Canada Allows Businesses to Apply for Tariff Relief on Chinese Electric Vehicles and Steel/Aluminum Products
The Canadian Ministry of Finance announced that Canadian companies can request temporary relief from tariffs on imported Chinese electric vehicles, steel, and aluminum products. In a statement, the ministry indicated that tariff exemptions would be granted in specific and exceptional circumstances to help local businesses adjust their supply chains in response to the new tariffs.
U.S. Treasury Secretary: High Tariff Barriers Are "Seriously Misleading" and Will Raise Prices
U.S. Treasury Secretary Janet Yellen stated that the proposal by Republican presidential candidate Donald Trump to raise tariffs on nearly all imported goods to 10% to 20% and impose a minimum 60% tariff on imports from China is "seriously misleading." She warned that such measures would increase prices for American consumers and undermine the competitiveness of U.S. companies.
Five Major EU Member States Subsidize Fossil Fuel Vehicles with €42 Billion Annually
According to a study commissioned by the European environmental organization Transport & Environment (T&E), five major EU member states spend €42 billion (approximately $45.6 billion) each year subsidizing cars produced by fossil fuel companies. This contradicts the EU's green transition agenda, with the study calling for more subsidies for electric vehicles.
Indonesia to Export Electric Vehicle Battery Materials to the U.S. Next Month
Indonesian Energy Minister Bahlil Lahadalia announced that Indonesia plans to export nickel-based materials for electric vehicle battery manufacturing to the U.S. next month. These materials are reportedly intended for use in Tesla electric vehicles.
Indonesian Battery Company Forms Joint Venture with CATL Subsidiary
Indonesia's state-owned battery company, Indonesia Battery Corporation, has formed a joint venture with a subsidiary of Chinese battery giant CATL to invest $1.2 billion in constructing a battery cell manufacturing plant in Indonesia. The plant will be located in Karawang, Indonesia, and is expected to begin production in 2027, with an annual battery production capacity planned at 15 gigawatt-hours.
