Latest news with #exports
Globe and Mail
a day ago
- Business
- Globe and Mail
China eases restrictions on rare earth minerals to U.S.
China will review and approve exports of certain rare earth materials to the United States, the country's Ministry of Commerce said Friday, in exchange for Washington lifting 'a series of restrictive measures against China.' Rare earths have been a major sticking point in ongoing trade negotiations between the U.S. and China, ever since Beijing choked off the global supply of the critical minerals, vital for the production of modern automobiles, semiconductors, smartphones and military equipment. Following high-level talks in London this month, U.S. President Donald Trump said Beijing would supply rare earths and magnets, but companies had complained they were still struggling to get exports approved, often waiting weeks only to be turned down. U.S., China reach trade truce after two days of talks, Trump says On Thursday, U.S. officials indicated these problems were in the process of being ironed out, with Commerce Secretary Howard Lutnick telling Bloomberg that 'they're going to deliver rare earths to us,' after which Washington would 'take down our countermeasures.' Mr. Trump said a deal had been signed to 'open up China' on Wednesday, but did not go into details. Speaking to reporters on background, a White House official said the administration and China had agreed to an additional framework to implement their earlier trade agreement, and were working on expediting rare earth shipments to the U.S. In a statement, the Chinese Ministry of Commerce said that following a June 5 call between Mr. Trump and Chinese leader Xi Jinping, 'the teams maintained close communication' and had recently confirmed further details of a new framework. 'China will review and approve export applications for controlled items in accordance with the law,' the statement said. 'The U.S. will correspondingly lift a series of restrictive measures against China. Opinion: We have to do business with China – get over it It added it was 'hoped that the U.S. will work with China to follow through on the important consensus and requirements from the June 5 call, further leverage the China-U.S. economic and trade consultation mechanism, enhance mutual understanding, reduce misunderstandings, strengthen cooperation, and jointly promote the healthy, stable, and sustainable development of China-U.S. economic and trade relations.' While rare earths are found in a number of countries around the world, including in Canada, China holds a near-monopoly when it comes to processing the materials, producing upwards of 70 per cent of all refined critical minerals, according to the International Energy Agency. Beijing has used its leverage to great effect against the U.S. and other trade partners, few of whom export anything of equal importance to China. As U.S. trade deal deadline looms, Ottawa begins to temper expectations But the strategy is a risky one, as it has led to complaints against China at the World Trade Organization, and bolstered calls by many policymakers in the West to break dependency on Chinese rare earths by friend-shoring processing or finding alternative materials for cutting edge technologies. As well as easing restrictions on exports to the U.S., China also this week began issuing new licenses to European firms caught up in the fallout of Mr. Trump's trade war against Beijing, after weeks of lobbying by Brussels, according to the South China Morning Post. Eva Valle Lagares, the European Commission's head of trade for China, said Thursday that it was 'unclear' whether Beijing had 'intentionally hit' E.U. firms, or whether the restrictions were an unintended result of tensions with Washington. 'In reality, it is probably a mix of everything. We are looking for a far more structural and reliable long-term solution,' Ms. Valle Lagares said. 'If we ever needed a business case for de-risking, China is giving us it right now.' With files from Alexandra Li in Beijing
Yahoo
a day ago
- Automotive
- Yahoo
Car production fell for fifth consecutive month in May
The number of new cars and commercial vehicles built in the UK fell for the fifth consecutive month in May, figures show. Production was down by a third compared to the same time a year ago, said the Society of Motor Manufacturers and Traders (SMMT). Excluding 2020, when Covid lockdowns saw factories shuttered or running at greatly reduced capacity, it was the lowest performance for the month since 1949. In the year to date, production is down by almost 13% on 2024, to 348,226, the lowest since 1953. The SMMT said the reduction was mainly due to ongoing model changeovers, restructuring and the impact of US tariffs. UK vehicle production constraints continue in May 🚗🚚New car and commercial vehicle production volumes fall, by -32.8% as multiple challenges beset industry🇺🇸US share of exports shrinks prior to government securing new agreement with biggest single market🔋Industry welcomes… — SMMT (@SMMT) June 27, 2025 A total of 47,723 cars rolled off factory lines last month, while commercial vehicle output was down by more than 50% to 2,087 units. Car production for export fell by 27.8%, with shipments to the EU and US, the UK's two largest markets, down by 22.5% and 55.4% respectively. The SMMT said rapid action on energy costs and an increased ability to access key overseas markets, as well as additional measures to energise domestic demand, could put the UK on course to reclaim its place in the top 15 automotive manufacturing nations, for the first time since 2018. Mike Hawes, SMMT chief executive, said: 'While 2025 has proved to be an incredibly challenging year for UK automotive production, there is the beginning of some optimism for the future. 'Confirmed trade deals with crucial markets, especially the US and a more positive relationship with the EU, as well as Government strategies on industry and trade that recognise the critical role the sector plays in driving economic growth, should help recovery. 'With rapid implementation, particularly on the energy costs constraining our competitiveness, the UK can deliver the jobs, growth and decarbonisation that is desperately needed.'
Times of Oman
a day ago
- Business
- Times of Oman
India flags off first consignment of rose-scented litchi from Pathankot to Qatar
New Delhi: In a boost to India's horticultural exports, the Agricultural and Processed Food Products Export Development Authority (APEDA), under the Ministry of Commerce & Industry, in collaboration with the Department of Horticulture, Ministry of Agriculture and Farmers Welfare, Government of Punjab, facilitated the flag-off of the first consignment of 1 metric tonne of rose-scented litchi from Pathankot, Punjab to Doha, Qatar on 23rd June 2025. According to Ministry of Commerce and Industry, in addition, 0.5 metric tonne of litchi was also exported to Dubai, UAE from Pathankot, marking a twin export achievement and reinforcing India's potential in global fresh fruit markets. This milestone initiative underscores the excellence of India's horticultural produce and highlights the country's growing agri-export capabilities. It offers immense opportunities for farming communities by providing international market access for their fresh and high-value produce. The initiative was facilitated by APEDA in association with the Department of Horticulture, Government of Punjab, Lullu Group, and progressive farmer, Prabhat Singh from Sujanpur, who supplied the high-quality produce. According to the National Horticulture Board, Punjab's litchi production for FY 2023-24 stood at 71,490 metric tonnes, contributing 12.39 per cent to India's total litchi output. During the same period, India exported 639.53 metric tonnes of litchi. The area under cultivation was 4,327 hectares with an average yield of 16,523 kg/ha. The flagged-off consignment, comprising a reefer pallet of premium Pathankot litchis, represents a major step forward for the region's growers. The success of farmers like Prabhat Singh underscores the potential of Pathankot--which benefits from favourable agro-climatic conditions--as an emerging hub for quality litchi cultivation and exports. Notably, during FY 2024-25 (April-March), India's export of fruits and vegetables reached USD 3.87 billion, registering a 5.67 per cent growth over the previous year. While mangoes, bananas, grapes, and oranges continue to dominate fruit exports, cherries, jamun, and litchis are now increasingly finding their place in international markets. These efforts reflect the Government of India's commitment to expanding the agri-export basket, empowering farmers, and enhancing the global competitiveness of Indian produce.
Wall Street Journal
a day ago
- Business
- Wall Street Journal
China to Approve Exports of ‘Controlled Items' to U.S.
China will approve exports of 'controlled items' to the U.S., its commerce ministry said Friday in response to a question about rare-earth supplies that have been a sticking point in trade negotiations. Answering a question about Beijing's reported move to expedite rare-earth exports to the U.S., the Chinese Commerce Ministry said it 'would review and approve eligible export applications for controlled items in accordance with the law,' according to the state-run Xinhua News Agency.
Yahoo
a day ago
- Automotive
- Yahoo
UK car production hit 76-year low for May
UK car production sank to its lowest level for May since 1949 as US tariffs hit exports, an industry group has said. Production fell by nearly a third from a year earlier to 49,810 units, according to the Society of Motor Manufacturers and Traders (SMMT), which - excluding the 2020 Covid pandemic lockdowns - was the lowest figure for 76 years. Exports to the US halved as President Donald Trump's tariffs caused some UK car makers to halt shipments. However, US import taxes on UK cars are due to be cut by the end of June, giving cause for optimism, the SMMT said. The drop in exports to the US came after the Trump administration announced new 25% tariffs on cars and car parts in March. This "depressed demand instantly forcing many manufacturers to stop shipments", the SMMT said. Jaguar Land Rover suspended shipments to the US in April, while Aston Martin reduced exports, after the tariffs were imposed early in the month. The US share of UK exports fell from nearly a fifth to just over a tenth in May. Production was also hit by continuing work to change factories over to electric vehicle production, the SMMT said. However, in May the US and UK reached an agreement that included reducing import taxes on 100,000 British cars per year from 25% to 10%. This matches the number of vehicles the UK exported last year. Any cars exported above the quota will be subject to a 27.5% tax. The deal is due to come into force before the end of June, so the existing 25% tariffs "should hopefully be a short-lived constraint" on production, the SMMT said. Mike Hawes, the SMMT's chief executive, said while 2025 had been "an incredibly challenging year", there was still "some optimism for the future". He said trade deals with "crucial markets", including the US, India, and the EU, plus UK government strategies on industry and trade, "should help recovery". The SMMT also said the recently-announced UK industrial strategy included plans for lower energy costs for manufacturers and a £2.5bn automotive capital and research and development fund. Error in retrieving data Sign in to access your portfolio Error in retrieving data
