Business News | May 18, 2024 Edition

President Joe Biden recently implemented tariffs on electric vehicles (EVs) in response to the growing competition from Chinese exports. Despite the relatively low number of Chinese EV imports to America, Biden emphasized the importance of being proactive to prevent Chinese carmakers from flooding the US market. This move comes as Chinese manufacturers are expanding into Europe, prompting concerns about the impact on American industries and workers, particularly in states like Michigan.

In addition to the tariffs on EVs, Biden’s administration also increased duties on semiconductors, solar cells, and critical minerals. These decisions have drawn ire from China, with the country condemning them as “political manipulation” and promising to retaliate in kind.

Meanwhile, Anglo American, a major mining company, is taking strategic steps to fend off a revised takeover bid from BHP valued at £34bn ($43bn). The company has announced plans to break up its business by divesting its coking coal assets and spinning off its platinum and De Beers diamonds divisions. It is also exploring options for its nickel business to refocus on copper, iron ore, and crop nutrients. With its headquarters in London and a significant workforce in South Africa, where it originated in 1917, Anglo American’s restructuring plans may involve government input and oversight in South Africa.

By Sophia Gonzalez

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