International News 14 July 2025
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Rio Tinto Eyes Copper Investment Expansion in U.S. After Trump’s 50% Tariff Plan
Rio Tinto Plc has expressed a strong interest in expanding its copper mining investments in the U.S., following President Donald Trump’s announcement of a 50% import tariff on copper. Katie Jackson, Head of Rio Tinto’s Copper Division, stated that the U.S. government increasingly recognizes the need for domestic copper sources to support manufacturing and energy transition goals. The company sees major opportunities to grow its copper business in America, although it did not disclose specific investment figures. The tariff, aimed at boosting domestic supply chains, has triggered a sharp rise in copper futures in New York, though analysts warn that permitting and legal hurdles remain major barriers to rapidly expanding mining operations. Rio Tinto, which owns a 55% stake in the long-stalled Resolution Copper project in Arizona (with BHP holding the rest), has gained momentum after a favorable Supreme Court ruling. The company also operates the Kennecott smelter in Utah—one of only two copper smelters in the U.S.
SpaceX Invests $2 Billion in xAI as Elon Musk Consolidates AI Across His Companies
Elon Musk’s space company, SpaceX, has invested $2 billion into xAI, his artificial intelligence startup, as part of a broader $5 billion equity funding round, according to the Wall Street Journal. The move strengthens the interconnected ecosystem of Musk’s ventures, following xAI’s merger with social media platform X (formerly Twitter), raising the combined entity’s valuation to $113 billion. xAI’s chatbot Grok is now being integrated into Starlink’s customer service operations and is also planned to support Tesla’s humanoid robot, Optimus. Despite past controversies over Grok’s responses, Musk remains confident in its capabilities, calling it “the smartest AI in the world.” The new funding will be used to scale AI infrastructure and accelerate the training of cutting-edge models, further aligning AI development with Musk’s broader technological ambitions.
Trump Announces 30% Tariffs on Imports from Mexico and EU Amid Stalled Trade Talks
U.S. President Donald Trump announced a 30% tariff on imports from Mexico and the European Union starting August 1, 2025, after comprehensive trade talks with both partners failed. The announcement, delivered via an open letter on Truth Social, triggered sharp criticism from both Mexico and the EU, who called the tariffs unfair and economically destabilizing but remained open to continued negotiations. The move is part of a broader wave of protectionist measures targeting over 23 countries, with tariffs ranging from 20% to 50%. Trump emphasized the need to correct trade imbalances and cited issues like fentanyl trafficking as part of the rationale, particularly against Mexico. Meanwhile, EU leaders warned of retaliatory action and growing division within the bloc over how to respond. The new tariffs are projected to significantly increase U.S. customs revenue—already exceeding $100 billion in the current fiscal year—but they also raise the risk of escalating global trade tensions.