The IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.Economyread more
Citigroup thinks Tesla investors hoping for a post-earnings rally later this week should scrutinize a pair of related financial metrics.Investingread more
Olive branches were extended from both China and the U.S. as the two nations are set to restart face-to-face trade negotiations after a monthlong truce.Marketsread more
Coca-Cola topped Wall Street's expectations for earnings and revenue.Food & Beverageread more
New disclosures show Facebook and Amazon each spent more than $4 million on lobbying activity in the second quarter of 2019.Technologyread more
Boris Johnson, one of the biggest voices in the Brexit movement, wins the Conservative Party leadership race by a 2-1 margin.Europe Politicsread more
Disney can nearly double its earnings by 2024, Morgan Stanley said in a note to clients on Tuesday.Investingread more
Amazon is expected to report its second-quarter earnings on Thursday.Investingread more
The largest residential brokerage company in the U.S. is partnering with the largest online retailer in a strategy to boost sales for both.Real Estateread more
Here are the biggest calls on Wall Street on TuesdayInvestingread more
Canaccord Genuity's Tony Dwyer believes stocks are about to fall as much as 5% from their all-time highs.Trading Nationread more
(Adds more details on request, background)
WASHINGTON, June 24 (Reuters) - The U.S. Commerce Department has agreed to Tesla Inc's request to waive 10 percent tariffs on imported aluminum from Japan used in the manufacture of battery cells at Tesla's Nevada Gigafactory, government documents show.
The Palo Alto, California-based company made the request in documents posted in April and said the aluminum is produced by Nippon Light Metal Co Ltd and was seeking a tariff exclusion for 10,000 tonnes annually.
The Commerce Department said in a document dated June 5 and posted on a government website in recent days that the aluminum "is not produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality." The waiver is good for one year. Tesla did not immediately comment.
The battery cells are assembled into packs which are the energy source for the Tesla Model 3 vehicle as well as energy storage products, Tesla said in its request. "Tesla is the only US manufacturer of these battery types and planned production of these batteries will increase exponentially over the next few years," the company's request said.
Tesla's exclusion request specified several different width and thickness for aluminum sheets. Tesla said U.S. manufacturers cannot "meet the alloy composition or thickness requirements. Domestic producers also cannot meet the annual volume requirement."
No objections were filed to Tesla's request.
Tesla previously sought other tariff exemptions from the U.S. Trade Representative's Office for Chinese-made parts, including the Model 3 car computer and the Autopilot "brain" that were rejected. (Reporting by David Shepardson Editing by Chizu Nomiyama and Sandra Maler)