Chile Seeks Copper Tariff Exemption as Talks Begin in Washington
Speaking in an interview with Radio Duna, Marcel made reference to exemptions on certain raw materials in other agreements, such as UK steel. The minister vowed not to punish its own taxpayers by imposing any reciprocal tariff if the US proceeds with a 50% copper levy.
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The Hill
8 minutes ago
- The Hill
Trump trade policies less damaging than expected: IMF
President Trump's trade policies are less damaging than expected, with the International Monetary Fund (IMF) upgrading the projections of global economic growth for this year and 2026. The IMF, a Washington-based financial institution that works on facilitating international trade and sustained economic growth, projected a 3 percent global economic growth for 2025, 0.2 percentage points higher than the previous forecast from April, according to its Tuesday report. The organization, which consists of 190 member countries, is also projecting a 3.1 percent growth in 2026, 0.1 percentage point higher than the previous forecast. 'This reflects stronger-than-expected front-loading in anticipation of higher tariffs; lower average effective US tariff rates than announced in April; an improvement in financial conditions, including due to a weaker US dollar; and fiscal expansion in some major jurisdictions,' the IMF said in the new 12-page report. Similarly to the April findings, global headline inflation is expected to dip 4.2 percent this year and 3.6 percent next year. 'The overall picture hides notable cross-country differences, with forecasts predicting inflation will remain above target in the United States and be more subdued in other large economies,' the group said. Companies 'frontloading' imports before Trump's tariffs when into effect, along with the slight tumble of the U.S. dollar assisted in the growth of the world economy, IMF's chief economist Pierre-Olivier Gourinchas told The Financial Times. 'At the time of the April forecast, we had an effective tariff rate on [imports into the US] of 24 per cent,' Gourinchas said. 'We're now looking at an effective tariff rate of 17 per cent. While 17 is still much higher than where we were in January, there's been some easing of the tariff pressure.' China and the U.S. economies have received upgrades in the IMF's forecast, along with the United Kingdom, which will be the third-fastest-growing economy within the group of seven (G7) this year and in 2026. 'In both tariffing and tariffed countries, elevated uncertainty and volatility require robust prudential policies to safeguard financial stability,' the IMF wrote in the report. 'Crucially, the ambiguous and volatile landscape also requires clear and consistent messaging from central banks and the protection of central bank independence, not only in legal terms, but also in practice,' the organization added.
Yahoo
16 minutes ago
- Yahoo
‘Flying Car' Industry Taxis Toward Takeoff
'We wanted flying cars; instead, we got 140 characters,' venture capitalist Peter Thiel, himself an early Facebook investor and thus key financier of the first social media age, quipped in 2013. Since his remark, the character limit for posts on Twitter — rechristened X under Thiel's fellow PayPal mafia barone Elon Musk — has climbed to 280 (or 25,000 for paid subscribers). As for cars, they're still not flying. A US-based startup, backed by Japan's Toyota, and a freshly capitalized initiative in China could change that as soon as next year. READ ALSO: Trump's 'Biggest Deal Ever' With EU Prompts Yawn From Wall Street and Can Tesla and Samsung Find Salvation in Each Other? Shares to the Sky 'Flying car' is a colloquial term best associated with futures imagined by sci-fi filmmakers. But outside the dystopian cityscapes of Blade Runner or The Fifth Element, here on Earth, they go by a much wonkier industry term: electric vertical take-off and landing (eVTOL) craft. There's also no futuristic hovering technology — current eVTOLs in development by Santa Cruz-based, Toyota-backed Joby Aviation and Chinese carmaker XPeng get off the ground with old-fashioned propeller and rotor technology. In both cases, that has been more than enough to send their shares into liftoff: Joby, which already has a small fleet of air taxis conducting test runs, last week announced plans to expand its California facility to build 24 of its eVTOL craft per year. It also plans to pursue commercialization by seeking certification from the Federal Aviation Administration and expand production to an Ohio facility where it hopes to mass-produce as many as 500 crafts every year. Propping up the effort is 22% shareholder Toyota, which has invested roughly $900 million in the publicly traded startup (shares are up 122% this year). And then there's Xpeng Aeroht, Xpeng's flying car division, which earlier this month said it secured $250 million in Series B funding to expedite the mass production of its Land Aircraft Carrier, a Cybertruck-resembling all-terrain vehicle with a detachable, helicopter-like air module. Xpeng Aeroht is planning mass production of the vehicle, commencing next year in Guangzhou, with a roughly $280,000 price tag and a facility with a projected annual capacity of 10,000 units. Its parent company's shares are up 59% this year. Toyota, meanwhile, has expanded its exposure to the segment as another startup with its backing, Japan-based SkyDrive, obtained initial certification for an eVTOL earlier this year, which could eventually lead to commercialization. The barriers to adoption vary, depending on the market. For example, Xpeng Aeroht produces a smaller eVTOL, the X2, which is technically for sale in Australia, but regulatory uncertainty means using one legally may be at least a year away (and require a pilot's license). Dubai's the Limit: Joby had initially targeted offering commercial passenger services in Dubai, where Xpeng Aeroht tested an eVTOL back in 2022, by the end of this year. That timeline has been bumped to early 2026, seven years after Blade Runner but well ahead of The Fifth Element's setting in the 23rd century. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter. 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
Yahoo
26 minutes ago
- Yahoo
Italy's Wood Supply Chain Urges Swift Trade Deal With South American Trade Bloc
MILAN — Now that the EU and the U.S. reached a trade deal, fixing tariffs on EU exports at 15 percent, the focus has turned to South America. The Brazilian market, for example, is highly protected with an applied customs averaging duty of 13.5 percent, according to the European Commission. More from WWD Upscale Italian Furniture Maker B&B Italia Presses On With Global Expansion, Opens Seoul Store Cambodia Is a Growing Footwear Production Hub - A Trade Deal Could Be on the Way Questions Remain on US-EU Trade Deal, But 'Reduction of Uncertainty' Could Be Positive Step On Tuesday, FederlegnoArredo, the Italian federation of woodworking and furniture industries which represents the majority of Europe's luxury furniture-makers, said its president Claudio Feltrin met with Italy's Deputy Prime Minister and Minister of Foreign Affairs Antonio Tajani in July to discuss supporting a historic deal that would lift tariffs on goods to the region. 'The government insists that the European Commission finalize the Mercosur agreement as soon as possible. This would remove the existing tariffs for a very interesting area for our exports, starting with Brazil,' Feltrin said, adding that swift action would counterbalance the 15 percent tariffs on goods to the U.S. market. Brazil was strongly represented at Salone del in April, he stated. 'They clearly appreciate our design products and [the nation] offers great potential for growth and development for wood-furniture enterprises,' he said. His statements were first aired on Italy's Class CNBC. The EU encourages Brazil to reduce tariff and non-tariff barriers, and to promote a stable and more open regulatory environment for European investors and traders. The 27-nation European Union and Mercosur, the South American trade bloc that includes Brazil, Argentina, Paraguay, Uruguay and Bolivia have been discussing a trade deal since 1999. A draft deal was finally announced in 2019, but it has not been backed by major EU countries like France. The European Commission said the deal will save EU companies 4 billion euros worth of export duties per year. The European Commission reached an agreement with South American countries in December 2024 but delayed submitting it as it awaits ratification by the member states and the European Parliament. The goal of the EU Mercosur trade deal is to increase bilateral trade and investment and lower tariff and non-tariff trade barriers, notably for small and medium-sized companies. It would also create more stable and predictable rules for trade and investment through better and stronger rules, in the area of intellectual property rights, for example, as well as competition and good regulatory practices. Feltrin said the spotlight was also on India, a country that is imposing mandatory certifications that will create roadblocks for Italian goods. According to economists at Istat, Italy's statistics bureau, forecasts in June said the Italian economy is expected to grow 0.6 percent in 2025 and 0.8 percent in 2026, lifted by improving domestic demand. The nation's largest industry confederation, Confindustria, insisted that amid difficult times, geographical diversification is key. The report said Italian exporters should focus on markets with high growth potential, such as the South American trade bloc, which contributed 7.5 billion euros to Italian exports. The report also mentioned India, Australia and South East Asia. According to Confindustria's estimates, sales of goods to the rest of the world could increase by about 13 billion euros cumulatively in 2027, offsetting U.S. export losses. 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
