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    Trump’s Trade and Tax Policies Start to Stall U.S. Battery Boom

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    Battery companies are slowing construction or reconsidering big investments in the United States because of tariffs on China and the proposed rollback of tax credits.Battery manufacturing began to take off in the United States in recent years after Congress and the Biden administration offered the industry generous incentives.But that boom now appears to be stalling as the Trump administration and Republican lawmakers try to restrict China’s access to the American market.From South Carolina to Washington State, companies are slowing construction or reconsidering big investments in factories for producing rechargeable batteries and the ingredients needed to make them.A big reason for that is higher trade barriers between the United States and China are fracturing relationships between suppliers and customers in the two countries. At the same time, Republicans are seeking to block battery makers with ties to China, as well as those that rely on any Chinese technology or materials, from taking advantage of federal tax credits. The industry is also dealing with a softening market for electric vehicles, which Republicans and Mr. Trump have targeted. The China-related restrictions — included in the version of Mr. Trump’s domestic policy bill passed by the House — would be very difficult for many companies to operate under. China is the world’s top battery manufacturer and makes nearly all of certain components.The Trump policy bill highlights a difficult dilemma. The United States wants to create a homegrown battery industry and greatly reduce its dependence on China — and many Republican lawmakers want to end it altogether. But China is already so dominant in this industry that it will be incredibly hard for the United States to become a meaningful player without working with Chinese companies.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      What to Know About China’s Halt of Rare Earth Exports

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      Since early April, China has stopped almost all shipments of critical minerals that are needed for cars, robots, wind turbines, jet fighters and other technologies.China has suspended almost all exports since April 4 of seven kinds of rare earth metals, as well as very powerful magnets made from three of them. The halt has caused increasingly severe shortages that threaten to close many factories in the United States and Europe.Why are these metals so needed, why has China stopped exporting them and, crucially, what happens next?What are rare earths?There are 17 types of metals known as rare earths, which are found near the bottom of the periodic table. Most of them are not actually very rare — they are all over the world, though seldom in large enough ore deposits to be mined efficiently.They are called rare because it is very difficult to separate them from each other. Breaking the chemical bonds that bind them in nature can require more than 100 stages of processing and large quantities of powerful acids.A close-up of a gram of terbium.Romain Rabier/Hans Lucas, via ReutersWhy does China control so much of the rare earth supply?China mines 70 percent of the world’s rare earths. Myanmar, Australia and the United States mine most of the rest. But China does the chemical processing for 90 percent of the world’s rare earths because it refines all of its own ore and also practically all of Myanmar’s and nearly half of U.S. production.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Once Banished From Trump’s White House, Zelensky Has New Hope

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      In his zigzagging approach to ending the war in Ukraine, President Trump has shifted his frustration — for now — from Ukraine’s leader to Vladimir Putin.Feb. 28 was one of the darkest days for Ukraine since Russia’s invasion three years earlier. An Oval Office visit by President Volodymyr Zelensky meant to win favor with President Trump turned into a televised shouting match, prompting Mr. Trump to banish his guest from the White House without even serving him a planned lunch.Mr. Trump was already a deep skeptic of U.S. support for Ukraine. But after the disastrous meeting with Mr. Zelensky, he accelerated his diplomacy with President Vladimir V. Putin of Russia, drafting a peace plan to end the war in Ukraine that offered major concessions to Moscow. Ukraine’s supporters were in panic.But there is new hope in Kyiv.A day after the Trump administration announced an economic deal with Ukraine that gives the United States a stake in its future mineral revenues, analysts say the country’s prospects look brighter than they have in months.“These are very good signs that something might be shifting,” said Alina Polyakova, the president and chief executive of the Center for European Policy Analysis.“It does seem like there’s change from the previous approach” by the Trump administration, she said, calling the minerals deal “a win-win for both sides” that Ukraine negotiated “very savvily.”Mr. Trump and Mr. Zelensky also appeared to have a friendly meeting on Saturday at the Vatican, as Mr. Trump has grown increasingly frustrated with Mr. Putin’s demands in the separate talks to settle the war.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Brace Yourself. Trump’s Trade War With China Will Get Even Uglier.

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      Voters elected Donald Trump in part because they wanted a fighter. But increasingly it seems that in international trade, he’s good at shaking his fist for the cameras but utterly outclassed when he steps into the boxing ring.Indeed, Trump may be more dangerous to his own side of a trade war than to the other guy.Even after Trump’s climb-down — declaring a 90-day pause on many of the “Liberation Day” levies that sent the stock market reeling — America’s tariff rates remain the highest in more than 90 years. They amount to an enormous tax hike on consumers, with researchers previously estimating that they might add something like $1,700 in costs per year to a middle-income American family. They’re a reason many economists fear that the United States is slipping into a recession.The most heated trade war is with China, and it’s there that I fear Trump has particularly miscalculated. He seems to be waiting for President Xi Jinping to cry uncle and demand relief, but that’s unlikely; instead, it may be the United States that will be most desperate to end the trade conflict.China does have serious internal economic challenges, including widespread underemployment and a deflationary loop with no end in sight. The trade war could cost China millions of jobs, and that raises some risks of political instability.Yet it’s also true that China has prepared for this trade war. I’m guessing some Chinese factories are already printing “Made in Vietnam” labels and preparing to ship goods through third countries. And China will fight with weapons that go far beyond tariffs.China buys agricultural products and airplanes from America, and it can almost certainly get what it needs elsewhere. But where is the United States going to get rare-earth minerals, essential for American industry and the military-industrial base?We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Mining Company Seeks Trump Support to Shortcut Access to Seabed Metals

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      Mining companies and the Trump administration want the metals to boost manufacturing. Environmentalists and some countries worry industrial mining would harm oceans.The long-running battle over whether to allow Pacific Ocean seabed mining took an unexpected turn Thursday when a company disclosed it had been confidentially negotiating a plan with the Trump administration to circumvent a United Nations treaty and perhaps obtain authorization from the United States to start mining in international waters.The proposal, which drew immediate protests from environmental groups and diplomats from some countries, represents a radical shift in the contentious debate over accessing deposits on the sea floor that contain copper, cobalt, manganese and other metals that are needed for electric-car batteries.The International Seabed Authority, established 30 years ago by an agreement now ratified by more than 160 nations, has jurisdiction over seabed mining in international waters, outside the coastal areas of each nation.The Seabed Authority has been slowly crafting regulations governing mining, which remains highly contentious because the potential effects of industrial activity on marine life are unknown.Now the Trump administration, which has already expressed its desire to retake the Panama Canal and assume control of Greenland, is being nudged by the Vancouver-based Metals Company to disregard the Seabed Authority and grant it a license to start mining as soon as 2027.Gerard Barron, the chief executive at the Metals Company, announced the maneuver Thursday after it became clear that it could still be years before the Seabed Authority finalizes mining regulations.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Ukrainians Blindsided by Deal’s Breakdown and by Trump’s Actions

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      Some said they felt the U.S. president was disrespectful and that they were proud of their leader for standing up to him.Liudmyla Shestakova has lost a lot to this war — her son, and his wife, who died together on the front lines. But she’s a realist, like many in this mining region in central Ukraine. And ever since President Trump suggested it, she has thought that her country should sign a proposed deal that would give America some profits from mining in Ukraine.Ms. Shestakova, 65, who works with an environmental group called Flora in the city of Kropyvnytskyi, had hoped a deal between the U.S. and Ukraine on critical minerals could bring much-needed investment to the region.But on Friday night, Ms. Shestakova, like many people in Ukraine, was shocked and blindsided at how the deal fell apart and how she felt that President Trump treated Ukraine’s president, Volodymyr Zelensky, almost like a serf who didn’t bow and kiss the ring quite enough.“With a trustworthy partner, this could have been a beneficial deal for everyone,” said Ms. Shestakova, who once ran Flora and now sits on its supervisory board. “But with a partner like Trump, it could actually be dangerous.”Across Ukraine, people said they were upset Friday night. They also said they wouldn’t stop fighting, even if America walked away.“It will be hard, but we will survive,” said Iryna Tsilyk, 42, a poet and film director in the capital, Kyiv, whose husband serves in the army. “Today, I was not ashamed of my president and my country. I am not sure that the Americans can say the same.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      U.S.-Ukraine Minerals Deal Draft Features Vague Reference to Security Guarantees

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      A copy of the agreement obtained by The New York Times says that the United States “supports Ukraine’s effort to obtain security guarantees needed to establish lasting peace.”A draft of an agreement calling for Ukraine to hand over to the United States revenue from natural resources includes new language referring to security guarantees, a provision Kyiv had pressed for vigorously in negotiations.But the reference is vague and does not signal any specific American commitment to safeguarding Ukraine’s security.A copy of the agreement obtained Wednesday by The New York Times included a sentence stating that the United States “supports Ukraine’s effort to obtain security guarantees needed to establish lasting peace.” Previous drafts did not have the phrase on security guarantees.It was not clear whether the draft, dated Tuesday, was a final version.A Ukrainian official briefed on the draft, and several people in Ukraine with knowledge of the talks, confirmed that wording on security had been included in the document. They spoke on the condition of anonymity to discuss private negotiations.The agreement is seen as opening the door to possible continued backing from the United States under the Trump administration, either as aid for the war effort or as enforcement of any cease-fire. Officials in the United States and Ukraine said on Tuesday that a version had been accepted by both sides.President Volodymyr Zelensky of Ukraine is expected to travel to Washington on Friday to sign the agreement with President Trump. The draft obtained by The Times showed Scott Bessent, the U.S. Treasury Secretary, and Yulia Svyrydenko, Ukraine’s economy minister, as the initial signatories.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      What the U.S. and Ukraine May Gain From Trump’s Rare Earth Diplomacy

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      The White House and Ukraine struck a deal on strategic resources, a pact that speaks volumes about President Trump’s geopolitical strategy.President Volodymyr Zelensky of Ukraine won some major concessions in tense negotiations with the White House over a piece of the country’s mineral wealth.Agence France-Presse, via Ukrainian Presidential Press Service“They have very good rare earth”Ukraine has finally struck a deal to share revenue from mineral sources with the United States, following weeks of sometimes tense negotiations punctuated by insults and threats by President Trump.What Trump proclaimed as a “very big deal” is indeed noteworthy — both in terms of how his administration is looking to profit from supporting Ukraine and how he is increasingly focusing on strategic nonpetroleum resources as a geopolitical goal.What we know so far: Ukraine would contribute 50 percent of proceeds from the “future monetization” of mineral sales to a fund in which the United States would own a big — but as yet undetermined — stake. The joint venture would reinvest at least some of its revenue to rebuilding Ukraine.It doesn’t contain any security guarantees from Washington, something that President Volodymyr Zelensky of Ukraine had sought. But it also doesn’t contain earlier Trump demands including that Kyiv contribute $500 billion or repay double any future aid from the United States.Trump has been fixated on snapping up minerals. He doesn’t just want Ukraine’s resources, which include lithium, titanium and uranium. He’s also interested in getting access to Russia’s geographical wealth, including so-called rare earth elements like neodymium and promethium. (He appears to mistakenly believe that Ukraine has big stores of rare earth minerals as well.)“I’d like to buy minerals on Russian land too if we can,” Trump said on Tuesday. “They have very good rare earth.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Ukraine Rejects U.S. Demand for Half of Its Mineral Resources

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      President Volodymyr Zelensky publicly faulted the American offer, which is tied to continued aid, because it did not include security guarantees.President Volodymyr Zelensky of Ukraine, during a closed-door meeting on Wednesday, rejected an offer by the Trump administration to relinquish half of the country’s mineral resources in exchange for U.S. support, according to five people briefed on the proposal or with direct knowledge of the talks.The unusual deal would have granted the United States a 50 percent interest in all of Ukraine’s mineral resources, including graphite, lithium and uranium, as compensation for past and future support in Kyiv’s war effort against Russian invaders, according to two European officials. A Ukrainian official and an energy expert briefed on the proposal said that the Trump administration also sought Ukrainian energy resources.Negotiations are continuing, according to another Ukrainian official, who, like the others, spoke on the condition of anonymity given the sensitivity of the talks. But the expansiveness of the proposal, and the tense negotiations around it, demonstrate the widening chasm between Kyiv and Washington over both continued U.S. support and a potential end to the war.The request for half of Ukraine’s minerals was made on Wednesday, when the U.S. Treasury secretary, Scott Bessent, met with Mr. Zelensky in Kyiv, the first visit by a Trump administration official to Ukraine. The Treasury Department declined to comment about any negotiation.After seeing the proposal, the Ukrainians decided to review the details and provide a counterproposal when Mr. Zelensky visited the Munich Security Conference on Friday and met with Vice President JD Vance, according to the official.It is not clear if a counterproposal was presented.Mr. Zelensky, speaking to reporters in Munich on Saturday, acknowledged he had rejected a proposal from the Trump administration. He did not specify what the terms of the deal were, other than to say that it had not included security guarantees from Washington.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More