Critical minerals appear to be exempt from the “reciprocal” tariffs introduced by US President Donald Trump on Wednesday April 2; however, uncertainty remains amid ongoing policy volatility, market participants reported…The April 2 executive order, which declares a national emergency over “large and persistent” US trade deficits, specifically exempts “certain critical minerals” through Section 3(b). This carve-out reflects America’s dependence on foreign sources for materials considered essential to manufacturing, defense and emerging technologies…Cobalt market participants unsurprised…The cobalt market was on the fence about the latest tariff announcement by Trump. Some remained optimistic about cobalt being exempted from the tariffs, while others said they were expecting it and were not surprised…“We were expecting something like that. It would be stupid for the US to put tariffs on cobalt given they do not produce any and consume a lot. We were expecting that there would be waivers,” a second participant told Fastmarkets…Minor metal market participants in the US breathed a sigh of relief, as many minor metals already wracked by trade barriers and tariffs were excluded from the reciprocal tariffs…Metals such as indium, gallium and bismuth, for example, are covered under Section 301 tariffs, meaning imports from China, the world’s largest producer of all three, are already subject to a 25% import duty going into the US.

The Trump Administration’s newly announced US import tariffs could dramatically reshape the American automotive and electric vehicle (EV) industries, compounding existing pressures in the battery raw materials (BRM) market, analysts at Fastmarkets warned Friday…Paul Lusty, head of battery raw materials research, noted the broader macroeconomic risks looming over the sector. “Recent tariffs announced by the Trump Administration have sent shockwaves through global markets, igniting fears of a slowdown and potential recession…The cobalt market has also been shaken by a surprise export ban from the Democratic Republic of Congo (DRC), sparking the most bullish price rally seen since 2022. While prices partially retreated mid-month, the market remains volatile…“If the DRC government wanted to flex its muscles and show miners and refiners who really controls global cobalt reserves, it would appear they’ve succeeded for now,” said Fastmarkets analyst Rob Searle. “Negotiations are understood to be ongoing, but if the latest announcement — that the government could extend the ban — is anything to go by, we’re no closer to knowing what happens at the end of June.”

Chinese battery giant CATL is in talks to buy a controlling stake in electric vehicle maker Nio's power unit, which runs more than 3,000 battery swapping stations in China, four people with knowledge of the matter told Reuters…CATL made the proposal after announcing a maximum 2.5 billion yuan ($342 million) investment in the unit, Nio Power, in March, said the sources, who asked not to be named because the talks are not yet public…"Nio and CATL will deepen collaboration on capital and business and further consolidate the strategic partnership to jointly build the largest battery swapping network globally," Nio wrote in a response to a Reuters request for comment…CATL is ramping up investments in battery swapping facilities as chairman Robin Zeng aims to reinvent his 25-year-old enterprise, pushing beyond battery manufacturing to become a green-energy provider…The company, which aims to lead a trend it says will replace a third of gas stations in China, announced a partnership with state-owned oil company Sinopec last week to build 10,000 battery swap stations. At least 500 of them will be built this year.

All of the N.W.T.'s diamond mines are reporting millions of dollars in losses from last year as they deal with inflation and slumping diamond prices…With just a short time left in the lifespan of the three mines and more potential economic turbulence ahead, experts believe there is risk the mines could close — and leave the territory with no economic replacement plan — earlier than expected…Rio Tinto reported its Diavik diamond mine experienced a $127 million loss in 2024, Burgundy reported that Ekati saw a $94.7 million loss, and Gahcho Kué's minority stake owner Mountain Province reported a $81 million loss…Diavik's closure is scheduled for the first quarter of 2026, Ekati is expected to operate until 2029 — although there's been some discussion on its lifespan extending — and Gahcho Kué is expected to operate until about 2030…But even with a bounce back in diamond prices some experts, like Exner-Pirot, say it doesn't change the territory's fortune as the mines heads toward closure date with no industry ready to replace them…"What happens to that capacity when that sector goes, whether it's next year or five years from now?" she said. 

Comment: Fortune Minerals' NICO Cobalt-Gold-Bismuth-Copper Project is an advanced critical minerals asset in the Northwest Territories.