Russell: Trump's tariffs on copper won't boost US production, but will increase costs
The proposed 50% tariff on imported copper may be the most embarrassing own goal in the ongoing trade war between the United States and the rest of world. Trump announced Wednesday that the tariff would take effect on August 1. Trump's statement was quite definitive, but there are still many questions. For example, what products would be included in the definition?
Russell: Trump's tariffs on copper won't boost US production, but will increase costs
The proposed 50% tariff on imported copper may be the most embarrassing own goal in the ongoing trade war between the United States and the rest of world. Trump announced Wednesday that the tariff would take effect on August 1. Trump's statement was quite definitive, but there are still many questions. For example, what products would be included in a definition of copper?
Copper futures rise after Trump announces a 50% tariff on imported copper
The President Donald Trump announced that he would announce a 50% copper tariff on Tuesday in order to increase U.S. production. Copper is a critical metal for electric vehicles, military equipment, the power grid, and many consumer products. U.S. Comex Copper Futures jumped over 12%, reaching a new record high, after Trump announced his planned tariffs. The announcement came earlier than expected and at a steeper rate.
Trump announces a 50% tariff on imported copper
The President Donald Trump announced on Tuesday that he would announce a 50% duty on copper in the afternoon, with the aim of increasing U.S. production. Copper is a critical metal for electric vehicles, military equipment, the power grid, and many consumer products. Trump's decision imposed copper tariffs shocked the markets. It came earlier and at a greater rate than expected. After the announcement, U.S.
NATO funds biotech startup to counter biological threats
The fund co-leads a $35 million fundraising campaign for Portal Biotech. This company uses protein sequences to detect engineered threats, and defend against biowarfare. Ana Bernardo Gancedo is a senior associate with NATO Innovation Fund and said that the UK-based Portal Biotech has a capability essential to biosecurity, defence, and security. The fund was created in 2022, after the Russian invasion in Ukraine.
Siemens Gamesa and Japan's Industry Ministry agree to wind power cooperation
A ministry official announced that the Japan's Industry Ministry will sign an agreement on Tuesday with Siemens Gamesa Renewable Energy to create a framework of public-private collaboration aimed at creating local supply chains for offshore power. The official in charge of wind power at the Ministry of Economy, Trade and Industry told reporters…
Alberta has eliminated the gas flaring limit in 2024.
Calculations show that energy producers in Alberta, Canada’s largest oil producing province, exceeded the self-imposed provincial limit for annual gas flaring by 2024, for the second consecutive year. Alberta's energy regulator announced late last week that it would be ending the flaring limit. The regulator, who quietly posted a bulletin to its website, is the first one to report this change.
US Senate proposes to phase out solar and wind energy tax credits completely by 2028
According to a draft bill circulated Monday, the U.S. Senate Tax Committee proposed a complete phase-out of tax credits for solar and wind power by 2028. However, it extended incentives to 2036 in favor of hydropower, geothermal and nuclear energy. These are all preferred by President Donald Trump. The draft, released by Republican Senator Mike Crapo as the chair of the committee…
As new gas plants become more expensive, renewable energy is still the cheapest way to build power.
Lazard, in a Monday report, said that renewable power sources like solar and onshore winds are the least expensive, and fastest, power generation methods to deploy in the United States. This is true even without any government subsidies. In its annual Levelized Energy+ analysis, Lazard, an international financial services firm, reported that the cost of building new gas-fired plants has reached a decade high.
EIA: Developers will add 18.7 GW natural gas-fired power by 2028
The Energy Information Administration announced on Wednesday that developers plan to add 18,7 gigawatts of combined-cycle power to the U.S. grid by 2028. This follows minimal additions the year before. According to the EIA, 4.3 GW of power is currently under construction. The majority of natural gas-fired power generation in the country is generated by combined-cycle gas generators (CCGTs)…
Glencore has halted certain cobalt exports due to the Congo export ban
Three sources familiar with the situation said that Glencore declared force majore on certain deliveries of cobalt from the Democratic Republic of Congo, days after the government had suspended exports of battery material. In February, Congo, the largest cobalt-producing country in the world, introduced a ban of four months on all exports. The…
Glencore has halted certain cobalt exports due to the Congo export ban
Three sources familiar with the situation said that Glencore declared force majore on certain deliveries of cobalt from the Democratic Republic of Congo, days after the government had suspended exports of battery material. In February, Congo, the largest cobalt-producing country in the world, banned all exports of cobalt for four months in an…
Sources say that Macquarie's $3.6 Billion S. Korean Gas firm attracts interest from KKR and other industry players, including Brookfield,
Two sources familiar with the deal said that KKR & Co., Brookfield Asset Management and Air Liquide are all potential bidders. The deal could be worth up to $3.6 Billion. Sources said Macquarie hired Goldman Sachs to handle the sale, and they expect non-binding offers this month. They declined to name them as the information was not public. Sources said that DIG Airgas…
Baker Hughes sells sensor unit to Crane at $1.15 billion
Baker Hughes announced on Monday that it would sell its Precision Sensors and Instrumentation (PSI), product line to aerospace parts and defense parts manufacturer Crane, for $1.15 Billion. The oilfield services provider is looking to optimize its portfolio. Lorenzo Simonelli, the CEO of Baker Hughes, has been reshaping the company to adapt to global energy transformation.
What is in the Republican tax plan and spending plan
The Republican-led House of Representatives passed a comprehensive budget package which would meet many of the priorities of President Donald Trump. The Republican-led Senate will now consider the package, and it is likely that significant changes will be made. The Congressional Budget Office and the Joint Committee on Taxation have provided cost estimates for the main elements of the package.
Baker Hughes, a provider of oilfield services, sells a stake in Cactus
Baker Hughes is selling 65% of the surface pressure control division to Cactus, a maker of equipment. The oilfield services company will focus on its core business amid volatile oil price fluctuations. They said that the companies would form a joint-venture to run the business. Baker Hughes will retain a 35% share after the transaction closes.
Naftogaz, Ukraine's Naftogaz, to purchase new drilling rigs using EBRD loans
The European Bank for Reconstruction and Development will lend Naftogaz a loan of 36.4 million euros to modernise the drilling equipment. This was announced by the company on Monday. Naftogaz is the largest producer of Ukrainian gas. However, its production facilities suffered severe damage in a series Russian missile attacks earlier this year. This resulted in a 40% reduction of production.
Japan is poised to amend offshore wind regulations as players get coldfeet
Insiders in the industry say that Japan will likely sweeten its terms to developers who want to build an offshore wind farm. The country is looking to re-establish its energy ambitions against a global slump of projects that have been hit by rising costs and delays. By 2040, the government wants to reach 45 gigawatts in offshore wind power, which will reduce its dependence on coal and gas imports for electricity generation…
Japan is poised to amend offshore wind regulations as players get coldfeet
Insiders in the industry say that Japan will likely sweeten its terms to developers who want to build an offshore wind farm. The country is looking to re-establish its energy ambitions against a global slump of projects that have been hit by rising costs and delays. By 2040, the government wants to reach 45 gigawatts in offshore wind power, which will reduce its dependence on coal and gas imports for electricity generation…
What is in the Republican tax plan and spending plan
Republicans in Congress are advancing a sweeping package of budget cuts and spending reductions that would meet President Donald Trump's demands. However, details need to be worked out. The Joint Committee on Taxation (JCT) and the Congressional Budget Office have estimated the impact of this plan on the budget for the next ten years. (Cost: $2.2…
