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Deliveries of key nutrients to the U.S. have plunged, machinery prices are climbing and crop buyers are limiting purchases amid mounting uncertainty.

“To stay competitive, GM will temporarily source these packs from similar suppliers to power our most affordable EV model,” the company said in a statement.

The shift in fortunes began during President Donald Trump’s trade war with China in his first term, with the initial annual deficits recorded in 2019 and 2020.

“The real question everybody in the industry is asking is whether there will be a component tariff, where the chips in a device would require some sort of separate tariff calculation.”

Toyota’s estimate dwarfs recent forecasts from global heavyweights as the auto industry contends with fast-changing policies that are seeing costs balloon.

CEO Vincent Clerc described conditions in the U.S. as subdued, owing to the uncertainty from trade tariffs.

Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher.

Nvidia CEO Jensen Huang’s visit came hours before another tech leader — Apple CEO Tim Cook — was set to announce a commitment for $100 billion in fresh domestic manufacturing investments.

The extension was announced Aug. 6 by the Ministry of Commerce. China is the world’s top buyer of the meat, which means its imports are tracked closely by the global market. 

An additional 25% tariff was tacked on India for its purchases of Russian oil.