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US yields drop as stocks jump ahead of key earnings reports
The major stock indexes rose on Monday, as investors anticipated more quarterly results this week from big U.S. corporations. U.S. Treasury rates also fell ahead of the upcoming U.S. China trade talks. Gold prices increased by more than 2% as investors awaited further U.S. rate cuts, and a sustained demand for safe havens. Investors also monitor the U.S. government shutdown which is now in its twentieth consecutive day. Government agencies haven't published key economic reports as a consequence. However, the September U.S. Consumer Price Index is expected to come out on Friday. Investors are eager to hear this week's reports from Tesla, IBM and Netflix. They also want to know what Procter & Gamble and Coca-Cola have in store. Nasdaq was the leader on Wall Street and gained more than 1%. S&P 500's technology sector led gains in the benchmark. Jake Dollarhide is the chief executive of Longbow Asset Management, located in Tulsa. "Ofcourse, if there are some disappointing earnings that could negatively affect the market." Investors are looking forward to the week wearing rose-colored lenses, and feeling good about how far we've come this year. The Dow Jones Industrial Average climbed 362.24 points or 0.79% to 46,553.87. The S&P 500 gained 61.30 or 0.92% to 6,725.42 while the Nasdaq Composite rose 298.30 or 1.32% to 22,978.27. Some market watchers believe that tighter credit conditions may help to reduce some of the froth on the market as U.S. regional bank earnings continue to roll in. The MSCI index of global stocks rose 10.95 points or 1.11% to 994.85. The pan-European STOXX 600 Index rose by 1.03%. Japan's Nikkei index soared 2.8%, reaching a new record. A coalition agreement paved the way for Sanae Takaichi, a pro-stimulus politician to become Prime Minister. U.S. Treasury secretary Scott Bessent announced on Friday that he will meet with Chinese Vice Premier He Lifeng this week in Malaysia to prevent an escalation of U.S. Tariffs on Chinese Goods, which U.S. president Donald Trump has said is unsustainable. Trump confirmed that he will meet Chinese President Xi Jinping next week in South Korea, and expressed his admiration for him. The yield on the benchmark 10-year U.S. notes dropped 1.7 basis points from Friday's 4.009% to 3.992%. The dollar's value against the yen, and other currencies was not much changed. The odds of a Bank of Japan interest rate hike in this month were reduced by the markets to just under 20%. Meanwhile, political tensions in France eased. Federal Reserve is still widely expected to reduce interest rates next month by a quarter point and again in December. The dollar index (which measures the greenback in relation to a basket of currency) was down by 0.02%, at 98.51. Meanwhile, the euro rose by 0.03%, at $1.1655. The dollar fell 0.06% against the Japanese yen to 150.53. Spot gold increased 2.29%, to $4346.16 per ounce. U.S. crude dropped 0.83% to $57.06 per barrel. Brent fell to $60.62 a barrel, down by 1.09% for the day.
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Brazil's Petrobras receives green light for drilling near the mouth of Amazon River
The Brazilian environmental agency Ibama has given the green light to state-owned oil company Petrobras for exploratory research, including drilling wells in the Foz do Amazonas area, near the mouth the Amazon River, according to a firm statement released on Monday. Petrobras has said that the drilling will begin immediately and should last for around five months. They also added that at this time, they won't be producing oil. Petrobras considers the area in deep water off the coast of Amapa to be its most promising oil frontier. It shares geology with the nearby Guyana where Exxon Mobil has developed huge fields. Petrobras said it aims to gain more geological data through exploratory research, and assess if there is oil or gas in the region on a commercial basis. Petrobras has conducted an environmental impact assessment as part of its bid for drilling in this environmentally sensitive area. Emergency response Test in August to evaluate its readiness Last month, Documents shown Petrobras failed a part of the test and had to submit its plan for animal rescue again. Petrobras' statement on Monday said that it "fully complied with the environmental licensing processes" and met all the requirements set by Ibama. Magda Chambriard, CEO of Petrobras, celebrated the grant of the license with a press release. She called it "a success for Brazilian society." She said, "We hope to achieve excellent results in our research and prove that there is oil in the Brazilian part of this new global frontier of energy," Ibama made his decision as Brazil prepared to host the global summit on climate change COP30 in November this year, which will be held in the Amazonian town of Belem. Brazil is expected call for the international community's acceleration away from fossil-fuels. Environmentalists have been harshly critical of Brazil's energy policy and climate leadership ambitions. (Reporting and editing by Sarah Morland, Brendan O'Boyle and Isabel Teles)
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Brent Oil Market Structure: Physical markets reflect concerns about supply glut
The discount between the Prompt Brent futures and six-month contracts reached its highest level since December 2023, Monday. This reflects a growing belief that there is enough supply as OPEC+ producers and others increase their output. According to traders and LSEG, weakness was also seen on the physical crude oil market in Europe and Africa as a result of a plentiful supply and a cooling season demand in preparation for winter in the northern hemisphere. Brent's first-month contract was as low as 56 cents per barrel below the contract to deliver in six months The first discount since May was implemented on 16 October. The spread between the WTI Crude Futures Contract and its major U.S. counterpart The trader also traded in contango after moving towards this structure last week. MARKET WEAKENS ON SURPLUS A market structure called contango, which is characterized by a lower price for immediate delivery than for later deliveries, indicates that the perception is that supply will be abundant in the near term and demand will weaken. The weaker Brent/WTI structure is due to the decisions of OPEC+ to increase oil production more quickly, and the resilient production by the U.S., and other non-OPEC+ nations, according Tamas Varga. Analyst at brokerage PVM. Bjarne Schieldrop, SEB, said that "more weakness is to come" as oil from the sea arrives in ports. The Middle East OPEC countries are boosting exports, along with lower consumption after the summer. Both contracts spent most of the year with the opposite structure. This is called backwardation. In this case, the prices for the futures are higher than the current price. This reflects the perception of a tight supply in the near term and solid demand. Brent's 6-month spread briefly sat in contango during May. After Israel's attack on Iran's nucleotide facilities, it reversed and climbed to $7.50, its highest level since October 2023. It was in positive territory until last week as supply risks were supportive. Contangos encourage traders to store oil in order to sell it at a higher price later. PHYSICAL MARKET ALSO SHOWS WEAKNESS Also, the North Sea physical oil markets, which support the Brent futures contracts and the Brent physical benchmark used for pricing about two thirds of world oil, are weakening. Brent swaps for short-term, also known as contracts for differences (CFDs), entered contango Friday in the first three weeks of contract. This was a sign that there is more supply. Price differential between North Sea Forties and Brent dated According to LSEG, Brent oil plus 35 cents reached a low of three weeks last week. West African crude markets are experiencing a decline in grades due to a weakening of demand from Europe and Asia, and fierce competition from Latin American crudes. The traders said that November loading programs have already begun to appear for the 21-35 Angolan cargoes and 35 Nigerian cargoes that remain unsold. West African grades are typically traded a month ahead of most other grades, giving traders a good indication of the future of the physical market. (Reporting and editing by Alex Lawler in London and Jan Harvey.
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Gold Reserve: Citgo auction is threatened by fees of $170 million
Gold Reserve, a Toronto-listed company, accused the firms that advised a U.S. Court on the auction for Citgo Petroleum parent's parent that they received $170 million from parties who would receive proceeds and a bidder recommended as the winning party. These accusations are just the latest twist to an auction which has been dragging on for almost two years. They could also threaten to slow down further. The Delaware court began to discuss the fees on Monday following Gold Reserve's Motions earlier this month. Gold Reserve wanted to disqualify a judge and court officer overseeing the auction, as well as advising firms Weil Gotshal & Manges and Evercore for the alleged conflicts of interest. Michael Bowe's counsel, Gold Reserve, said that "normal people would question the impartiality" of advisors, who had received $170,000,000 in fees from Gold Reserve, the party whose bids were being evaluated in the auction process. Robert Pincus, a court officer, changed his recommendation in August for the winner of the auction to Elliott Investment Management’s Amber Energy. Gold Reserve subsidiary Dalinar Energy was no longer recommended. This prompted objections from other bidders and creditors. Gold Reserve now claims that Weil was representing Elliott during the Citgo sale, and that both advising firms were in contact with holders of Venezuelan debt who would be eligible to receive auction proceeds if Amber's proposal went through. Weil Gotshal & Manges (WGM), Evercore, and Elliott have not responded to our requests for comment. The auction of Venezuelan-owned PDV Holdings, parent company of Houston-based refiner Citgo Petroleum aims to compensate 15 or more creditors for debt defaults in Venezuela and expropriations. The court has yet to select a final winner. This month, lawyers representing Venezuela filed a motion to disqualify Pincus as well as the two advisory firms. Gold Reserve has requested a temporary halt to all bids pending the resolution of disqualification motions.
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Russia tightens law on sabotage citing NATO and Ukraine threats
On Monday, Russian lawmakers announced that they had drafted legislation mandating the life sentence for anyone who involves minors in sabotage. The law also lowers the age limit for criminal responsibility of such crimes from 18 to 14. Since 2022 when it sent its military forces to Ukraine, Russia has passed a number of laws that give the state security agencies the power to hold anyone accused of misrepresenting war or of being against the state. Vasily Piskaryov is the chairman of the lower chamber of parliament's Security Committee. He said that a bill, which was introduced in the lower chamber of parliament on monday and supported by 419 of 450 members, would improve the state's security. 'INEVITABILITY OF PUNISHMENT' Piskaryov stated that the bill would "increase inevitability" of punishments for those who attempt to undermine the foundations our state. He said that those who involved children in terrorism or sabotage would face harsher punishments, including life imprisonment, and the age limit for such crimes will be lowered to 14 years of age. Piskaryov stated that the law was necessary because sabotage is a serious threat to the Russian State. He accused secret services from Ukraine and NATO of intensifying subversive activities against Russia, including the involvement of minors. He did not give any specific examples, but instead cited data provided by prosecutors that showed 204 subversive offenses were registered in 2024 but only 174 during the first half 2025. NATO and Ukrainian authorities didn't immediately respond to comments. Kyiv accused Russia in the past of using Ukrainian minors to try and destroy Ukrainian infrastructure in the war. RUSSIA SAYS THE WEST IS HELPING UKRAINE TO ATTACK IT'S ENERGY SITES In recent months, Ukraine has intensified its attacks on Russian oil refineries as well as other energy installations. According to Moscow, the West and major NATO countries have provided Kyiv with intelligence. Both Moscow and Kyiv accuse each other of killing people. The Kremlin said that a general tightening up of the laws is necessary to maintain order, as Russia faced an unprecedented hybrid attack by the West. This was a result of hundreds of billions in arms and intelligence from the West. Alexei Navalny - who died in a prison in the Arctic in 2024 - was one of those Kremlin critics that said President Vladimir Putin had created a fragile dictatorial regime which would be overthrown by history. (Reporting and editing by Mark Heinrich; reporting by Guy Faulconbridge)
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Climate Investment Funds backs Fiji nature financing plan
Climate Investment Funds, a multilateral lender, announced on Monday that its board had approved a plan for helping restore Fiji's ecosystems and strengthening the island's capacity to withstand global warming. The Climate Investment Funds announced the agreement on Monday, ahead of the November round of U.N. talks. Fiji and the other Small Island Developing States are pushing for the world to do even more to reduce greenhouse gas emissions. CIF announced that it would provide $27 millions in financing, and hopes to attract an additional $20 million from World Bank and Progreen. This multi-donor initiative is designed to support the development of a sustainable way while protecting biodiversity. CIF stated that the money would fund a variety of projects on land and at sea, and will impact over 80,000 people. The country relies heavily on tourism, which accounts for 40% of economic output, and agriculture, fishing and forestry, which employs 40% of population. CIF's Chief Executive Tariye gbadegesin stated in a press release that "Investing nature is an investment in a prosperous and secure future, especially for Fiji where the natural environment supports the economy." CIF said that cyclones and floods cost the island about 5% of their economic output each year. (Reporting and editing by Mark Porter; Simon Jessop)
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Brazil's Indigenous Battle with a Dry Amazon Rainforest
Brazil's indigenous land is being invaded by farms Fire and drought hazards increase in the territory Native residents change farming practices By Andre Cabette Fabio This scene has been repeated for generations by the Kalapalo tribe's Tanguro Village in Brazil's Xingu Indigenous Park. Instead of the traditional thatched roofing, the communal home is covered in a white plastic sheet, which has been decorated with the brand logo and "for agricultural use only." The roof is just one of the many signs of increased cattle- and soybean-farming on the Amazon's heavily deforested Southeast edges, where the rainforest is warming the fastest. In this region the dry season has gotten several weeks longer. The rainforest is becoming drier and flammable, forcing the 16 ethnic groups that inhabit the area, and the more than 6,000 residents, to adapt their ancient farming techniques to preserve the land and provide enough food for themselves. The people of Mato Grosso, Brazil’s soybean and beef center, are surrounded by fields and pastures that support Brazil’s exports. But they're running out of water and require government assistance to compensate for the poor harvests. Private landowners are converting low-productivity pastures to water-intensive soybean crops and removing trees from their properties. Conservation of the Amazon rainforest is vital for Indigenous peoples and the entire world. The Amazon rainforest is vital for the world and Indigenous peoples. It absorbs and stores huge amounts of carbon dioxide that warms our climate. Carbon is released into the air as the Amazon is cut. TIPPING POINT Scientists say that the Southeast Amazon is vulnerable to a "tipping-point" due to its high temperatures, long dry season, fire rates, and deforestation. There is no turning back once a tipping-point is reached. Nature is forced into a downward spiral that is self-reinforcing. According to Carlos Nobre, a Brazilian climatologist, the forest would turn into a degraded form or even a "savannah" - an ecosystem of dry grassland with clusters and trees. Experts say that large areas of Amazon are more prone to wildfires due to the deforestation, and warmer temperatures, which have reduced shade and moisture. Ongoing scientific debates are attempting to determine the exact location and extent of the tipping point in the Amazon. Nature published a study in 2021 that found the Southeast Amazon emits more CO2 than it absorbs. This means more vegetation is dying rather than thriving. Farmers tend to have a different perspective, distancing themselves from climate change. Endrigo Dacin, a local producer's association Aprosoja councillor and soybean farmer, said that humans have little impact on climate. He added, "Our rains depend heavily on the oceans." A study published in Nature Communications in September showed that deforestation is responsible for 74% reduction of rainfall in the Amazon rain forest dry season since 1985. Scientists say that localized versions of the tipping points may already be in play on the fragile Xingu Territory. Residents say that as the water level drops and forests warm up, agriculture and fishing are becoming more difficult. "We never imagined we would reach this point. The river is so dry that we are forced to push our boat at certain points," said Sikan Kalapaloo, a nursing students who lives in Tanguro Village. He said, "We're now facing food shortages and certain plants are no longer producing." FIRE CONTROL The indigenous people of Xingu use fires for clearing land to cultivate small plots. This is a low impact intervention, as the plots are usually abandoned after a few years to allow the forest to regenerate. In the last decade, more communities are taking precautions to prevent fires. PrevFogo is a fire brigade operated by the Brazilian federal government. Local residents can also help. Yunak Yawalapiti, a farmer in Yunak Village, watched PrevFogo agents burn 700 square meters of forest so that he could plant his manioc roots. A firefighter issued a warning within minutes, signaling the spread of flames into the forest. Agents were notified to rush with water pumps. The farmer remembered that the forest in the 90s was so humid, that fires did not spread during midday. He said that it doesn't really matter when you start the fire. It spreads. It's as if there is gasoline everywhere. Even under unsupervised slash and burn practices, the Xingu forest did not burn more than 10,000 hectares in a year. Scientists have predicted that as forests near tipping points, they will see a change in the forest's fire proneness. According to MapBiomas' 40-year data, the Amazon saw twice as many fires last year as the previous record in 2016. In 2023, a technical analysis presented at the Brazilian Symposium of Hydraulic Resources revealed a connection between deforestation in the Xingu River Basin and lowered discharges of water. Taliko Kalapalo, a linguistics student swimming in the Xingu river near Tanguro Village, pointed out children kicking water near a sandy shore. He said that the river had lowered and the port was no longer as deep. Adeal Carneiro is a city councillor for Querencia, where a part of the Xingu Territory is located. He said that the use of irrigation water by agribusinesses contributes to desiccation. Imagine irrigating 2,900 acres (4,900 hectares) of land day and night. "It's a lot of water," said he. The manioc roots, which are used to make tapioca (a staple food in Xingu), have also failed due to rising temperatures and drought. Sikan Kalapalo said that communities rely on cash transfers or government aid packages to purchase food. He said, "We cannot live this way forever and rely on assistance".
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Cleveland-Cliffs posts narrower-than-expected Q3 loss on improving auto business
Cleveland-Cliffs posted a loss for the third quarter that was smaller than Wall Street expectations, with its automotive-grade steel division benefiting from recent U.S. Trade policies. Shares of the company rose 22%. Lourenco Goncalves, the CEO of the company, also stated that it had signed a memorandum with a global steel producer. The company is currently exploring rare-earth mining opportunities in Michigan and Minnesota. Analysts at Jefferies said that a potential deal with a global producer of steel could be beneficial to Cliffs' shareholders. We have seen foreign producers willing to invest materially in the US to gain un-tariffed access to US markets under the current administration. Goncalves said that if Cliffs' rare earth exploration was successful, it would align the firm with the national strategy of critical material independence. Goncalves stated that "American manufacturing should not rely on China, or any other foreign nation, for essential minerals." Goncalves noted in the earnings call that on Monday "Cleveland Cliffs has been able to secure 2 or 3 year agreements with all major auto OEMs, covering increased sales volumes and favorable prices through 2027 or 2020." The development comes at a moment when the U.S. Steel industry is seeking to recover demand amid a market surplus resulting from cheaper imports. In an effort to combat the rising competition from abroad, Donald Trump raised tariffs on steel and aluminum imports earlier this year. He also set new tariffs of 25% on medium- and heavy duty trucks and parts imported last week to move more auto production into the United States. LSEG data shows that the adjusted loss for the quarter ending September 30 was 45 cents a share. Analysts had estimated a loss of 48 cents based on LSEG's data. Revenue for the third quarter rose by 3.6% compared to a year earlier, reaching $4.73 billion versus estimates of $4.90. Reporting by Aatreyee dasgupta from Bengaluru, editing by Shailesh Kuber
Trump's trade tariffs and threats
The global trade war sparked by U.S. president Donald Trump has intensified. He increased tariffs against China, while reversing sweeping duties on most trading partners. This stoked fears of a global recession, sent jitters through global financial markets, and drew condemnation from world leaders.
Trump announced tariffs on imports of semiconductors, which could take effect this week. He also hinted that some companies within the sector might be exempted.
The word "move" means to move.
Exclusion of Smartphones and Computers
The impact of his reciprocal tariffs against China will likely be short-lived.
Trump announced on Wednesday that he would be announcing a new policy.
Temporary reprieve
Tariffs on Chinese Imports are now effectively 145%.
The first initial is
Tariffs starting at 10%
On April 5, a ban on imports from numerous countries was imposed at U.S. ports, airports and Customs.
While Trump's tariff threat has changed over time, other nations and businesses are unsure of what will happen next, and consumer and business confidence is shaken.
Here's a summary of Trump’s threats and actions in relation to trade.
BROAD TARIFFS
Trump's vision is based on a gradual roll-out of tariffs that will apply to all U.S. imported goods.
Trump's economics team was tasked with developing plans to impose reciprocal tariffs against every country that taxes U.S. Imports. They also had to address non-tariff barriers, such as vehicle safety regulations that exclude U.S. automobiles and value added taxes that raise their price.
Trump said that the reciprocal tariffs were a response to the barriers placed on U.S. products. Administration officials, however, stated that the tariffs will create manufacturing jobs in the United States and open export markets abroad.
In recent decades, tariffs have been reduced to a small fraction of U.S. taxes. Economists claim that Trump's policies are inflationary, as businesses who import goods and pay tariffs will pass on the additional costs to consumers.
Specific COUNTRIES
Trump's tariff proposal targets several key trading partners.
MEXICO AND CANADA : Mexico and Canada were the two largest trading partners of the U.S. from 2024 to November. Trump's new tariffs of 25% on imports from Mexico, Canada and the European Union took effect on 4 March as a response to migration and fentanyl.
Tariffs were imposed on energy imports from Canada and Mexico, as well as on the majority of goods imported. Canada exports mainly crude oil, other energy products and cars and auto components within the North American automotive manufacturing chain. Mexico exports a variety of goods to the U.S., including industrial and automotive products.
Canada retaliated with a 25% tariff on C$30 billion (21,13 billion dollars) of U.S. imported goods, including oranges juice, peanuts butter, beer and coffee, as well as appliances, motorcycles, and appliances.
The Canadian government said that it will impose additional duties on C$125billion of U.S. products if Trump's Tariffs are still in effect in 21 days. This could include vehicles, steel and aircraft, as well as beef and pork.
U.S. commerce secretary Howard Lutnick stated that U.S. officials could still work out a partial solution with the two neighboring countries, and added that they need to do more in the fentanyl arena.
Canada, which is the largest foreign supplier of aluminum and steel to the United States (C$29.8billion), announced on March 12 that it would impose retaliatory duties on U.S. imports worth C$29.8billion ($20billion) as a response to Trump’s steel and aluminium tariffs.
The two countries are exempted from the "Liberation Day", announced on April 2 tariffs, but they face a separate 25% tariff on auto imports.
Canada has asked the WTO to consult with the U.S. about its import duties on steel and aluminum products as well as levies placed on Canadian cars and parts.
CHINA: Trump imposed 10% tariffs on all Chinese imports to the U.S. effective February 4, after repeatedly warning Beijing that it was not taking enough measures to stop the flow of illicit drug into the U.S.
On March 4, he imposed another 10% tariff on Chinese products.
China announced additional tariffs between 10% and 15% on some U.S. exports starting March 10, as well as a number of new restrictions for certain U.S. entities. It then complained to the WTO about the U.S. Tariffs.
Trump increased the tariffs on China by 34% in April, making the total to 54%. China responded with a 34% duty on all U.S. products.
Trump replied that the U.S. will impose a 50% additional tariff on China if Beijing doesn't withdraw its retaliatory duties on the U.S. and said, "all discussions with China regarding their requested meetings with the us will be terminated."
Washington's new round of tariffs raised duties on China to 145%. Beijing then increased levies against U.S. products by 125% as a result.
Trump has said that the EU, and other countries, have alarming trade surpluses against the U.S. He said that the products of the other countries will be subject to tariffs, or he would demand that they purchase more oil and natural gas from the U.S.
Steel, aluminum and cars will be subject to import tariffs of 25%, while other goods will face tariffs of up to 20%, starting April 9. Pharmaceuticals are among the most vulnerable industries, since U.S. companies such as Johnson & Johnson, Pfizer, and others have large facilities in Ireland. Ireland is also a leading exporter of medical equipment.
The European Union announced on April 7 that it had offered to offer a "zero for zero" tariff deal in order to avoid a trade conflict. EU ministers agreed to give priority to negotiations, while retaliating with targeted countermeasures the following week.
In response to Trump's metals duties, the EU announced on March 12 that it would begin imposing counter-tariffs next month on goods worth 26 billion euros (28 billion dollars) from the United States. As a result of the U.S. auto and wider tariffs, the EU is expected to release a more comprehensive package of countermeasures at the end of April.
Trump announced on March 13 that he would slap 200% tariffs on European wines and spirits as a response to EU plans to impose tariffs next month on American whiskey, among other products.
PRODUCTS
AUTOS: Trump announced a 25% tariff for imported cars and light truck on March 26. The 25% tax would be added to previous duties on imported finished vehicles beginning on April 3.
Trump's directive includes temporary exemptions for auto components that comply with the U.S. Mexico Canada Agreement (USMCA), a trade agreement that Trump negotiated in his first term.
The tariffs will apply to other major imports of automotive parts. These are identified by Trump as "engines, engine parts, transmissions, powertrain components, and electrical component" and they will be imposed on a specific date, which is to be announced in the Federal Register, but no later than "May 3, 2025."
Metals: On March 12th, Trump raised tariffs for all imports of steel and aluminum to 25% and extended duties to hundreds downstream products ranging from nuts and bolts, to bulldozers blades, to soda cans.
More than half of the U.S.'s aluminum and steel imports come from Canada, Mexico, and Brazil.
Trump ordered on February 25, a new investigation into the possibility of new tariffs on imports of copper to rebuild U.S. manufacturing of this metal, which is critical for electric vehicles, military equipment, semiconductors, and a variety of consumer goods.
Just over half of the refined copper that America consumes every year is produced domestically.
SEMICONDUCTORS : Trump stated that tariffs would start at "25% or higher" and increase substantially over the course a year. He did not specify when they will be implemented.
Taiwan Semiconductor Manufacturing Co., the largest contract chipmaker in the world, produces semiconductors for Nvidia and Apple, among other U.S. customers. In 2024, it will generate 70% of its revenues from North American clients.
LUMBER: On March 1, Trump ordered a new investigation into trade that could add more tariffs to imported lumber. This would be in addition to the existing duties on Canadian Softwood Lumber and 25% tariffs for all Canadian and Mexican products.
ALCOHOL: Trump threatened on March 13 to slap 200% tariffs on wine, cognac, and other alcohol imported from Europe in response to an EU plan to impose tariffs next month on American whiskey, and other products -- which is itself a retaliation for Trump's 25% tariffs that went into effect on steel and aluminium imports the day before.
PHARMACEUTICALS - While Trump's "Liberation Day' announcement spared the pharmaceutical sector from reciprocal duties, the president said that duties were "under review." He warned that the tariffs could be "at a new level you haven't seen before."
Trump
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Smartphones, computers, and other electronics, largely imported from China, are exempt from high tariffs. This is a relief for major technology companies such as Apple, Dell Technologies, and other importers.
This move exempts certain electronics from Trump's baseline 10% tariffs on most goods imported from countries other than China.
(source: Reuters)