US adds 228,000 jobs in March: BLS

Market: Metals
04/04/25

The US added a more-than-expected 228,000 jobs in March, showing hiring was picking up last month just as the new US administration began mass federal firings and announced tariffs on trading partners.

Economists surveyed by Trading Economics had forecast job gains of 135,000 for March.

The unemployment rate ticked up to 4.2pc in March from 4.1pc the prior month, the Bureau of Labor Statistics (BLS) reported today. Job gains in February were revised lower by 34,000 to 117,000 jobs.

The unexpectedly strong job report comes amid mounting recession fears on the back of President Donald Trump's volley of trade tariffs unveiled this week and mass federal layoffs begun over the past month, which have yet to appear in the Labor surveys.

US and global stocks have tumbled on the tariff news. As of 11am ET today, Fed funds futures markets are pricing in 43pc odds of a quarter point cut by the Federal Reserve at its next meeting in May and 100pc odds of at least a quarter point rate cut in June.

Job gains averaged 159,000 over the 12 months prior to March.

Federal government employment declined by 4,000 jobs in March following losses of 11,000 jobs in February. Employees on paid leave or receiving severance pay are counted as employed, the BLS said, so most of last month's announced federal job cuts do not show up in the data. Some federal job cuts have been reversed by court orders.

Retail trade added 24,000 jobs, while transportation and warehousing added 23,000 jobs.

Construction added 13,000 jobs and manufacturing added 1,000 jobs.

Leisure and hospitality jobs grew by 43,000 and health care and social assistance added 78,000 jobs.

Average hourly earnings rose by an annual 3.8pc, slowing from 4pc the prior month.

By Bob Willis

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08/04/25

Mexican peso weakens on US tariff fears

Mexico City, 8 April (Argus) — The Mexican peso has weakened in recent days amid growing fears that US president Donald Trump's new wave of tariffs could derail the US economy and, in turn, slash Mexico's economic growth, financial analysts said. After Trump announced a series of new import tariffs on what he dubbed "Liberation Day" on 2 April, the peso initially reacted positively, as Mexico was largely spared from the measures, thanks to protections under the US-Mexico-Canada (USMCA) free trade agreement. The current tariff structure largely remains in place, which means zero tariffs on products under the USMCA agreement, except for steel, aluminum and finalized// assembled automobiles. Auto parts under USMCA still face zero tariffs. These exceptions, and other non-USMCA-compliant products, maintain 25pc tariffs on non-US content, analysts Barclays said. The peso appreciated more than 3.2pc to Ps19.97/$1 on 3 April from Ps20.4/$1 on 2 April, according to data from Mexico's central bank (Banxico). The exemptions could make Mexico more attractive in the medium- and long-term to manufacturers aiming to avoid US tariffs, Barclays said. Yet, investors are now concerned about the broader economic fallout of the escalating US-China trade conflict. "The Mexican peso is one of the most depreciated currencies [as of 7 April], because even though Mexico has not been hit with reciprocal tariffs and benefits from USMCA, the economic impact of tariffs on the US economy could significantly affect Mexico," said Gabriela Siller, chief economist at Mexican bank Banco Base. The peso weakened to Ps20.50/$1 on 4 April, from Ps19.97/$1 on 3 April, and continued weakening, closing at Ps20.69/$1 on 7 April, a 2.3pc depreciation over the last week. Year over year, the peso has tanked 21pc, affected by multiple reforms diminishing Mexico's business environment that passed in late 2024, Trump's electoral victory in November, and now by Trump's tariffs. Mexico's GDP is expected to grow by 0.2pc this year, according to a new Citi survey of 32 bank analysts, with nine forecasting zero or negative growth because of the potential fallout from US trade policy. On 1 April, Mexico's finance ministry lowered its 2025 GDP forecast to 1.5–2.3pc, down from 2–3pc. That's still more optimistic than the central bank and private analysts, who expect growth of only 0.7pc , citing uncertainty over US policy and tariff threats. By Édgar Sígler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Flooding on US rivers mires barge transit

07/04/25

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07/04/25

Flooding on US rivers mires barge transit

Houston, 7 April (Argus) — Barge transit slowed across the Arkansas, Ohio and lower Mississippi rivers over the weekend because of flooding, which prompted the US Army Corps of Engineers (Corps) to close locks and issue transit restrictions along the waterways. The Corps advised all small craft to limit or halt transit on the McClellan-Kerr Arkansas River Navigation System (MCKARNS) in Arkansas because flows reached above 200,000 cubic feet per second (cfs), nearly three times the high-water flow. The heavy flow is expected to persist throughout the week, posing risks to those transiting the river system, said the Corps. Some barges have halted movement on the river, temporarily miring fertilizer resupply efforts in Arkansas and Oklahoma in the middle of the urea application season. The Corps forecasts high flows to continue into Friday, and the National Weather Service predicts several locations along the MCKARNS will maintain a moderate to minor flood stage into Friday as well. Both the Arthur V Ormond Lock and the Toad Suck Ferry Lock, upriver from Little Rock, Arkansas, shut on 6 April because of the high flows. Flows along the Little Rock Corps district reached 271,600cfs on 7 April. The Corps forecasts high flows to continue into Friday. Ohio and lower Mississippi rivers The Corps restricted barge transit between Cincinnati, Ohio, and Cairo, Illinois, on the Ohio River to mitigate barge transportation risks, with the Corps closing two locks on the Ohio River on 6 April and potentially four more in the coming days. Major barge carrier American Commercial Barge Line (ACBL) anticipates dock and fleeting operations will be suspended at certain locations along the Mississippi and Ohio rivers as a result of the flooding. NWS forecasters anticipate major flooding levels to persist through the following week. Barge carriers also expect a backlog of up to two weeks in the region. To alleviate flooding at Cairo, Illinois, where the Ohio and Mississippi Rivers meet, the Corps increased water releases at the Barkley Dam on the Cumberland River and the Kentucky Dam on the Tennessee River. The Markland Lock, downriver from Cincinnati, Ohio, and the Newburgh lock near Owensboro, Kentucky, closed on 6 April. The Corps expects the full closure to remain until each location reaches its crest of nearly 57ft, which could occur on 8 or 9 April, according to the National Weather Service (NWS). Around 50 vessels or more are waiting to transit each lock, according to the Lock Status Report published by the Corps on 7 April. The Corps also shut a chamber at both Cannelton and McAlpine locks. The John T Myers and Smithland locks may close on 7 April as well, the Corps said. The Olmsted Lock, the final lock before the Ohio and Mississippi rivers, will require a 3mph limit for any traffic passing through. The NWS expects roughly 10-15 inches of precipitation fell along the Ohio and Mississippi River valleys earlier this month, inducing severe flooding across the Ohio and Mississippi River valleys. A preliminary estimate from AccuWeather stated an estimated loss of $80-90bn in damages from the extreme flooding. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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UK rows back ZEV mandate for hybrids

07/04/25

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07/04/25

UK rows back ZEV mandate for hybrids

London, 7 April (Argus) — The UK government has pushed back its zero emission vehicle (ZEV) mandate for hybrid electric vehicles (HEVs) to 2035 from 2030, and has committed to support carmakers following the imposition of trade barriers by the US last week. The original ZEV cut-off point of 2030, one of Europe's most ambitious, will still apply to sales of cars powered by gasoline and diesel, but will be extended to 2035 for HEVs. The government will now also let carmakers continue using low-emission non-ZEVs to earn credits toward their ZEV sales targets until 2029, instead of ending this arrangement in 2026. This means they can offset some of their current ZEV requirements with cleaner non-ZEV sales, effectively pushing part of their ZEV sales obligations past the original mandate deadlines. Transport secretary Heidi Alexander said the changes were made "in the face of global economic challenges". The Society of Motor Manufacturers and Traders (SMMT) welcomed the changes, saying the government had "rightly listened to industry" and responded quickly to the change in global dynamics. Over the weekend, Jaguar Land-Rover paused exports to the US while it digested the impact of President Donald Trump's tariffs. "Given the potentially severe headwinds facing manufacturers following the introduction of US tariffs, greater action will almost certainly be needed to safeguard our industry's competitiveness. UK-US negotiations must continue at pace," SMMT chief executive Mike Hawes said. Competition concerns Other industry groups said delaying the mandate could lead to a loss of competitiveness in the long term transition to EVs. "Its dilution is in stark contrast to the accelerating ambition of the Chinese and others. UK-based automakers need to fully embrace battery electric or be significantly diminished in time, running the risk of continued job losses," said Dan Caesar, chief executive of Electric Vehicles UK, an industry association based in London. Some were more resigned, recognising the need to allow room for carmakers to transition and consumers to gain access to low priced vehicles — especially at a time of elevated trade tensions. "We understand the pressure British car makers face and welcome the government's declaration of support," said Quentin Wilson, founder of EV advocacy group FairCharge. "While we don't agree that hybrids mainly powered by a combustion engine should be included in the ZEV mandate until 2035, we do understand the reasons why, along with increased flexibilities until 2029." By Thomas Kavanagh UK car registrations by fuel Fuel type Feb-25 Feb-24 % Change % Market share 2025 % Market share 2024 BEV 21,244 14,991 41.7 25 17.7 Plug-in hybrid vehicles 7,273 6,098 19.3 9 7.2 Hybrid EVs 11,431 10,591 7.9 14 12.5 Petrol 39,865 48,211 -17.3 47 56.8 Diesel 4,241 4,995 -15.1 5 5.9 Total 84,054 84,886 -1.0 — SMMT UK BEV monthly market shares, govt targets % Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Sigma Lithium hits 1Q production, sales goals

07/04/25

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07/04/25

Sigma Lithium hits 1Q production, sales goals

Sao Paulo, 7 April (Argus) — Sigma Lithium hit its first quarter lithium concentrate production and sales targets in Brazil after a sizeable deal with a UAE-owned company. Sigma produced 68,300 metric tonnes (t) of lithium oxide concentrate in the first quarter, after agreeing to sell 76,000t to International Resources Holding (IRH), a metals and critical minerals trading company owned by the Royal Group of Abu Dhabi, the firm said in a press release. Sigma shipped 47,000t — its first of two batches to the company — in early March, with a following 29,000t scheduled to be shipped this week. Following the sale, the company achieved a 2.8pc increase in volumes over the previous quarter. Although undisclosed, Sigma's chief executive Ana Cabral said that the company beat its sales targets for the period. The company operates the fifth-largest lithium oxide mining complex in the world, which is expected to produce 300,000t of the mineral compound this year . Sigma anticipates to achieve all of its quarterly production targets for 2025. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Asian governments hold fire on tariff retaliation

07/04/25

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07/04/25

Asian governments hold fire on tariff retaliation

Singapore, 7 April (Argus) — Governments in Asia-Pacific have so far not followed China's lead by retaliating against US president Donald Trump's import tariffs, even as they warn of the potential for long-term economic disruption. The leaders of Vietnam, Malaysia, Indonesia, Taiwan and Singapore said over the weekend that they are not planning to respond in kind to the US tariffs. The restrained reactions came despite China's decision to match Trump's targeted tariffs with duties of 34pc on all imports from the US. China's tariffs, announced late last week, take effect on 10 April, a day after what Trump is calling his "reciprocal" duties on a range of countries. Countries in Asia-Pacific have been hit with some of the highest of Trump's targeted duties. Vietnam, which is facing one of the highest targeted tariff rates of any country at 46pc, is considering removing all its own tariffs on US imports, Trump said following a call with To Lam, general secretary of Vietnam's communist party, on 4 April. The offer has not been officially confirmed by Hanoi. Vietnam benefitted from the tariffs that Trump imposed on China during his first term in office, as some manufacturing and exports were shifted to the country. That helped send its trade surplus with the US to a record $123bn last year, the third-highest of any single country behind China and Mexico, according to US customs data. Malaysia, which faces a 24pc tariff, will not levy retaliatory duties, prime minister Anwar Ibrahim said on 6 April. The US duties are a major threat to the world economy and could force Kuala Lumpur to reduce its forecast for gross domestic product (GDP) growth this year, he warned. The direct impact of the US tariffs on commodity exporters like Malaysia and its neighbour Indonesia has been reduced by the extensive exemptions announced for energy, metals and other commodities. Still, the prospect of a global economic slowdown and disruption to trade flows threatens to have a major impact. Despite their measured approach, governments of emerging Asian economies may struggle to quickly negotiate lower tariffs given Trump's focus on reducing bilateral trade deficits, analysts at UK bank Barclays said on 7 April. The bank has reduced its 2025 forecast for GDP growth in emerging Asia by 0.2 percentage points to 3.3pc and warned of the risk of deeper cuts. Australia eyes price hit The government of Australia, another large commodity exporter, warned on 7 April that the uncertainty caused by Trump's tariffs could reduce consumer confidence and potentially damage the budget by causing a decline in commodity prices. Trump's so-called "liberation day" tariffs are more significant than expected when it released its budget in March, the Australian Treasury said in its economic and fiscal outlook released ahead of federal elections next month. The direct impact of the tariffs on Australia would be limited, but indirect effects would be larger because of the hit imposed on the country's major trading partners, including China, it said. "The potential magnitude and persistence of the economic effects of these announcements has resulted in greater-than-usual uncertainty around the outlook," the Treasury said. Trump has targeted Australia with the minimum 10pc tariff, but this could still disrupt its exports of beef and tallow, among other products. Australian prime minister Anthony Albanese has also pledged not to retaliate with tariffs on US imports. Japan and South Korea, long-standing allies which nevertheless have been singled out for higher US tariff rates of 24pc and 25pc respectively, have also indicated they will not respond in kind. The US accounted for almost 19pc of South Korea's total exports in 2024, including passenger cars, auto parts and lithium-ion batteries. Seoul is considering measures to support its automobile industry in the wake of the tariffs, the trade and industry ministry said. India, which faces a 26pc rate, is considering lowering import tariffs on US goods, including a 2.75pc duty on LNG, to ease tensions. By Kevin Foster, Tom Major and Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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