Canadian Prime Minister Mark Carney announced a multi-billion dollar plan to boost electric vehicle (EV) investments on Thursday, while the US launched a trade initiative to counter China's dominance in critical minerals, as reported by the New York Times and BBC Technology, respectively. These developments come amid shifting global trade dynamics and concerns over supply chain vulnerabilities.
According to the New York Times, Carney's plan includes incentives and tax breaks aimed at transforming Canada's economy and reducing its reliance on a single trade partner, a move seen as a response to strained relations with the United States. The auto industry, employing approximately 125,000 workers, is vital to Canada's economy. Carney stated, "We must take care of ourselves... We cannot control what others do."
Simultaneously, the US State Department hosted the first Critical Minerals Ministerial event on Wednesday, as reported by BBC Technology. The event, attended by representatives from the UK, European Union, Japan, India, South Korea, Australia, and the Democratic Republic of Congo, focused on forming a trade zone for critical minerals. These minerals are essential for manufacturing various products, from smartphones to weapons. The US initiative seeks to break China's dominance in this industry.
In other news, the UK's £8 billion research fund, UK Research and Innovation (UKRI), faces "hard decisions" as it pauses new grants, according to BBC Technology. Ian Chapman, the head of UKRI, warned that the government's directive to "focus and do fewer things better" would lead to negative outcomes for some. This represents a major reorganisation of how scientific research and innovation are prioritised and funded in Britain.
In the political arena, Sir Keir Starmer apologized to the victims of Jeffrey Epstein for appointing Lord Mandelson, as reported by BBC World. Starmer acknowledged he had believed Mandelson's "lies." Furthermore, Norwegian police opened a corruption investigation into former Prime Minister Thorbjørn Jagland over alleged links to Epstein, also according to BBC World. Jagland's lawyer promised his client's full cooperation with the investigation.
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