Key transactions & industry news Weekly Update 08/22/2025

Metals & Mining

China escalates ongoing tariff battle with Canada by seeking WTO consultations. China has formally sought dispute consultations at the World Trade Organization (WTO) over Canada’s surtaxes and quotas on aluminum and steel products. According to the WTO notice, the contested measures include a surtax applied through tariff-rate quotas (TRQs) on certain steel imports from non-free trade agreement (FTA) partners, including China.

China tightens grip over rare earth supply quotas. China, the world’s dominant rare earth supplier, issued measures to regulate the mining, smelting and separation of the critical minerals key to energy transition, further tightening its grip over supply.

Alcoa’s WA bauxite expansion under review amid water supply study. Alcoa’s plan to expand its bauxite mining operations in Western Australia’s jarrah forest is undergoing detailed environmental review. A recent study by engineering consultancy GHD highlighted potential risks to Perth’s water supply while also recognizing measures the company has proposed to mitigate them.

U.S. Defense Department to buy cobalt for up to $500M. The U.S. is seeking to procure cobalt worth up to $500M for defense stockpiles amid the country’s move to boost its critical mineral supplies.

Glencore targets 1Mt of copper in Argentina over coming decade. Miner and trader Glencore will aim to produce nearly one-million tons of copper annually at its planned El Pachon and Agua Rica projects in Argentina over the next 10 to 15 years.

Trump expands 50% tariff on steel and aluminum to 400 additional product types. The Department of Commerce announced that President Donald Trump’s 50% tariff on imported steel and aluminum products has been expanded to cover more than 400 additional categories. The new duties now apply to a wide range of goods, including auto parts, electric vehicle components, railcars, marine engines, construction equipment, wind turbines, cranes, chemicals, plastics, and household items such as refrigerators, freezers, dryers, and furniture components.

Ontario’s $1B tariff relief fund to shield businesses hit by Trump’s aluminum & steel tariffs. Ontario has introduced a $1B relief fund to support businesses hit by aluminum, steel, and auto tariffs. The initiative, called the Protect Ontario Financing Program, is part of a broader $5B tariff support package unveiled in the province’s spring budget.

Transportation & Logistics

BNSF, CSX launch new U.S. coast-to-coast linking to boost freight services. CSX and Berkshire Hathaway-owned BNSF announced new coast-to-coast services aimed at boosting freight connectivity in the United States. The announcement stems from ongoing commercial agreements between rail operators and predates last month’s surprise $85B merger proposal between Union Pacific and Norfolk Southern.

Trans-Pacific container rates fall to pre-Red Sea crisis levels. Benchmark container rates on the trans-Pacific trade from Asia to the U.S. West Coast fell to their lowest levels since the start of the Red Sea crisis, when Yemen-based Houthi rebels began attacking shipping in late 2023.

Lutnick backs Union Pacific-Norfolk Southern rail merger. U.S. Commerce Secretary Howard Lutnick said he supports improved rail freight transportation that will come with Union Pacific’s proposed acquisition of Norfolk Southern. “Whether that should be through a merger or any other way, I’ll leave that to the regulators and overseers,” Lutnick said in an interview.

Trump administration immediately pausing all new commercial truck driver work visas. The Trump administration has issued an immediate pause on the issuance of worker visas for commercial truck drivers. Secretary of State Marco Rubio said “The increasing number of foreign drivers operating large tractor-trailer trucks on U.S. roads is endangering American lives and undercutting the livelihoods of American truckers.”

Activist investor urges CSX to engage in alternative merger discussions. Ancora Holdings, a prolific activist investor in transports, has once again set its sights on an underperforming Class I railroad and its CEO. In a move that mirrored its successful intervention with Norfolk Southern, Ancora has penned a pointed letter to the board of directors at CSX Corporation, urging immediate action to explore merger options.

Air Canada to restart operations as flight attendants end strike. Air Canada will gradually resume operations after reaching a tentative settlement with unionized flight attendants on a new contract, ending a work stoppage that forced the airline to halt flights for three days.

Energy

Oil stays flat despite fed-induced stock rally. Crude futures are little changed after Fed chair Jerome Powell’s comments at Jackson Hole raise hopes for a September interest-rate cut, causing stocks to rally and the dollar to retreat. The market’s main focus is on whether the U.S. goes ahead with secondary tariffs on India for buying Russian oil, while concerns about oversupply with OPEC+ raising output remain.

India, Russia vow to deepen trade ties, defying Trump’s tariff threats over oil. India and Russia agreed to expand bilateral trade ties, signaling that U.S. tariff pressure on New Delhi over Russian oil purchases is unlikely to derail their partnership.

ATCO receives regulatory approval for Yellowhead Pipeline Project. Energy infrastructure developer ATCO has received approval from the Alberta Utilities Commission on its needs-assessment application for the Yellowhead Pipeline Project. The Yellowhead Pipeline Project, spanning over 230 kilometers (142.92 miles) from the Peers area to Fort Saskatchewan in Alberta with an estimated investment of $2.0B, is expected to deliver more than 1.1B cubic feet of natural gas per day.

U.S. EPA approves biofuel waivers for small refiners, stirring concerns over demand. The U.S. Environmental Protection Agency approved most of its backlog of requests by small oil refineries for biofuel law exemptions, raising concerns among biofuels advocates over a potential hit to demand.

U.S. opens national security probe into imported wind turbines, components. The U.S. Commerce Department has opened a national security investigation into the import of wind turbines and components. The department said it was adding wind turbines to a list of products that will face 50% tariffs on the aluminum and steel content. The “Section 232” investigation, which was opened on August 13 but not made public, could be used as a basis for even higher tariffs on imported wind turbines.

Trump says U.S. will not approve solar or wind power projects. President Donald Trump said his administration will not approve solar or wind power projects, even as electricity demand is outpacing the supply in some parts of the U.S..

Others

Canada to remove many retaliatory tariffs on U.S., Carney says. Canada will remove many retaliatory import tariffs on U.S. goods and intensify talks with the United States on striking a new trade and security relationship, Prime Minister Mark Carney. Canadian tariffs on U.S. autos, steel and aluminum will remain for now, he told a press conference.

Powell indicates conditions ‘may warrant’ interest rate cuts as Fed proceeds ‘carefully’. Federal Reserve Chair Jerome Powell gave a tepid indication of possible interest rate cuts ahead as he noted a high level of uncertainty that is making the job difficult for monetary policymakers.

Trump says Intel has agreed to deal for U.S. to take 10% equity stake. President Donald Trump said the U.S. would take a 10% stake in Intel under a deal with the struggling chipmaker and is planning more such moves, the latest extraordinary intervention by the White House in corporate America.