon whether to visit China in a landmark trip to address trade and security tensions. A new flare-up of tariffs and export controls would likely derail any plans for a meeting with Xi. 'The Stockholm meeting is an opportunity to start laying the groundwork for a Trump visit to China,' said Wendy Cutler, vice president at the Asia Society Policy Institute. Bessent has already said he wants to work out an extension of the August 12 deadline to prevent tariffs snapping back to 145 per cent on the U.S. side and 125 per cent on the Chinese side. Still, China will likely request a reduction of multi-layered U.S. tariffs totaling 55 per cent on most goods and further easing of U.S. high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the U.S. trade deficit with China, which reached US$295.5-billion in 2024. China is currently facing a 20 per cent tariff related to the U.S. fentanyl crisis, a 10 per cent reciprocal tariff, and 25 per cent duties on most industrial goods imposed during Trump's first term. Bessent has also said he would discuss with He the need for China to rebalance its economy away from exports toward domestic consumer demand. The shift would require China to put an end to a protracted property crisis and boost social safety nets to encourage household spending. Michael Froman, a former U.S. trade representative during Barack Obama's administration, said such a shift has been a goal of U.S. policymakers for two decades. 'Can we effectively use tariffs to get China to fundamentally change their economic strategy? That remains to be seen,' said Froman, now president of the Council on Foreign Relations think-tank.
Globe and Mail
7 hours ago
- Globe and Mail
Is QuantumScape Stock a Buy Now?
Key Points QuantumScape's solid-state lithium-metal battery technology aims to achieve higher energy density, faster charging, and improved safety compared to traditional lithium-ion batteries. The company has partnered with PowerCo, Volkswagen Group's battery manufacturing arm, to produce its technology and support a capital-light business model. Analysts predict that meaningful revenue won't materialize until 2027, with a surge forecast for 2028. 10 stocks we like better than QuantumScape › QuantumScape (NYSE: QS) is leading the charge to revolutionize energy storage with its innovative solid-state lithium-metal battery technology for electric vehicles and other applications. Its cutting-edge battery technology promises higher energy density and faster charging times, while also significantly improving safety compared to traditional lithium-ion batteries. The company has made headlines recently as its battery technology progresses, and the stock has surged 265% from its 52-week low. Here's what investors need to know about QuantumScape's investment prospects and what to expect from the company over the next several years. QuantumScape's battery technology ambitions Last year, QuantumScape partnered with PowerCo, the battery manufacturing arm of the Volkswagen Group. Volkswagen has been a significant investor in QuantumScape since 2012, committing around $380 million, and is the company's largest shareholder. QuantumScape's collaboration with PowerCo looks to advance its QSE-5 technology platform, with the goal of scaling up production at PowerCo's facilities. PowerCo is the "anchor customer" in QuantumScape's expanding technology ecosystem, as the company aims to develop a capital-light licensing model and expand its partnerships with customers worldwide. Instead of incurring heavy manufacturing investments, QuantumScape would license its technology to these partners, reducing its exposure to manufacturing risks and capital demands. QuantumScape is focused on broadening its range of potential licensing agreements with other automotive manufacturers. It also aims to strengthen its relationships with technology partners and key players across the battery value chain. This recent news sent the stock soaring One of QuantumScape's primary goals coming into 2025 was to bring the Cobra separator process into baseline production. Cobra represents a "step-change innovation in ceramics processing" designed to enable a significant improvement in separator productivity. This new process offers a 25 times improvement in heat treatment speed and requires only a fraction of the physical space per film start (compared to its prior-generation Raptor process). In June, the company announced that its Cobra separator process had reached baseline production, a key step toward commercializing its batteries. The successful baselining of Cobra is crucial for enabling higher-volume B1 sample production of their QSE-5 cells, which will be used in a launch program designed to showcase them, with field testing scheduled to commence in 2026. Since the announcement, the stock has surged 190%. Be mindful of the timeline and its finances One thing investors should be aware of regarding QuantumScape is that it is a company in its early growth stage. The company has not generated any revenue to date and continues to incur losses as it spends heavily on research and development. QuantumScape posted an operating loss of $123.6 million in the first quarter and expects to incur significant expenses and ongoing losses into the future. Capital expenditures in the first quarter of 2025 were $5.8 million, primarily supporting equipment and facilities for higher-volume QSE-5 B1 sample production using the Cobra separator process. The company's full-year capital expenditure guidance for 2025 is between $45 million and $75 million. QuantumScape reported $860.3 million in cash and equivalents at the end of the first quarter and anticipates this cash runway is enough to extend into 2028. This runway has expanded since it announced its licensing agreement with PowerCo, which is expected to lower costs and capital requirements compared to previous joint venture arrangements. Is QuantumScape a buy today? I'm excited about the potential of QuantumScape's groundbreaking battery technology, which has the potential to transform energy storage in the future. However, the company is still in the early stages of development and testing, and will continue to incur losses as it brings its vision to life. Analysts have noted that we should not expect meaningful revenue from QuantumScape until 2027, with projections of $51.6 million that year, followed by a significant leap to $265 million in 2028. Until then, we're looking at a story-driven stock that will attract attention but may not offer as much upside from here, especially given its recent surge. Should you invest $1,000 in QuantumScape right now? Before you buy stock in QuantumScape, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and QuantumScape wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025
