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tariffs threats could impact critical mineral supply chains","trump-tariffs-threats-could-impact-critical-mineral-supply-chains","article/trump-tariffs-threats-could-impact-critical-mineral-supply-chains",{"_uid":557,"date":558,"tags":559,"editor":575,"content":585,"excerpt":660,"featured":51,"reporter":661,"_editable":665,"component":666,"seo_title":553,"categories":667,"visibility":674,"author_company":49,"featured_image":675,"seo_description":660,"author_full_name":49,"author_job_title":49,"formattedDate":680,"formattedArticleDate":681},"0be6fcdc-5a2b-4865-b3c5-0ad04b1e68e2","2024-11-27 00:00",[560,563,566,569,572],{"slug":561,"name":562},"canada","Canada",{"slug":564,"name":565},"china","China",{"slug":567,"name":568},"mexico","Mexico",{"slug":570,"name":571},"tariffs","Tariffs",{"slug":573,"name":574},"usa","USA",[576],{"slug":577,"name":578,"content":579},"didi-bostock","Didi Bostock",{"job_title":580,"image":581,"bio":583,"linkedin":584},"Editor - Energy Transition & Economics",{"filename":582},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":586,"content":587},"doc",[588,595,600,605,610,617,622,645,650,655],{"type":589,"attrs":590,"content":591},"paragraph",{"textAlign":49},[592],{"text":593,"type":594},"President-elect Donald Trump has indicated he plans to leverage a tariff of 25% on all imports from Mexico and Canada and an extra 10% tariff on goods from China on his first day in office, a move that would effectively override the US-Canada-Mexico free trade agreement.","text",{"type":589,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":594},"As FTA partners, Canada and Mexico had been set to be key links for the US lithium ion battery supply chain. But President-elect Trump has sharply criticised the beneficial status granted to FTA economies under the Inflation Reduction Act (IRA), promising to reverse the flow of capital towards ‘friendshoring’ supply chains in favour of US investments.",{"type":589,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":594},"“This is potentially good news for local lithium mines and integrated refineries,” said Cameron Perks, principal lithium analyst at Benchmark. “Many are high-cost, so it is yet to be seen if the 25% tariff will shift the economic balance.”",{"type":589,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":594},"“It is also a potential win for others like Australia, who do not have a trade surplus with the US, and are ready to export spodumene and diversify their customer base away from China,” Perks added.",{"type":611,"attrs":612,"content":614},"heading",{"level":613,"textAlign":49},4,[615],{"text":616,"type":594},"What could tariffs mean for other critical minerals?",{"type":589,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":594},"Canada, in particular, is a key supplier of critical minerals such as nickel and cobalt, for which the US does not have domestic large-scale mining capabilities or significant mineral endowments.",{"type":589,"attrs":623,"content":624},{"textAlign":49},[625,627,635,637,643],{"text":626,"type":594},"US automakers, such as General Motors, have targeted ",{"text":628,"type":594,"marks":629},"Canadian nickel for their EV battery supply chains",[630],{"type":631,"attrs":632},"link",{"href":633,"uuid":49,"anchor":49,"target":49,"linktype":634},"https://source.benchmarkminerals.com/article/gm-targets-70-kwh-batteries-as-it-signs-nickel-deal-with-vale?_branch_match_id=1544411006132549326&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLy%2FNzTOwKIkI8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAye%2B0r0gAAAA%3D","url",{"text":636,"type":594}," to qualify for tax credits under the IRA. Since 2022, Canada has ",{"text":638,"type":594,"marks":639},"emerged as a key regional hub",[640],{"type":631,"attrs":641},{"href":642,"uuid":49,"anchor":49,"target":49,"linktype":634},"https://source.benchmarkminerals.com/article/honda-invests-11-billion-in-ev-battery-and-cathode-production-in-canada?_branch_match_id=1544410998351174601&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLzAtdLY0qYwI8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAGC4OLUgAAAA%3D",{"text":644,"type":594}," in the midstream of the North American lithium ion battery supply chain – but the threat of trade barriers could now throw these investments in doubt.",{"type":589,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":594},"The imposition of tariffs could therefore increase raw material sourcing costs for US-based automakers and cell manufacturers, driving up battery manufacturing costs and electric vehicle (EV) prices in the US and North America.",{"type":611,"attrs":651,"content":652},{"level":613,"textAlign":49},[653],{"text":654,"type":594},"How could a Trump presidency impact US battery demand?",{"type":589,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":594},"President-elect Trump has voiced his opposition to pro-EV regulations introduced under the Biden administration, signalling his intention to roll-back the pro-EV mandate and other related policies once in office. The result is likely to be a slowing of EV adoption rates in the US. ","President-elect Donald Trump has indicated he plans to leverage a tariff of 25% on all imports from Mexico and Canada and an extra 10% tariff on goods from China on his first day in office, a move that would effectively override the US-Canada-Mexico free trade agreement. As FTA partners, Canada and Mexico had been set […]",[662],{"slug":577,"name":578,"content":663},{"job_title":580,"image":664,"bio":583,"linkedin":584},{"filename":582},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0be6fcdc-5a2b-4865-b3c5-0ad04b1e68e2\", \"id\": \"\"}-->","article",[668,671],{"slug":669,"name":670},"critical-minerals","Critical Minerals",{"slug":672,"name":673},"geopolitics","Geopolitics","private",{"id":49,"alt":676,"name":676,"focus":676,"title":676,"source":676,"filename":677,"copyright":676,"fieldtype":678,"meta_data":679,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/de4c4f63d3/bm-trump.jpg","asset",{"alt":676,"title":676,"source":676,"copyright":676},"Nov 27, 2024","27th November 2024",[],[],1789982570752]