Senate to vote Tuesday on amendment prohibiting certain countries from buying U.S. farmland
Tesla is racing ahead of German automakers, selling more EVs in the first half than Volkswagen, BMW, Mercedes and Porsche combined. The Germans are struggling as software issues delay key models and contribute to waning sales in China. Despite a severe heat wave which is causing unprecedented electricity demand in various areas of the U.S., the nation's power grid has, so far, successfully managed the surge. For reasons why, check the Energy section.
More than 35 million people in the U.S. are currently suffering due to an intense heatwave, with no respite expected for at least another week. This widespread heat has caused significant strains not only on individuals but also on businesses and the economy at large. It is estimated that ongoing high temperatures could potentially cost the U.S. economy up to $100 billion each year solely from reduced productivity.
Russian forces, through drone attacks, have damaged a grain hangar at an unnamed port along the Danube, as per Ukraine's southern operational military command's announcement on Facebook. The attacks are following the collapse of the Black Sea grain deal and Russia's ensuing attacks on the Odesa port.
Upshot: The unfolding Russian-Ukrainian conflict, coupled with weather and crop conditions, will continue to influence the agricultural markets, increasing price volatility in the foreseeable future. A key issue lies in the clean-energy technology sector where China plays a dominant role, particularly in the supply of solar panels. An investigation showed that Chinese companies avoided tariffs by rerouting their products through Vietnam and other Southeast Asian countries, indicating that they continue to hold an influential position in the market indirectly. This highlights the complex nature of global trade networks and the difficulty in reducing economic dependence on a specific country.
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