US allows offloading of some liquefied petroleum gas shipments, Treasury says
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
10 minutes ago
- The Independent
Trump promised to back Detroit automakers - his deal with Japan has them shaking in their boots
General Motors, Ford and Stellantis - the big three U.S. automakers - pushed back against the Trump administration after President Donald Trump announced a trade deal with Japan that would lower tariffs on vehicles made overseas and hurt the American car companies. Earlier this week, the president said he had signed the 'largest' trade deal in history with Japan, which would include a 15 percent tariff on imported cars – significantly lower than the 25 percent tariff on other imported vehicles. Trump announced the 25 percent tariff on cars made overseas earlier this year, and many of Detroit's companies manufacture cars in Mexico and Canada, which would make them subject to the 25 percent tariff. Higher tariffs likely mean higher costs for consumers, which could lead people to turn to the cheaper Japan-made models. 'Any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers,' Matt Blunt, the head of the American Automotive Policy Council, which represents the big three Detroit auotmakers, said in a statement. Blunt said American Automakers were still reviewing the terms of the agreement. During the campaign, Trump visited Detroit and touted the American car industry, promising to 'revolutionize' it. However, shortly after taking the White House, he quickly imposed tariffs on all cars made overseas. General Motors warned just this week that it expects a $4 to $5 billion impact from Trump's tariffs. Auto Drive America, a group that represents U.S. operations of foreign vehicle makers, praised the Japan deal while also calling for Trump to reach similar agreements with the European Union, South Korea, Canada and Mexico. 'We share President Trump's vision to make the U.S. the worldwide center of automotive production, and our member companies need stability in order to create an environment where we can maintain our competitive edge both in the U.S. and on the global stage,' Auto Drive America said. While the deal with Japan will impose lower tariffs, Trump said it will also open market access to the U.S. U.S. auto manufacturers have long struggled to infiltrate the Japanese market, in part because smaller cars that drive on the left side of the road are in much more demand – the type that the U.S. does not typically make. Kush Desai, a spokesperson for the White House, said, 'No president has taken a greater interest in restoring the American auto industry's dominance than President Trump, and his Administration is working closely with the auto industry to achieve this goal.' 'President Trump's trade agenda has already secured historic market access to Japan and Indonesia for Made in America cars with more America First trade deals to come,' Desai added. 'The Administration's domestic policy agenda – from rapid deregulation to the pro-growth tax cuts of The One Big Beautiful Bill – will further boost our auto industry's competitiveness on the world stage and Make American Automakers Great Again.' Hoping to stimulate U.S. manufacturing, the president imposed lofty automotive tariffs earlier this year. Automakers initially raised concerns with the 25 percent tariff in addition to other levies such as those on steel and aluminum. After, Trump offered U.S. automakers some relief through a complicated discount program. Two of the big three Detroit automakers appear to have suffered setbacks. General Motors said Tuesday its second-quarter earnings plummeted 35 percent, compared to the same quarter last year. It also reported a $1 billion loss in second-quarter profits. Stellantis, which makes Chryslers, Jeeps, and more, said it expects to see nearly $350 million in losses in the first two quarters of the year, in part due to tariffs. Around 60 percent of car parts are imported, even if the car is finally assembled in the U.S. Every single 2025 model car sold in the U.S. had at least 15 percent of its parts from a country outside of North America. Trump has threatened to hike tariffs on the U.S.'s largest trading partners, Mexico and Canada, to 30 and 35 percent, respectively.
The Independent
10 minutes ago
- The Independent
California utility creates fund for victims of January's deadly Eaton Fire near LA
Southern California Edison announced this week that it will create a fund to compensate victims of January's devastating Eaton Fire near Los Angeles. Investigators haven't yet determined a cause for the blaze that killed 19 people and destroyed more than 9,400 homes and other structures in Altadena. The creation of the Wildfire Recovery Compensation Program seems to suggest that the utility is prepared to acknowledge what several lawsuits claim: that its equipmentsparked the conflagration. 'Even though the details of how the Eaton Fire started are still being evaluated, SCE will offer an expedited process to pay and resolve claims fairly and promptly,' Pedro Pizarro, chief executive of Edison International, the utility's parent company, said in a statement Wednesday. 'This allows the community to focus more on recovery instead of lengthy, expensive litigation.' It is not clear how much money the utility will contribute to the fund, but a lawsuit filed by Los Angeles County in March claims that costs and damage estimates were expected to total hundreds of millions of dollars. SCE said the compensation program, which will go into effect this fall, would be open to those who lost homes, rental properties or businesses. It would also cover those who suffered injuries, were harmed by smoke or had family members who were killed. The plan is being created by administrators who helped form similar programs, including the September 11th Victim Compensation Fund of 2001. LA County previously won more than $64 million in a settlement with Southern California Edison over the 2018 Woolsey Fire. Investigators determined SCE's equipment sparked that blaze, and the utility also paid more than $2 billion to settle related insurance claims. Utility equipment has sparked some of the deadliest and most destructive fires in state history in recent years. Investigators are also working to determine the cause of the Palisades Fire, which broke out shortly before the Eaton Fire and killed 12 people and destroyed thousands of structures in Los Angeles.
Reuters
10 minutes ago
- Reuters
Brazil's WEG expects to mitigate most impacts from Trump tariffs
SAO PAULO, July 24 (Reuters) - Brazilian motor maker WEG ( opens new tab said on Thursday it expects to offset most of the impact from the 50% tariff U.S. President Donald Trump said he would impose on Brazilian goods partly by adjusting some export routes. Analysts have cited WEG - whose motors are used in vehicles, wind turbines and power transmission lines - among the most exposed firms to the steep tariffs, which are due to take effect on August 1. The company on Wednesday reported lower-than-expected second-quarter results, noting that geopolitical uncertainties have limited long-term visibility and led some clients to postpone investment decisions for large projects. Chief Financial Officer Andre Rodrigues suggested on Thursday the firm could use its Brazilian operations to supply countries such as Mexico and India, whose products would in turn meet U.S. demand. "The execution may take a few months, but once the change is implemented, we expect to be able to mitigate most of these impacts," he told a call with analysts, though warning the move would also depend on the levies Trump imposes on other nations. WEG has plants in over a dozen countries, including the United States and Mexico, and has touted its global presence and broad product portfolio as factors that might help shield it from the tariffs' impacts. Rodrigues said that products made in Brazil currently account for less than a third of WEG's U.S. sales. He noted that the effects on WEG's second-quarter results of the 10% tariff Trump had initially imposed in April were small, saying that the firm made some price adjustments in the U.S. to offset the impact of those levies. "Looking ahead, at this point it's not possible to have a firm stance, given the many uncertainties and volatility in the trade structures being discussed," Rodrigues added. "But if the current situation persists, WEG does have an action plan."
