The United States, in an effort to counter China's dominance, launched a plan to establish a trade zone for critical minerals essential for various technologies, including smartphones and weapons, according to BBC Technology. Simultaneously, in Canada, Prime Minister Mark Carney unveiled a plan to bolster the country's car industry and support its electric vehicle transition, as reported by BBC Business. These developments come amidst a backdrop of economic shifts, including the Bank of England holding interest rates at 3.75% but signaling potential future cuts, as detailed by BBC Business.
The US State Department hosted the first Critical Minerals Ministerial event on Wednesday, attended by representatives from countries and organizations including the UK, European Union, Japan, India, South Korea, Australia, and the Democratic Republic of Congo, according to BBC Technology. Delegates discussed the availability of and access to minerals crucial for manufacturing. The US initiative aims to break China's stronghold on the critical minerals market.
Canada's automotive industry plan, announced on Thursday, includes financial incentives for carmakers to invest in the country and the reintroduction of rebates for EVs, according to BBC Business. This move is part of Canada's efforts to reduce reliance on the US, particularly in light of former President Donald Trump's push for increased domestic car production. Trump had previously imposed a 25% tariff on Canadian cars and car parts.
The Bank of England's decision to hold interest rates at 3.75% came after a close vote, with the decision-making committee split five to four, as reported by BBC Business. Governor Andrew Bailey told the BBC that further rate reductions were likely later in the year. The Bank also lowered its economic growth prediction for this year and raised its unemployment forecast, making further rate cuts more probable. Bailey noted that rates were not expected to fall to the lows seen at the start of the pandemic.
In other news, according to The Guardian, Cuban President Miguel Díaz-Canel stated that Cuba is willing to engage with Washington amid the island's deepening economic crisis, following months of threats. Additionally, The Guardian reported that at least eight current and former Toronto police officers were arrested following an investigation into organized crime, which exposed links to bribes, the drug trade, and a murder plot.
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