Trumpian trade policy promises a period of spasmodic aggression and persisting uncertainty. What is clear, however, is that the United States’ focus will be principally on its relationship with China and that, within that relationship, critical minerals will occupy a key position, presenting both a risk and an opportunity for the trading order…The International Energy Agency estimates that scaling up green tech to meet the Paris Agreement goal of net zero carbon emissions by 2050 will quadruple demand for critical minerals by 2040…The challenge of meeting this demand is complicated by concentrated supply — particularly for processed minerals where China dominates, accounting for 35 per cent of refined nickel, 70 per cent of refined lithium and cobalt, and 90 per cent of rare earths…But there are alternatives to friendshoring for critical minerals…Part of the answer — short of Trumpian land grabbing — is to develop efficient stockpiles and sharing of resources while promoting market-based exploration and diversification of sources…But whatever market-based measures are taken, in a world of heightened trade friction the threat of harm from Chinese export restrictions will persist. The overriding need is for multilateral safeguards against China’s abuse of its dominant position…Strengthening WTO disciplines on trade in critical minerals is a crucial step to re-engaging Washington and containing US–China tensions. But to succeed, this needs to be part of a broader overhaul of the WTO which addresses the United States’ not unreasonable concerns about the organisation while facilitating dialogue between Washington and Beijing…Checking US unilateralism, of which Trump is more accelerant than architect, will mean appealing neither to US leadership nor to shared values — those days are over — but rather to the United States’ genuine self-interest. Critical minerals offer a path towards doing this, helping preserve the liberal order that has underpinned three decades of growth and development built on open markets and the globalisation of production.

BMW AG’s earnings declined less than expected in the first quarter as surging electric-vehicle sales in Europe helped offset continued weakness in China…BMW is faring better than rivals Mercedes-Benz Group AG and Volkswagen AG in the transition to battery-powered cars, seeing first-quarter sales rise 32% overall and 64% in Europe…European EV makers appear to be benefiting from consumers’ aversion to Tesla Inc. after Elon Musk became more involved in the Trump administration and supported far-right political movements in Europe…Yet, intense competition in China from local producers led by BYD Co. continues to weigh on BMW’s performance in the world’s biggest EV market. The manufacturer’s sales in China fell 17% in the first three months of the year, its worst first-quarter performance there since 2020…Meanwhile, President Donald Trump’s tariffs are adding another threat to profits. While BMW left its financial guidance unchanged for the year, it acknowledged that the trade tensions have increased uncertainty…Chief Executive Officer Oliver Zipse said in March that US duties on imports from Mexico, Canada and China will cost the carmaker about €1 billion this year. 

Ferrari first fully electric model will hit the streets in October 2026, its CEO said on Tuesday as the luxury sports car maker posted a 15% rise in first-quarter core earnings and stuck to its broad financial guidance for the year…"Deliveries ... will commence just months after that, in October 2026," Vigna told analysts in a post-earnings call…Ferrari plans to continue offering petrol and hybrid cars in the future, along with EVs. Hybrid models, which it started to sell in 2019, made up 51% of Ferrari's car sales last year.

Japanese automaker Mitsubishi Motors and Foxconn subsidiary Foxtron Vehicle Technologies have signed a memorandum of understanding for the supply of an electric vehicle model, the companies said on Wednesday…The EV model will be developed by Foxtron, manufactured in Taiwan by automaker Yulon and introduced in the Oceania region in the second half of 2026, Mitsubishi Motors said in a statement…Foxconn views Japan as a major opportunity for growing its EV business and has sought to strike partnerships with Japanese companies, Jun Seki, the Taiwan contract manufacturer's chief strategy officer for EVs, said at a Tokyo seminar in April…The Apple supplier's interest in working with Japanese car makers comes as they face growing competition from Chinese brands that are aggressively making inroads in markets such as Europe, Brazil and Thailand.

Electric vehicle makers Rivian and Lucid warned of higher costs from U.S. tariffs on imported vehicles and auto parts, even as automakers scramble to rework sourcing of critical supplies and minimize disruption…Rivian CEO RJ Scaringe told Reuters the cost per vehicle was expected to rise by "a couple of thousand dollars" due to tariffs…The EV maker is also anticipating a sharper-than-expected fall in 2025 deliveries to between 40,000 and 46,000 units this year, down from its earlier projection of between 46,000 and 51,000 vehicles…Lucid's interim CEO Marc Winterhoff said the luxury electric vehicle maker was expecting a rise of 8% to 15% in overall costs due to tariffs, without taking into account any mitigation efforts…Lucid, however, stuck to its production forecast of 20,000 units for the year that Winterhoff said was an already "low-balled" target given the rollout of its new SUV, the Gravity…The Trump administration introduced 25% tariffs on imported vehicles and auto parts. 

Congo's minerals wealth is undisputed and its potential rewards far more immediate than from the deal with Ukraine...A peace deal between Rwanda, Congo and the M23 rebel group would be an important first step to restoring order to the troubled Kivu provinces…But there are plenty of other armed groups actively operating in the region and it is unclear how far the United States would want to commit to any military presence to deter them…The prize, however, is tantalisingly large…Congo is also one of the world's richest sources of copper and cobalt, which are produced far away from the Great Lakes region in the southern province of Katanga…This part of Congo's mineral wealth is largely controlled by Chinese operators, which ship both raw materials and finished metal back to China…The West would love to loosen China's grip…A lot of investment is going into the Lobito Corridor project, opens new tab, which will rehabilitate and extend a railway line linking the Angolan port of Lobito with Congo's copper-belt mines…The aim is to use the railway as a generator of economic development and also open up a western transport route for Congo's metals…China's response is a $1.4 billion deal to upgrade the Tanzania-Zambia railway line that transports Chinese-produced metals eastwards to the port of Dar es Salaam…Railways have until now defined the great minerals game being played out between East and West in the heart of Africa…A minerals-for-security deal in the north of the country would open a whole new front in that strategic competition and a new chapter in Congo's history.

Dive into an exclusive interview with Robin Goad, President and CEO of Fortune Minerals (TSX: FT | OTCQB: FTMDF), as we explore the company’s journey from discovery to near-construction of the NICO Project-a unique Canadian critical minerals development. Robin shares how Fortune has invested over C$140 million to advance this world-class asset, now supported by both Canadian and U.S. government funding…This episode highlights the exciting bismuth story: Fortune Minerals controls the world’s largest bismuth deposit, representing 12% of global reserves. With bismuth prices soaring over 300% to 17-year highs and China imposing export restrictions on a metal it dominates, Fortune’s NICO Project is set to become a vital, secure supplier for North America and beyond. Bismuth’s unique, non-toxic properties make it essential for green technologies, automotive, defense, and as a replacement for lead in a range of industrial uses-making this deposit highly significant and valuable in today’s market…We also discuss the company’s substantial gold reserves, the impact of record-high gold prices, and how Fortune’s diversified metals portfolio positions it to play a key role in the global energy transition and supply chain security.

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