According to the New Zealand government, these food products represent around 25 per cent of the country’s exports to the US and are worth roughly NZ$2.21 billion ($1.25 billion) annually. New Zealand beef imports into the US have incurred a loss of over NZ$300million following the tariffs, despite strong demand and firm prices in the past couple of months.
Hyundai Motor Group Chairman Euisun Chung said the firm would now aim to diversify export markets, increase exports from domestic factories, and double auto exports through new electric-vehicle factories by 2030. According to the details, the Hyundai Group plans to invest 50.5 trillion won in AI and other future business opportunities, while 48.4 trillion won of the domestic investment will be allocated for research and development. Apart from this, the group will spend 36.2 trillion won on optimising production facilities and building a skyscraper.
Trump’s exemptions arrived a day after the United States reached trade framework agreements with four Latin American countries. It includes 10 per cent tariffs on most goods from Argentina, Guatemala, and El Salvador, while 15 per cent tariffs from Ecuador. According to the new trade agreements, duties were also removed on certain products not grown or produced in the US in sufficient quantities, such as bananas and coffee. The latest announcement, on 200 items, is expected to bring the prices down. The items range from oranges, acai berries, and paprika to cocoa, chemicals used in food production, fertilizers, and even communion wafers.
According to the new announcement, Google is planning to set up its new data centers at Texas Panhandle’s Armstrong County and the other two would be set up in West Texas near Abilene in Haskell County. Apart from this, Google will also invest in its existing Midlothian campus and Dallas cloud region, which are part of its global network of 42 cloud regions. Google’s competitors OpenAI, Microsoft, Meta Platforms, and Amazon are also spending billions in new AI-focused data centers.
The US agreed on a 15 per cent tariff rate for South Korean imports of wood products and pharmaceuticals, while no tariffs would be charged on imports of South Korean aircraft parts and generic drugs. Also, the US made it clear that the tariff rate on semiconductors would be decided based on a future agreement covering a volume of semiconductor trade as large as South Korea’s. It means semiconductor tariffs would be at par with its key competitor, Taiwan. On the issue of addressing non-tariff barriers in South Korea’s agricultural and digital services sectors, including meat, both the US and South Korea agreed to work together.
British off-road vehicle manufacturer, Ineos Automotive Ltd, is planning to axe hundreds of jobs soon, say reports citing the firm is grappling with debts and tariffs on imports into the US. Though, the exact numbers have not been revealed. The firm, which employs 1,700 people worldwide, said on Thursday that it will axe ‘several hundreds’…
Earlier in December 2021, Toyota Motor Corporation announced that it would build a new $1.29 billion battery plant for electrified vehicles in North Carolina. Among other details, the Japanese automaker had said that the new plant would generate 1,750 jobs in its Greensboro facility in central North Carolina. The firm had plans to expand production to up to 1.2 million vehicles per year.
With the $50 billion investment, Anthropic claims that its new data centers in the US would generate about 800 permanent jobs and 2,400 construction jobs throughout 2026. Anthropic claims that its outlay would help President Trump’s AI Action Plan and help the country become an AI leader. The firm added that its new centres would help in strengthening the US’ domestic technology infrastructure.
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