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Brazil starts process for reciprocating US tariffs
Brazil starts process for reciprocating US tariffs
Sao Paulo, 29 August (Argus) — Brazil has started the process of developing reciprocal tariffs against the US, vice-president and trade minister Geraldo Alckmin said, a move designed to speed up negotiations. Brazil's foreign trade chamber, Camex, has 30 days to determine how the 50pc tariffs the US imposed on Brazil effective 6 August can be countered under the country's economic reciprocity law approved in April. The law authorizes retaliation through goods, services and intellectual property. There is no time frame for the process of imposing reciprocal tariffs after the initial 30-day deliberation period. "Brazil will not give up on its sovereignty," Alckmin said this week during a visit to Mexico, where he signed two cooperation agreements on biofuels with Mexico as well as a letter of intent on agriculture. "I hope that [this process] will help accelerate dialogue and negotiations [with the US], which is what president Lula has been asking us to do." The move comes weeks after President Luiz Inacio Lula da Silva had said that Brazil would not reciprocate the tariffs but seek to negotiate. Brazil has been working to counter the tariffs' effect on its economy by supporting companies in efforts to find new markets , and by approving a line of credit to small businesses hurt by the measures. Earlier this month, Brazil asked the World Trade Organization to intervene in the dispute over tariffs. The US typically runs a trade surplus for goods and services with Brazil, which has totaled more than $400bn over the last 15 years, finance minister Fernando Haddad said in a televised interview in early July. In the first half of 2025 the US' trade surplus with Brazil reached $2.3bn, a more than seven-fold increase from a year before, according to US-Brazil chamber of commerce Amcham. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
S Korea's LGES, Vietnam's Kim Long sign NCM battery MoU
S Korea's LGES, Vietnam's Kim Long sign NCM battery MoU
Singapore, 29 August (Argus) — South Korean top battery maker LG Energy Solution (LGES) has signed a memorandum of understanding to supply Vietnamese automaker Kim Long Motor with nickel-cobalt-manganese (NCM) cylindrical battery cells. LGES will supply Kim Long Motor with NCM battery cells for the latter to produce and assemble battery packs, said Kim Long Motor on 28 August. The volumes and timeline of the supply were not disclosed. Kim Long's 1.2 trillion dong ($45.5mn) battery manufacturing and assembling complex located in the Kim Long Motor industrial park in Vietnam's Hue city is expected to begin operations in early 2026. The project in its early stages and is expected to have a capacity of 1 GWh/yr, with expansion planned over the following years. Thai-listed firm Cho Thavee group earlier in June agreed to buy from Kim Long around 3,000 units/yr of electric buses as well as diesel buses equipped with Chinese engine manufacturer Yuchai's diesel engine. The Vietnamese government is transitioning its road transportation sector towards electric mobility through electric vehicles. It introduced a national action program for green transportation through 2050 that sets out a detailed roadmap for road transport transition, which was stipulated under a decision approved in 2022, according to a policy overview by southeast Asian regional law firm Tilleke & Gibbins. Targets set under the decision include a goal to have 50pc of urban vehicles and 100pc of urban buses and taxis powered by electricity or "green energy" by 2030, with the target rising to 100pc for all urban road vehicles by 2050. The country also aims to discontinue all production, assembly, and import of fossil fuels-based automobiles and motorcycles by 2040. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia’s Lynas raises $490mn for RE expansion
Australia’s Lynas raises $490mn for RE expansion
Sydney, 29 August (Argus) — Australian metal producer Lynas Rare Earths has raised A$750mn ($490mn) via share sales to ramp up and expand its global mining and processing operations, positioning itself to support magnet makers outside China. Lynas has raised capital at a valuation of A$13.25/share, down by 10pc on its most recent trading price of A$14.73/share, it told investors today. The company will also offer existing retail investors the chance to buy up to A$75mn worth of shares at the discounted price. Lynas will use some of the money it raised to expand its existing operations. The company produced separated dysprosium and terbium oxide at its Malaysian processing plant in May and June respectively, becoming the first maker of separated heavy rare earths outside China. It plans to expand its line of heavy rare earth products further. Lynas also aims to expand its downstream processing operations over the next few years. It signed a non-binding agreement with South Korean permanent magnet manufacturer JS Link in late July to develop a 3,000 t/yr plant in Malaysia. The company is also developing a 2,500–3,000 t/yr heavy rare earth and 5,000 t/yr light rare earth processing plant in Texas, funded by the US government . Lynas is also developing projects to improve access to rare earth feedstock. The company signed an agreement with Malaysia's Kelantan state government to support rare earth-rich ionic clay firms. It is also ramping up its recently completed Mount Weld mine expansion, which should boost its total neodymium-praseodymium (NdPr) oxide production capacity by 2,400 t/yr. Lynas' latest capital raise comes just days after three Chinese ministries published strict rare earth controls preventing private organisations and individuals from processing the minerals. The move has pushed up NdPr oxide prices. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Japan’s domestic car output falls in July
Japan’s domestic car output falls in July
Tokyo, 29 August (Argus) — Japan's domestic car output fell on the year in July, partially driven by reduced exports to the US market. Total car output fell to around 700,000 units in July, down by 7.7pc from a year earlier, according to data compiled by Argus based on reporting by eight major domestic car manufacturers. Car production fell partly because of weaker export demand, especially in the US market, Japan's trade and industry Meti said today. Japan's car exports to the US fell by 3.2pc on the year to 123,531 units, based on the country's customs data. This is despite Japan's overall car exports to the global market having increased by 3.2pc on the year to 520,328 units. It remains unclear whether the fall is directly linked to the US tariffs, Meti said. Meti's monthly industrial production survey for July found that no manufacturing firm explicitly cited the US tariffs as a reason for reduced exports, according to a Meti official. Washington and Tokyo reached a trade agreement on 23 July, under which the US will impose a 15pc tariff on Japanese car imports. This is lower than the previous additional rate of 25pc, on top of the existing 2.5pc in April. But the new tariff has yet to take effect, pending final approval via executive order by US president Donald Trump. Meanwhile, a magnitude 8.8 earthquake that struck Russia's Kamchatka peninsula on 30 July had minimal impact on domestic car output, Meti said. The ministry's survey showed that the earthquake and its subsequent tsunami wave partially disrupted seaborne delivery but did not affect domestic production, according to Meti. By Yusuke Maekawa Japan's car production (units)* Jul '25 Apr '25 Jul '24 y-o-y± % Toyota 292,041 273,438 309,118 -5.5 Daihatsu 58,640 72,810 66,558 -11.9 Mazda 56,637 60,930 78,529 -27.9 Subaru 53,646 53,946 61,585 -12.9 Honda 67,804 60,804 61,679 9.9 Suzuki 84,318 82,971 89,390 -5.7 Mitsubishi 40,598 36,555 45,442 -10.7 Nissan 46,116 44,260 46,270 -0.3 Total 699,800 685,714 758,571 -7.7 Source: Japanese car makers * Excludes commercial vehicles Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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