Latest news with #import
Bloomberg
4 hours ago
- Business
- Bloomberg
Sugar Jumps From 4-Year Low on Pakistan's Plans to Import
Raw sugar futures rebounded from a four-year low in New York after Pakistan initiated plans to import the sweetener to tame high domestic prices. The most-active contract rose as much as 2.6% to 16.73 cents a pound. Pakistan's government will seek cabinet approval to import 250,000 tons of raw sugar, according to a statement issued by the deputy prime minister's office.
Auto Blog
2 days ago
- Automotive
- Auto Blog
Buying a Mitsubishi? Prices Just Jumped
Tariffs take another victim According to a new report by Reuters, Mitsubishi is the latest to join a growing list of automakers that are passing on the economic burden of tariffs and their effects on the supply chain directly onto the buyers of Outlanders, Outlander Sports, and its other vehicles. The newswire reports that as of June 18, prices for Mitsubishi vehicles sold in the U.S. will increase by an average of 2.1%, a move that the automaker itself claims is due to a combination of market factors and ongoing internal pricing evaluations. 2024 Mitsubishi Outlander Sport Trail Edition — Source: Mitsubishi The newswire states that Mitsubishi said the pricing adjustment was 'a direct result of our regular and ongoing review of pricing to ensure we are aligned with segment expectations.' This price increase comes at a time when tariffs and other import levies imposed by the Trump administration are making the cost of importing vehicles into the U.S. more expensive. However, Mitsubishi reassured consumers and concerned dealers that the price increase would not affect vehicles already on showroom floors or on dealer lots. It clarified that the price bump will apply to new cars shipped to dealers following June 18. Mitsubishi is especially affected by tariffs Mitsubishi's price increase comes on the heels of a temporary pause in deliveries triggered by Trump's tariff policy. In April, a Mitsubishi spokesperson said that the automaker was holding its vehicles at the port before any levies could be applied, as it awaited more color and clarity on the tariff situation. 'We are holding vehicles at the port until we have additional visibility on tariffs and decisions made on next steps,' the spokesperson told AutoNews on April 11. 'We have sufficient stock on the ground at dealers for the moment to not impact customer choice.' Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Compared to its Japanese automotive compatriots like Honda, Toyota, Subaru, and Nissan, Mitsubishi is in a precarious position. While its contemporaries produce U.S.-market cars in several states in the Midwest and American South, Mitsubishi imports every single Outlander, Mirage, Outlander Sport crossover, and Eclipse Cross it sells in the United States from Japan, prime candidates for 25% tariffs when they land at the port. 2025 Mitsubishi Outlander — Source: Mitsubishi Despite the tariff stress, Mitsubishi seems to be doing well in the United States. In Q1 2025, year-over-year sales increased by 11%. Last year, the company sold 110,000 vehicles, a 26% year-over-year increase and the best U.S. sales year for Mitsubishi since 2019. Mitsubishi credits this growth to its refreshed product lineup and the strong performance of the Outlander and Outlander Sport models in a competitive compact SUV market. However, the auto industry is showing coping mechanisms as tariffs reshape the cost of business. Last month, Subaru of America raised prices on multiple models by up to $2,055, citing 'current market conditions.' Weeks earlier, Ford became one of the first major automakers to respond to the new tariffs directly, increasing prices on three Mexican-made models by as much as $2,000. Additionally, Volvo's new order guide for 2026 shows several price increases, with some as high as $3,200. Final thoughts It seems that the tariff fiasco will not go away very soon. Last week, President Trump warned that he may raise the 25% auto tariffs, arguing that it could be an incentive for automakers to accelerate U.S. investments. 'I might go up with that tariff in the not-too-distant future,' Trump said on June 12. 'The higher you go, the more likely it is they build a plant here.' The tariff troubles are showing results in economic activity. According to Nikkei Asia, new data shows that Japan's total exports by value to the U.S. fell by 11% year-over-year, and the number of cars exported from Japan to the U.S. fell by 3.9%. To make matters worse, Japanese Prime Minister Shigeru Ishiba and Trump were unable to strike a tariff deal at a meeting on the sidelines of the G7 summit this week, as they couldn't agree on tariffs on Japanese automobiles, something the U.S. considers to be a main cause of its trade deficit with Japan. About the Author James Ochoa View Profile
Times of Oman
2 days ago
- Business
- Times of Oman
Musandam Governorate holds meeting to boost exports, imports and logistics
Khasab: Sayyid Ibrahim Said Al Busaidi, Governor of Musandam chaired a meeting today with government officials, private sector representatives, specialists, and members of the municipal council to discuss ways to enhance export and import activities through the governorate's official ports, particularly Khasab Port, which serves as a vital hub for economic development in the region. The meeting comes as part of broader efforts to maximise the benefits of Musandam's strategic location and logistical potential, supporting economic growth and contributing to the national objectives outlined in Oman Vision 2040. Discussions focused on streamlining the movement of goods, developing infrastructure to strengthen the logistics sector, and exploring mechanisms to boost cross-border trade while increasing local value-added through export promotion and import diversification. The attendees also emphasised the importance of generating direct and indirect employment opportunities for the locals of Musandam through these activities, reinforcing sustainable development in the governorate.
Reuters
2 days ago
- Business
- Reuters
Ukrainian MPs allow sale of petrol without mandatory 5% bioethanol until January 1
KYIV, June 18 (Reuters) - Ukraine's parliament has until the end of this year temporarily authorised the sale of petrol without the mandatory 5% bioethanol content, cancelling fines and other penalties for companies selling such petrol, lawmakers said on Wednesday. Ukraine introduced the mandatory addition of 5% bioethanol to motor fuel from May 1 to meet EU sustainability regulations. Lawmakers and authors of the law have not explained the reason for the amendment, but market sources say the refusal to impose fines and to allow the sale of petrol without bioethanol has been prompted by fears of possible fuel shortages. Ukraine does not officially disclose the volume of domestic fuel production as most of its facilities have been repeatedly attacked by Russian missiles and drones. Ukraine imported about 1.2 million tons of petrol in 2024.
Reuters
13-06-2025
- Business
- Reuters
Global imbalances grow as ever more copper flows to the US
LONDON, June 13 (Reuters) - The collective scramble to move as much physical copper as possible to the U.S. before the imposition of import tariffs is creating shortages in the rest of the world. London Metal Exchange (LME) stocks have fallen to nearly two-year lows with time-spreads flaring into backwardation as inventory drains away. This tariff trade will continue until U.S. President Donald Trump's administration makes up its mind whether to add copper to the lengthening list of metals subject to penal import duties. The Section 232 investigation launched by the administration in February comes with a 270-day deadline. Administration officials have dropped heavy hints it would be completed in accelerated "Trump time" but the market is still waiting. The CME customs-cleared U.S. copper contract continues to command a hefty premium over the London market. The arbitrage has been a volatile trade but at a current $1,000-per metric ton basis three-month delivery, traders appear to be pricing in a potential 10% tariff. More importantly, the transatlantic price gap more than covers the costs of shipping, suggesting no immediate let-up in the physical copper tariff trade. U.S. imports of refined copper jumped to more than 200,000 tons in April, the highest monthly arrival rate this decade. Imports totalled 455,000 tons in the first four months of the year, more than double the tonnage imported over the same period of 2024. Chilean brands dominate the current import mix, accounting for 61% and 75% of total inbound shipments in March and April respectively. This data is not surprising. The CME's list of good-delivery brands is relatively restricted but includes 19 from Chilean producers. LME warehouse stocks of Chilean-brand copper have been virtually cleared out, falling to just 75 tons at the end of May from 25,150 tons at the close of 2024. It's also noticeable that while Chinese imports of refined metal were flat on a year-over-year basis in the January-April period, those of Chilean metal fell 44%. While Chile is evidently the preferred origin, the gravitational pull of the U.S. tariff threat is also attracting metal from a multitude of countries that rarely ship to the U.S. such as Australia, Belgium, Germany, Spain and South Korea. If China's trade figures are to be believed, even that country has shipped close to 50,000 tons to the U.S. market. This figure, though, more likely denotes metal being stripped from bonded warehouses and re-exported. Such "turnaround" metal is confusingly counted as an export by the country's customs department. Some of these U.S. arrivals are heading straight to CME-operated warehouses. CME inventory is rising every day and has already more than doubled this year to a current 175,954 tons. LME warehouses, by contrast, are being steadily emptied. More than half the headline stocks of 114,475 tons have been cancelled in preparation for physical load-out. The remaining 50,850 tons of live stocks are now at levels last seen in July 2023. What remains is largely Russian and Chinese brand copper, although even this is on the move to fill gaps in the supply chain left by metal heading to the U.S. LME off-warrant stocks have also been sliding, and at 30,188 tons they are now down by 20,300 tons since the start of the year Unsurprisingly, LME time-spreads have been tightening. The benchmark cash-to-three-month period is currently trading in a backwardation of close to $90 per ton, which is the widest it's been since August 2023. Even the Shanghai Futures Exchange forward curve is in backwardation, with registered exchange inventory of 101,943 tons a long way off the Lunar New Year peak of 268,337 tons. This redistribution of global inventory is ongoing and the imbalances will become ever starker until the market gets closure on the tariff threat. When that comes is anyone's guess. But the Trump administration may want to move sooner rather than later. The U.S. will have accumulated so much copper during the Section 232 investigation process that it won't need to import much metal for months to come, reducing any U.S. Treasury take from tariffs. The rest of the world will be hoping for a speedy decision too since the flow of metal to the U.S. is creating shortfall everywhere else. And what's been customs-cleared into the U.S. will need a massive financial incentive to leave again. Andy Home is a Reuters columnist. The opinions expressed are his own Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab.
