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Trump takes aim at EVs in early actions

  • : Battery materials, Metals
  • 25/01/21

US President Donald Trump put in writing his long-exepected plans to undo any incentives for electric vehicles (EVs), proclaiming the end of "the EV mandate".

In the Executive Order "unleashing American Energy", Trump called for "... the elimination of unfair subsidies and other ill-conceived government-imposed market distortions that favor EVs over other technologies and effectively mandate their purchase by individuals, private businesses, and government entities alike by rendering other types of vehicles unaffordable."

The order takes aim at other environmental efforts from the administration of former president Joe Biden, including rolling back Environmental Protection Agency powers on greenhouse gas emissions.

The "EV mandate" is a term used by Trump regarding Biden's 2021 executive order "Strengthening American Leadership in Clean Cars and Trucks" which aimed for 50pc of US new vehicle sales to be electric by 2030.

Trump's move could signal the eventual end of the $7,500 tax credit for EV purchases, which applies only if vehicles meet critical mineral and battery component requirements. The requirements aim to strengthen the US domestic EV supply chain and reduce reliance on China.


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25/02/10

Mexico inflation slows to 4-year low in January

Mexico inflation slows to 4-year low in January

Mexico City, 10 February (Argus) — Mexico's consumer price index (CPI) eased to an annual 3.59pc January, the lowest in four years, as deceleration in agriculture prices offset faster inflation in energy and consumer goods prices. This marks the lowest annual inflation since January 2021 and a significant slowdown from July's annual peak of 5.57pc, which was driven by weather-impacted food prices. The result, reported by statistics agency Inegi on 7 January, was slightly below than the 3.63pc median estimate from 35 analysts polled in Citi Research's 5 February survey. It compares with the 4.21pc headline inflation in December, marking five months of declines in the past six months. Mexican core inflation, which excluded volatile energy and food, sped slightly to 3.66pc in January from 3.65pc in December, while non-core inflation decelerated to 3.34pc from 5.95pc the previous month. Movement, in the non-core, said Banorte, was mostly explained by a positive basis of comparison, and "will reverse as soon as the second half of February to push the headline metric above 4pc," said Banorte. Core inflation accelerated slightly to 3.66pc in January from 3.65pc in December, marking the second uptick after 22 consecutive months of deceleration. Services inflation slowed to 4.69pc from 4.94pc, while consumer goods inflation ticked up to 2.74 from 2.4pc. Non-core inflation slowed sharply to 3.34pc from 6.57pc in December. This was largely due to base effects, Banorte said, adding these base effects are likely to fade this month to speed headline annual inflation back above 4pc. The base effects most clearly impacted fruit and vegetable price inflation, contracting 7.73pc in January from 6.65pc annual inflation the previous month. Moving forward, agriculture prices are highly exposed to the coming hot, dry season in Mexico, with the La Nina climate phenomenon, adding a layer of uncertainty. Meanwhile, energy inflation accelerated to 6.34pc in January from 5.73pc the previous month, driven by higher LPG prices. Electricity inflation, meanwhile, sped to 4.32pc in January from 2.65pc in December, while inflation slowed to 0.02pc in January for domestic natural gas prices from 5.67pc in December. Monetary policy The January inflation report followed the central bank's decision Thursday to reduce its target interest rate to 9.50pc from 10pc. This was the bank's sixth rate cut since March 2024, winding down from 11.25pc. The 4-1 decision marked an acceleration in the current rate cycle, opting for a half-point reduction rather than the previous five 25-basis-point cuts. In board comments with the announcement, the bank cited "significant progress in resolving the inflationary episode derived from the global shocks" in 2021 and 2022. These triggered rate hikes from 4pc in June 2021 to 11.25pc in April 2022, the target rate's historic high. Taking into account the "country's weak economic activity" and this progress in reducing inflation, the board said it would "consider adjusting [the target] by similar magnitudes" at upcoming meetings. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US tariffs could impact 15pc of EU HRC exports


25/02/10
25/02/10

US tariffs could impact 15pc of EU HRC exports

London, 10 February (Argus) — US 25pc blanket tariffs, expected later today , could affect around 15pc of EU hot-rolled coil (HRC) exports, according to latest data for 2024. This will depend on whether the current quotas system is replaced, and if exclusions are again granted. The EU exported 325,843t of HRC in January-November 2024 to the US, out of total exports of 2.16mn t. Currently the EU is one of few exporters that are subject to tariff-rate quotas, of around 270,000 t/yr for HRC, divided by country. Any material imported above the quotas is subject to a 25pc tax. In addition, exclusions from the measures in the US have been granted to specific buyers for a total of just under 200,000 t/yr of EU HRC. EU cold-rolled exports to the US in the same period amounted to 229,851t and hot-dipped galvanised to 386,082t, 19.2pc and 14pc of the total, respectively. Rebar and wire rod exports constituted 15.8pc and 12.2pc of the total each. Market participants said this morning that assessing the impact of such measures is impossible without details if the quotas will remain in place. The move is however likely to weigh on the European market, which has already been experiencing slowed demand. One trader noted that most of the bloc's flat steel exports are specialties, for which there are no alternatives available in the US market, and as such will be subject to exclusions. Most notably, protectionist measures from the US are likely to incentivise the European Commission, which is currently conducting a review of its steel safeguard measures, to be more stringent with it. The commission is examining the effectiveness of its tariff-rate-quotas, imposed in 2018 as a response to the US' Section 232 measures, which were expected to divert steel destined to the US to the EU instead. The outcome of the review is expected by 31 March. The commission said today that it would not respond to "broad announcements without details or written clarification". But there is no justification for the imposition of tariffs on its exports and the EU will "react". The commission further noted that the imposition of tariffs would be "unlawful and economically counterproductive, especially given the deeply integrated production chains of the EU and US". Speaking to public television, French foreign minister Jean-Noel Barrot said Europe will "react" as it did in 2018, adding that the commission had given assurances that it would act once at the right moment. "The moment has come," Barrot said. By Lora Stoyanova and Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Noboa's tight lead triggers runoff in Ecuador


25/02/10
25/02/10

Noboa's tight lead triggers runoff in Ecuador

Quito, 10 February (Argus) — Ecuador will hold a second-round presidential election on 13 April after incumbent President Daniel Noboa had a closer-than-expected lead over his main challenger in Sunday's election, the electoral authority said. Noboa had 44.5pc of votes as of 11:30pm ET on Sunday, closely followed by Luisa Gonzalez, the candidate for the Citizens' Revolution party with 44.1pc, with 80pc of votes counted, the national electoral council (CNE) said. Ecuador's presidential election goes to a second round if the winning candidate does not have more than 50pc of votes or 40pc of votes with a 10-percentage point lead over the runner-up. Gonzalez' party was founded by exiled former president Rafael Correa, a close friend and supporter of Venezuelan president Nicolas Maduro. Correa guided taking on crude-backed loans from China during his term and oversaw a rewrite of the constitution, allowing him to serve for 10 years. Gonzalez in brief comments said she was optimistic about winning the second round, while Noboa did not speak publicly. This is the first time since 2006 that the candidate with Correa's party did not win at least the initial round of a presidential race. Pachacutik candidate Leonidas Iza was in third place with 4.8pc of votes. His party is the political arm of the Confederation of Indigenous Nationalities (Conaie) that led an 18-day national strike in June 2022, cutting Ecuador's crude production by 17pc that month. The remaining 13 candidates obtained about 6.6pc of the valid votes. About 13.7mn Ecuadorians were required to appear at the polls. Voting is mandatory in the South American country, but only around 85pc actually voted. Ecuadorians also voted for 151 members of the national assembly. Gonazalez' party and Noboa's National Democratic Action party are forecast to win the biggest shares, but officials results will not be known for several days. By Alberto Araujo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Nippon to invest in, not buy, US Steel: Trump


25/02/07
25/02/07

Nippon to invest in, not buy, US Steel: Trump

Pittsburgh, 7 February (Argus) — US President Donald Trump said today Nippon Steel has agreed to invest in US Steel instead of buying the company outright. "Nissan is going to be doing something very exciting about US Steel. They'll be looking at an investment rather than a purchase," Trump said today at a news conference in Washington with Japanese prime minister Shigeru Ishiba. Trump likely mistakenly referred to Tokyo-based Nippon Steel by the name of the Japanese car company. Although the White House did not immediately respond to a request for clarification, Nissan confirmed to Argus that it does not have plans to invest in US Steel. Trump's predecessor Joe Biden blocked Nippon Steel's proposed $15bn takeover bid of Pittsburgh-based US Steel last month, citing national security concerns. Both men were adamant on the campaign trail that US Steel should not be owned by a foreign company. "We didn't want to see [US Steel] leave. It wouldn't actually leave. But the concept psychologically — not good," Trump said. Nippon Steel will provide technology to make steel in the US in a mutually beneficial deal, Ishiba said about the proposal. Trump said he would soon meet with Nippon Steel to work out the details of the investment. By James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Japan’s domestic EV sales extend fall in January


25/02/07
25/02/07

Japan’s domestic EV sales extend fall in January

Tokyo, 7 February (Argus) — Japanese domestic sales of passenger electric vehicles (EVs) fell for a 15th consecutive month in January, but the decrease rate has slowed. Sales totalled 4,563 units in January 2025, down by 2pc from a year earlier, according to data from three industry groups — the Automobile Dealers Association, the Japan Light Motor Vehicle and Motorcycle Association and the Japan Automobile Importers Association (JAIA). Sales were also down by 12pc on the month. Domestic EV sales continued to fall on the year but the decrease rate slowed in January, marking the first single-digit fall on the year since November 2023. EVs accounted for 1.4pc of Japan's total domestic passenger car sales in January, down by 0.2 percentage points from a year earlier. The decline is mostly because of weaker demand for domestic brand EVs including Toyota. Toyota's EV sales declined sharply to 68 units, down by 74pc from a year earlier. Foreign brand EV sales continued its uptrend, according to JAIA's representative who spoke to Argus . Sales of foreign brand passenger EVs increased by 3.6pc on the year to 1,209 units, marking the third consecutive month of year-on-year growth. But sales from China's BYD fell sharply by around 80pc on the year to 42 units, mostly on the back of delivery suspensions, JAIA added. Imported EVs accounted for around 26pc of Japan's total domestic EV sales. This was largely stable on the year, but down by 31 percentage points from a month earlier. Foreign brand manufacturers tend to increase their sales in December, according to JAIA, leading to relatively lower deliveries in January. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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