Baltic
Dry Index. 1261 unch. Brent Crude 67.98
Spot Gold 3344 US 2 Year Yield 3.76 +0.01
US Federal Debt. 36.759 trillion!!!
“whose merit is loudly
celebrated by the doubtful evidence of his own applause.”
Edward Gibbon, The Decline and Fall of the Roman Empire.
A happy St George's Day.
After the IMF downgraded economic growth for everyone due to Trump’s tariffs, President Trump folded on China and sacking Fed Chairman Powell. Stocks surged on a great relief rally.
But as it’s only Wednesday, it’s anyone’s guess as to what President Trump’s policy will be on Friday.
Who, except President Xi and Fed Chairman Powell, knew winning would be so easy?
Hong Kong stocks lead gains in Asia on hopes of
de-escalation in U.S.-China tensions
Updated Tue, Apr 22 2025 11:48 PM EDT
Asia-Pacific markets climbed Wednesday,
after all three key benchmarks on Wall Street advanced overnight on optimism
that U.S.-China trade tensions could ease.
This comes after U.S. President Donald
Trump indicated that final tariffs on Chinese exports to the U.S. “won’t
be anywhere near as high as 145%.” However, he added that the duties “won’t
be 0%.”
Trump also said he has “no
intention” to fire Federal Reserve chair Jerome Powell before his term
ends, alleviating investors’ concerns over the central bank’s independence.
Hong
Kong stocks led gains in the region, with the Hang Seng Index gaining 2.48%
in early trade while the Hang Seng
Tech Index surged 3.21%. Meanwhile, Mainland China’s CSI 300 index moved up 0.22%.
Over
in Japan, the benchmark Nikkei
225 advanced 2.09%, while the broader Topix index added 2.05%.
India’s benchmark Nifty 50 moved up 0.64% in
early trade while the broader BSE Sensex added 0.56%.
In South Korea, the Kospi index increased
1.51% while the small-cap Kosdaq was up 0.93%.
Australia’s S&P/ASX 200 rose 1.22%.
U.S. futures
jumped after Trump’s comments on not planning to remove Powell from
his post as central bank chair.
Overnight
stateside, stocks rebounded from steep declines in the previous
session, as investors cheered the possibility of easing U.S.-China trade
tensions.
The Dow Jones Industrial Average rose
1,016.57 points, or 2.66%, to close at 39,186.98. The S&P 500 gained 2.51% and
settled at 5,287.76, while the Nasdaq
Composite rose 2.71% to end at 16,300.42.
Asia
markets live: Stocks rise
Dow jumps 1,000 points Tuesday to snap four-day
string of losses: Live updates
Updated Tue, Apr 22 2025 4:12 PM EDT
Stocks rallied Tuesday on hopes that
U.S.-China trade tensions could ease soon, as investors recovered from the
steep declines suffered in the previous session.
The Dow Jones Industrial Average rose
1,016.57 points, or 2.66%, to close at 39,186.98. The S&P 500 gained 2.51% and
settled at 5,287.76, while the Nasdaq
Composite rose 2.71% to end at 16,300.42.
The major averages spiked on news that
Treasury Secretary Scott Bessent told a group of investors Tuesday that there “will
be a de-escalation” in the trade war with China. “No one thinks the current
status quo is sustainable,” he said during a meeting with investors hosted by
JPMorgan Chase, according to a person in the room. The meeting was first
reported by Bloomberg News.
At its peak, the Dow was up more than
1,100 points on the day. However, stocks eased from those levels as Bessent
also noted that, “If we walk out the door of negotiations and signed something
in two or three years that looked like that, I would think that it’s a huge
win.”
Stocks closely tied to China got a boost
on the news. The iShares China
Large-Cap ETF (FXI) and the iShares MSCI China ETF (MCHI) were
both up about 3%.
“Bessent is obviously trying to send a
signal with that comment, and that signal would seem to be that we know this is
hurting markets and we’re in a hurry to wrap it up,” said Jed Ellerbroek,
portfolio manager at Argent Capital Management. “The market will interpret that
as good news that will cause it to rally and adjust its expectations for where
the final resting place for this trade war is in a couple months.”
Tuesday’s gains erased the sharp losses
suffered in the previous session. The Dow dropped more than 970
points, while the S&P 500 and Nasdaq both slid more than 2%.
Rising trade fears have sent equities
tumbling in recent weeks. Since April 2, when President Donald Trump unveiled a
slate of tariffs on imported goods from many countries, the S&P 500 is down
more than 6%.
Investors grew increasingly uncertain
after Trump posted on Truth Social that the economy would
slow if the Federal Reserve did not cut interest rates. In the latest
of multiple recent posts calling out Chair Jerome Powell by name, he called the
Fed chief “Mr. Too Late” and a “major loser.”
Trump hinted at Powell’s “termination” last
week, an unprecedented action that White House economic advisor Kevin Hassett
said the president’s team was currently
studying. Powell has said he cannot
be fired under law and intends to serve through the end of his term in
May 2026.
“Lots of uncertainty, not lots of answers,
kind of a frustrating environment today for investors,” Ellerbroek added. “The
one feeling that I feel like I can identify is the longer we remain in this
limbo, the worse it gets for the economy.”
Stock
market news for April 22, 2025
Trump says he has ‘no intention’ of firing Fed
Chair Powell
Published Tue, Apr 22 2025 5:32 PM EDT
President Donald Trump on Tuesday said
he has “no intention” of firing Federal
Reserve Chair Jerome
Powell before his term leading the U.S. central bank ends next year.
“None whatsoever,” Trump said in the Oval
Office when asked to clarify that he did not seek Powell’s removal. “Never
did.”
The comment represents a dramatic shift
for Trump, who has recently ramped up his rhetoric against Powell and declined
to rule out the possibility of taking the unprecedented step of firing him.
U.S.
stock futures rose sharply across major indexes following Trump’s
latest remarks.
Trump, who has heaped pressure on the Fed
chair to cut interest rates in hopes of goosing economic growth, said last week
of Powell, “If I want him out of there, he’ll be out real fast.”
White House economic advisor Kevin
Hassett said Friday that Trump and his aides were actively studying
the possibility of firing Powell.
Powell, whom Trump appointed during his
first term as president, is set to serve as Fed chair until May 2026. He has
flatly stated that the president cannot remove him under the law.
Trump on Monday fired off his most
incendiary criticism of Powell yet, calling him a “major loser” and urging him
to lower rates immediately.
But when asked on Tuesday afternoon about
the prospect of firing Powell, Trump said, “the press runs away with things.”
“No, I have no intention of firing him,”
Trump told reporters after a ceremony swearing in Paul Atkins as chairman of
the U.S. Securities and Exchange Commission.
“I would like to see him be a little more
active in terms of his idea to lower interest rates,” the president added.
“This is a perfect time to lower interest rates.”
Trump’s remarks came after major U.S.
stock indexes closed significantly higher, rebounding from a steep sell-off on
Monday that was linked at least in part to fears stoked by Trump’s attacks on
Powell.
Some critics and analysts warn
that the president removing the chair of the Federal Reserve, which has
traditionally operated with independence from the government, would cause panic
in the markets.
Trump:
Fed Chair Powell won't be fired but should cut interest rates
Gold falls as Trump backs down from threat to fire
Fed chief
Published Tue, Apr 22 2025 11:55 PM EDT
Gold prices fell on Wednesday as U.S.
President Donald Trump retracted his threats to dismiss Federal Reserve Chair
Jerome Powell and expressed optimism for a trade deal with China, denting
bullion’s safe-haven appeal.
Spot gold fell
0.7% to $3,357.11 an ounce by 0256 GMT. U.S. gold futures fell
1.5% to $3,366.80.
The hint of U.S.-China negotiations and
Trump backing down his threat to remove Powell “caused the sell off
in gold price to hit a kind of a very extreme oversold level in the
short term perspective here,” said Kelvin Wong, senior market analyst, Asia
Pacific at OANDA.
U.S. stocks and the dollar rebounded after
Trump on Tuesday withdrew his threats to fire Powell after days of
intensifying criticism of the central bank chief for not cutting
interest rates.
A stronger dollar
makes gold more expensive for overseas buyers.
Trump also expressed optimism
that a trade deal with China could “substantially” reduce tariffs on Chinese
goods, hinting that the final deal will not “be anywhere near” current tariff
rates.
U.S. Treasury Secretary Scott Bessent said
he believes there will be a de-escalation in U.S.-China trade
tensions, but negotiations with Beijing have not yet started and would be a
“slog”.
“There is no form of a bullish exhaustion
yet from the upper bond level so there could still be potential movement on the
upside for the gold,” ONADA’s Wong said.
Fed Bank of Minnesota President Neel
Kashkari said it is too soon to know how short-term borrowing costs may
need to be adjusted for Trump’s tariffs and their expected impact on inflation
and the economy.
Gold, considered a hedge against global
uncertainty and inflation, hit its 28th record high this year on
Tuesday, surging to $3,500 for the first time.
JP Morgan said it expects to
see gold prices crossing the $4,000-per-ounce milestone next year.
Spot
silver rose 0.5% to $32.67 an ounce, platinum eased 0.2% to
$956.53 and palladium lost
0.2% to $933.72.
Gold
falls as Trump backs down from threat to fire Fed chief
Trump tariffs chaos will blow huge hole in US
economy and hit UK hard, says IMF in damning report
22 April 2025
Donald
Trump’s tariffs chaos will slash UK economic
growth and send inflation jumping, says the International Monetary Fund.
In a double blow to Rachel
Reeves, the IMF cut its growth forecast for Britain by 0.5
percentage points to 1.1% for 2025, compared to its January prediction, and
hiked expected inflation by 0.7 percentage points to 3.1%.
The US president’s
tariff wars will fuel the cost of living for millions of Britons, as well as
citizens in countries around the world, according to the new report.
The IMF laid bare the economic carnage
that Trump’s tariffs will cause, including in America where the growth forecast
was axed by a startling 0.9 percentage points to 1.8% for this year, and where
the dollar has shed value.
“The global economic system under which
most countries have operated for the last 80 years is being reset, ushering the
world into a new era,” said the Washington-based leading economists in the
first indepth analysis of the Trump tariffs turmoil.
“Existing rules are challenged while new
ones are yet to emerge.”
They added: “Since late January, a flurry
of tariff announcements by the United States, which started with Canada, China,
Mexico and critical sectors, culminated with near universal levies on April 2.
“The US effective tariff rate surged past
levels reached during the Great Depression while counter-responses from major
trading partners signicantly pushed up the global rate.”
IMF Economic Counsellor Pierre-Olivier
Gourinchas added: “We expect that the sharp increase on April 2 in both tariffs
and uncertainty will lead to a significant slowdown in global growth in the
near term.”
Amid the economic mayhem, which
includes Trump’s U-turn to pause higher tariffs for 90 days, the IMF cut
its global growth forecast to 2.8% and 3% for this year and next, a cumulative
downgrade of about 0.8 percentage point relative to its January predictions.
Without tariffs, it believes global growth
would have seen “only a modest cumulative downgrade” of 0.2 percentage points.
The IMF added: “For the United Kingdom,
the growth projection for 2025 is 1.1 percent, lower by 0.5 percentage point
compared to the forecast in January.
“This reflects a smaller carryover from
2024, the impact of recent tariff announcements, an increase in gilt yields,
and weaker private consumption amid higher inflation as a result of regulated
prices and energy costs.”
More
Trump
tariffs chaos will blow huge hole in US economy and hit UK hard, says IMF in
damning report
In other news, tariffs increase costs. Who
knew?
Costs, chaos rising as metal tariffs pile up with
no end in sight
The Canadian Press April 21, 2025
ORONTO — The costs and chaos being caused
by metal tariffs are starting to build up after a month in effect, and there’s
little hope they’ll be removed in the foreseeable future.
U.S. President Donald Trump imposed 25 per
cent tariffs on Canadian steel and aluminum on March 12, while also raising
metal tariffs for other countries.
While it’s still not clear how much higher
the tariffs will push consumer prices, Alcoa Corp. reported that its last
quarter saw a US$20 million hit from tariffs, and that they could lead to a
further US$90 million in additional costs in its second quarter.
The Pittsburg-based company, which is also
one of Canada’s largest aluminum producers, says higher prices are expected to
offset some, but not all of those costs.
Catherine Cobden, head of the Canadian
Steel Producers Association, says steel producers in Canada haven’t been able
to pass on the higher costs to its U.S. customers, causing companies to start
to cut back on production and lay off workers.
She says the tariffs are causing
widespread disruption and uncertainty that not only affects current operations
but orders and investments.
“There is a significant amount of chaotic
activity as people are pivoting around supply chains,” said Cobden.
“The market signals are not great.”
Cobden and the association are pushing the
Canadian government to put in border protections to help buffer Canadian
producers from cheap imports, so they can better weather the tariffs that don’t
look to be short-term.
While Trump has wavered on numerous
categories of tariffs, such as auto duties that analysts say are unsustainable
and the global reciprocal tariffs that he paused for 90 days shortly after
announcing them on April 2, the metal ones could be a longer-term reality.
Stifel analyst Ian Gillies said in a note
that if the tariffs “last a number of years” that a company like Algoma Steel
Group Inc. could face liquidity risk. When the tariffs came in, he cut his
price target for Algoma from $21 to $15.25.
However if tariffs were to be temporary,
it could mean a significant rebound ahead, he said.
“We will be quick to reverse course on our
target multiple if and when geopolitical risks subside.”
Andrew Pappas, head of asset-based lending
for metals at BMO, said in an April 3 note that he doesn’t see a quick end to
the metal tariffs.
“Our view is that the newly imposed metal
tariffs on Canada and Mexico will remain in place and will expedite the
reworking of the USMCA treaty.”
The tariffs, and reciprocal ones by Canada
and others, could lead to price increases, and raises the question of the
potential for demand destruction with the direction still unclear.
While Trump’s aim with the tariffs is to
boost domestic production, Alcoa chief executive William Oplinger raised doubts
about that potential on the company’s earnings call last week.
“It takes many years to build a new
smelter, and at least five to six smelters would be required to address the
U.S. demand for primary aluminum.”
Those smelters would also require the
energy equivalent of almost seven new nuclear reactors, he said.
“Until additional smelting capacity is
built in the U.S., the most efficient aluminum supply chain is Canadian
aluminum going into the U.S.”
Costs, chaos
rising as metal tariffs pile up with no end in sight
South Korea’s trade slowdown suggests US tariffs
starting to hit global economy
04/21/2025 09:11:36 GMT
South Korean exports fell significantly in
April, based on an early look at activity in the first 20 days of the month.
The data suggests US tariffs are beginning to hit global trade hard.
South Korea's April trade data is a vital
early look at global trade trends
The sudden 5.2% drop in South Korean
exports in the first 20 years [?days?] of April suggests US tariffs are really
hitting Asia’s fourth-biggest economy. Though figures for the full month will
come later, this series is a key bellwether for where activity is heading.
Shipments of cars and steel, subject to 25% US tariffs in recent months, were
most impacted, falling 6.5% and 8.7% year on year, respectively. By contrast,
semiconductors, which are exempt from the tariffs for now, rose a solid 10.7%.
By destination, exports to the EU and
Taiwan rose YoY 13.8% and 22.0%, respectively, probably due to strong vessel
activity and semiconductors. We believe that vessels and semiconductors are
likely the two main drivers of exports this year; other sectors are expected to
decline quite sharply. Exports to China, the US, and Vietnam declined by 3.4%,
14.3% and 0.2%, respectively. We assess that the US-China tariff war is
negatively affecting Asia's export trends in general.
Imports for the first 20 days in April
dropped 11.8% YoY. Energy imports declined the most (-27.9%) and semiconductors
fell 2.0%. Falling global commodity prices could be the main reason. We suspect
Chinese semiconductor imports might have declined quite sharply, as they are
largest Chinese imports item to Korea.
More
South Korea’s
trade slowdown suggests US tariffs starting to hit global economy
Global shipping navigates Trump tariffs
uncertainty
22 April 2025
Shifting trade announcements have led to
unprecedented volatility in the global shipping industry in recent weeks, with
industry players having to constantly adapt to new
US tariffs.
Cargo ships put to sea half empty,
fluctuating freight rates and possible shipping route changes are some of the
recent adjustments industry specialists have noted.
The global economy has been riding a
rollercoaster since US
President Donald Trump returned to the White House in January and
kicked off a tariff offensive.
Trump's recent walk-back, announcing a
90-day pause on some previously announced levies -- with the exception of those
targeting China -- has once again upset the balance.
"In the three weeks leading up to the
announcement, we saw a slowdown in trade and many ships were only 50% full on
the transatlantic and transpacific trades to the United States," said
Alexandre Charpentier, transport specialist at consulting firm Roland Berger.
During that time, sea freight rates fell
and many companies held on to their stocks as a precaution.
"As of last week, we've had the
opposite effect," Charpentier said. "People want to ship as much as
possible to the United States, they're destocking and there has been a rush for
space."
And prices have started to rise again.
Adding to the headwinds facing shipping
are new US port fees for Chinese-built and -operated ships, unveiled by
Washington on Thursday and due to kick in from mid-October.
Those come on top of the tariffs of up to
145% the Trump administration has introduced on a large number of Chinese
imports, resulting in a top tax line as high as 245% on some products.
China builds nearly half of all ships
launched, ahead of South Korea and Japan.
Falling freight rates
In the long run, shipping companies expect
a decline in freight rates -- as happened in 2018-2019 during Trump's first
presidential term.
Back then liners "experienced an
oversupply of shipping capacity, decreased shipping rates, increased
operational costs and ultimately, a reduction in revenue," said Sandy
Gosling, specialist in transport and logistics at consulting firm McKinsey.
Tariffs then were lower than those
announced by Trump this year.
"It's difficult to see into the
future but what seems most likely to us is a slowing
of certain routes in
favour of other countries in Southeast Asia or India," said Charpentier.
Anne-Sophie Fribourg, vice president of
ocean procurement at British freight forwarder Zencargo, said she expected the
China-US route would become unprofitable.
If this were to happen, she said,
"shipowners will readjust their rotations. In other words, they will turn
away from traditional routes to new ones, such as Latin America, where demand
has been growing for some time now."
For the time being, major international
companies such as MSC, CMA CGM and Maersk have not made such adjustments.
More
Global shipping navigates Trump tariffs uncertainty
Global Inflation/Stagflation/Recession
Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians,
inflation now needs an entire section of its own.
Businesses
on the brink: Company closures surge amid fears over UK economy
Tuesday
22 April 2025 9:17 am | Updated: Tuesday 22
April 2025 9:38 am
Businesses
across Britain are being shut down at a rate not seen since the financial
crash, City AM has found, in a major warning sign for
the health of the UK economy.
More
than 1,100 companies have faced winding-up orders in the first fifteen weeks of
2025, according to an analysis of published insolvency notices compiled
by City AM, an increase of nearly a quarter compared to
last year and the fastest rate of corporate closure since 2010. Nearly 2,200
businesses have also faced winding-up petitions, a legal manoeuvre by creditors
to claw back unpaid debts, an increase of more than a fifth since 2024 and the
highest rate since 2012.
The
figures highlight the precarious position many small and medium-sized companies
find themselves in as they struggle to pay off debts under the burdens of tax
hikes, higher wage bills and sluggish growth.
Responding
to official corporate insolvency figures, Tom Russell, Vice President of
insolvency and restructuring trade body R3, said “a number of economic and
political issues” were continuing to pile pressure on businesses, affecting
firms across the supply chain.
“High
costs and cautious consumer and client spending mean creditors are being more
aggressive about pursuing the money they are owed and aren’t afraid to turn to
the courts to recover outstanding debts, while a large proportion of directors
of insolvent businesses feel closure is the only option open to them after
years of trading through tough conditions and with little hope of these
improving.”
Retail
and hospitality on the front line
Over
one in ten of the more than 300 companies facing winding-up petitions so far in
April alone were retail and hospitality businesses, the analysis found, in
signs high street businesses were being crippled by rises to employer
taxes unveiled
in Chancellor Rachel Reeves’ Autumn Budget.
Last
month the Office for Budget Responsibility slashed its growth
forecast for
the UK in 2025 from 2 per cent to 1 per cent, as it raised its expectations for
rates of unemployment. Some major banks have upped predictions for the chances
of a global recession this year to as high as 60 per cent, as uncertainty over
US tariffs sparks a slowdown in global trade.
Shadow
Business Secretary Andrew Griffith told City AM: “With
a government which is engaged in a tax and culture war against wealth creators,
it is no surprise that businesses are being wound up at the fastest rate for a
decade.
“The
government needs to take urgent steps to reverse this, starting with shelving
the damaging union-inspired Employment Rights Bill which will only make things
worse.”
A
Treasury spokesperson told City AM: “The last few years have
been incredibly difficult for business. That’s why this pro-business government
is determined to improve the total business environment.
“We
know the vital importance of businesses to our economy which is why we are
focused on creating opportunities for businesses to compete and access the
finance they need to scale, export and break into new markets.”
Businesses on the
brink: Company closures surge amid fears over UK economy - City AM
As
the dollar falters, the world’s central banks tread a tightrope — devalue their
currency or not
Published
Mon, Apr 21 2025 10:29 PM EDT
The
dollar has been sliding and the ripple effect on other currencies has brought a
mix of relief and headache to central banks around the world.
Uncertainty
about U.S. policymaking has led to a flight out of the U.S. dollar and
Treasurys in recent weeks, with the dollar index weakening more than 9% so far
this year. Market watchers see further declines.
According
to Bank of America’s most recent Global Fund Manager Survey, a net 61% of
participants anticipate a decline in the dollar’s value over the next 12 months
— the most pessimistic outlook of major investors in almost 20 years.
The exodus from U.S.
assets may
reflect a broader crisis of confidence, with potential spillovers such as
higher imported inflation as the dollar weakens.
The
drop in the greenback has led other currencies to appreciate against it,
especially safe havens such as the Japanese yen, the Swiss franc as well as the
euro.
Since
the start of the year, the Japanese yen has strengthened over 10% against the
greenback, while the Swiss franc and the euro has appreciated about 11%,
according to LSEG data.
Aside
from the safe havens, other currencies that have strengthened against the
dollar this year include the Mexican peso, up 5.5% against the dollar, and the
Canadian dollar which has appreciated over 4%. The Polish zloty has
strengthened more than 9% while and Russian rouble has appreciated over 22%
against the greenback.
Some
emerging market currencies, however, have depreciated despite the weakness in
the greenback.
The
Vietnamese dong and Indonesian rupiah weakened to a record low per U.S. dollar
earlier this month. The Turkish lira also hit an all-time low last week.
China’s yuan hit a record low against the dollar nearly two weeks back but has
since strengthened.
Breathing
room to cut rates?
Barring
a few exceptions like the Swiss National Bank, a weakening U.S. dollar is a
relief to governments and central banks around the world, analysts told CNBC.
“Most
central banks would be happy to see 10%-20% declines in the U.S. dollar,” said
Adam Button, chief currency analyst at ForexLive. He added that the dollar
strength has been a persistent problem for years and poses a difficulty for
countries with hard and soft dollar pegs.
With
many emerging market countries having large dollar-denominated debt, a weaker
dollar lowers real debt burden. Additionally, a softer greenback and stronger
local currency tend to make imports relatively cheaper, lowering inflation and
hence allowing central banks the room to cut rates to boost growth.
The
recent U.S. dollar sell-off offers more “breathing room” for central banks to
cut rates, said Button.
While
a stronger local currency might help tame inflation via cheaper imports, it
complicates export competitiveness particularly under renewed U.S. tariffs
where Asia is exposed as the world’s largest goods producer, said Thomas Rupf,
VP Bank’s co-head for Singapore and Asia chief investment officer.
Currency
devaluation is likely to be more of an active consideration across emerging
markets, particularly in Asia, said Nick Rees, head of macro research at Monex
Europe.
However,
these emerging markets and Asian central banks will need to tread a fine line,
to avoid capital flight and other risks.
“Emerging
markets face high inflation, debt, and capital flight risks, making devaluation
dangerous,” said Wael Makarem, financial markets strategists lead at Exness.
Additionally,
devaluation could be seen by the U.S. administration as a trade measure which
could attract retaliation, he added.
More
U.S. dollar
weakening could force central banks to devalue currencies
Covid-19
Corner
This
section will continue only occasionally when something of interest occurs.
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section. Updates as they get reported.
Today, well maybe in the engineering lab,
but in the real world how much electric power is actually deliverable at a
feasible cost?
CATL’s
new EV battery blows BYD’s speediest-charging cells out of the water
The new battery can add over 300 miles of
range in five minutes.
by Andrew J. Hawkins Apr 21, 2025, 8:13 PM GMT+1
CATL, the world’s largest battery
manufacturer, previewed several breakthroughs in electric vehicle battery tech
that is sure to wow EV makers across the world — even if the tech never makes
it to the US.
The company teased the innovations at an
event in Shanghai timed to precede the city’s auto show. According to local reports, CATL
presented three new announcements designed to shake-up the battery world.
The first was an upgraded version of its
Shenxing battery designed to add more range when fast charging. CATL said the
battery can now offer 520 kilometers (323 miles) of range from just five
minutes of charging time — a marked improvement over BYD’s promise to add 400km (249 miles) of range in
the same amount of time.
CATL said its system could provide a
maximum charging speed of 1.3 megawatts. Even at -10 degrees Celsius (14
degrees Fahrenheit), when charging speeds tend to slow to a crawl, CATL’s
Shenxing battery can go from 5 percent to 80 percent in just 15 minutes.
Another major announcement was the reveal
of a new sodium-ion battery called Naxtra. According to Bloomberg, the
new cells are already ready for commercialization and have been tested in a
number of extreme settings, including very cold and hot temperatures. The new
batteries are promised to delivery around 200km of range for hybrid vehicles,
and 500km for an EV.
Sodium is seen by some as an improvement
over lithium, both in terms of availability and stability. The material is more
cost effective to obtain and isn’t subject to the same safety hazards as
lithium, which can catch fire under certain circumstances. CATL believes that
sodium-ion batteries could potentially replace up to half the market for
lithium iron phosphate batteries that now dominates the field.
CATL also unveiled a new dual-power battery
that can offer a maximum range of 1,500km (932 miles) on a single charge. The
company likened the super-powered battery to a dual engine aircraft, with a
regular fast-charging cell combined with a separate auxiliary pack for enhanced
performance and range.
But thanks to President Donald Trump’s
trade war with China, US residents are unlikely to see any of these benefits
anytime soon. CATL’s batteries are found in a wide range of EVs,
including Tesla and Ford. And while the company could license its
tech to American automakers, rising tensions are likely to make it difficult in
the near term.
China has recently halted export of rare earth minerals and magnets, and
seems likely to want to keep all the best innovations to itself as the US walls
itself off from the rest of the world. And the US Department of Defense has
recently added CATL to its list of Chinese military companies,
which could make it more difficult for the company to do business in the US.
CATL’s new EV battery blows BYD’s speediest-charging cells out of the water
| The Verge
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt
Clocks (usdebtclock.org)
“Instead
of inquiring why the Roman empire was destroyed, we should rather be surprised
that it had subsisted so long”
Edward Gibbon, The Decline and Fall of the Roman Empire.
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