The US central bank has slashed its expectations for economic growth this year as it eyes challenges on several fronts amid Donald Trump’s escalating trade war.

The Federal Reserve announced, as was widely expected, that it would keep its main interest rate at its current target range level of 4.25%-4.5% following the latest meeting of its Federal Open Markets Committee.

The statement that accompanied that decision showed slightly elevated expectations for inflation but also a forecast that the annual rate of economic growth this year had been cut from 2.1% to 1.7%.

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The reduction partly reflected weaker consumer spending, the Fed said, adding that could be partly explained by the threat of rising prices due to the tariff agenda.

The central bank admitted rising uncertainty over its dual mandate which covers employment as well as inflation.

At a news conference to accompany the decision, Fed chair Jay Powell said: “The economy is strong overall”, adding that labour market conditions were “solid”.

But on the question of rising goods inflation he said: “A good part of it is coming from tariffs”, adding that it was too soon to split non-tariff and tariff-related inflation in the data.

The core message was that it was too early to predict the impact overall.

Policymakers said risks had increased, with a near unanimous sentiment in saying the outlook for the year was muddled but it stopped short of directly blaming the protectionist policies being pursed by the Trump White House.

The Fed revealed its hand less than 24 hours before the Bank of England was expected to follow suit by also holding off on any fresh rate cut amid risks of surging prices due to the growing trade war uncertainty.

The Fed meeting took place against a backdrop of mounting concern among financial markets and economists that the trade war could lead the world’s largest economy into recession.

Stock market values are well down on where they started the year, with the broad-based S&P 500 losing $4trn in the space of less than a month at one stage as the tariff threats intensified.

The dollar remains around five cents down against both the pound and euro while US government borrowing costs also remain elevated.

Stocks rebounded somewhat on the Fed’s update as it signalled no immediate pressure for a policy shift, with the statement signalling that two rate cuts remained on the cards over the remainder of 2025.

But US economists are particularly worried about the trade war involving the country’s nearest neighbours Mexico and Canada – yet to get into full swing as had been threatened due to several suspensions by the Trump administration.

Read more:
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The main domestic concern is that tit-for-tat tariffs will hammer cross-border supply chains and wider trade, leaving US businesses drowning under a mountain of red tape and higher costs, the latter being widely tipped to be passed on down supply chains and ultimately hitting consumers.

Trade war hostilities between the three are set to ramp up from 2 April – a day after the EU retaliates to US steel and aluminium tariffs with duties being applied to US goods worth €26bn.

Mr Trump has already threatened to respond with 200% tariffs on EU alcohol imports including wine and spirits.

South Korea just got its largest outdoor EV fast-charging hub, and it’s at the Korea International Exhibition Center (KINTEX) in Goyang. The new hub, built by charging network Water, features 46 fast chargers capable of juicing up everything from electric cars to buses and trucks.

KINTEX hosts around 5.8 million visitors a year, so a major charging hub like this makes a lot of sense. Water installed eight 200 kW and 38 100 kW EV chargers. The station is split across two sections of an outdoor parking lot near Exhibition Center 2.

Drivers can easily access the chargers from Ilsan Lake Park, and there are no height restrictions, meaning electric buses and trucks won’t have to struggle to find a compatible spot. The hub is also topped with Water’s signature wooden canopy, which not only makes it easier to spot but also lowers the construction carbon footprint compared to steel or concrete structures.

Dongyoon Lee, Water’s director of business development, says the 46 chargers eliminate the hassle of hunting for multiple stations and provide a one-stop fast-charging experience. Even during peak hours, wait times should be minimal.

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KINTEX has nearly 7,000 parking spaces, and South Korean regulations require that at least 5% of spaces at large public venues be designated for EV charging. This new hub goes above and beyond that requirement, which is especially needed as KINTEX expands and some parking areas close.

The project is part of a broader push to improve Goyang’s green infrastructure. Water was chosen last April to install 107 chargers across 14 locations in the city, and the entire network is expected to be up and running by the end of the month.

Daewon Yu, managing partner at Water, calls KINTEX a prime location for charging infrastructure and notes that “the hub will also support green mobility initiatives in Goyang by serving EV owners, taxis, buses, and other commercial vehicles.”

Water is the EV charging network brand of Brite Energy Partners, a South Korean renewable energy infrastructure company backed by BlackRock.

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Is Hyundai taking a page from China for its upcoming electric vehicles? The new EV taking China by storm was caught with testing plates near Hyundai’s global R&D hub.

Is Hyundai testing China’s tech for its upcoming EVs?

If you haven’t heard of the Xiaomi SU7 yet, it likely won’t be long before you come across it on X, Instagram, or some other social media.

Known as the “Apple of China” for its smartphones and other tech, Xiaomi launched its first EV last year, the SU7.

On Wednesday, the company announced it delivered its 200,000th SU7 in less than a year, fittingly in a vibrant Brilliant Magenta color.

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The SU7 is quickly climbing up the sales charts, even outpacing the Tesla Model 3 in China, with over 22,000 units delivered in January alone. In comparison, Tesla sold around 8,000 Model 3s in the first month of 2025 in China.

Xiaomi now expects to sell 350,000 EVs this year. If it can, it would be more than Volkswagen, Audi, BMW Mercedes-Benz, and Porsche combined, according to Germany’s Handelsblatt newspaper.

It looks like Hyundai is looking to get a step ahead. A Xiaomi SU7 was recently spotted by an AutoSpy user with a Hwaseong testing plate near Hyundai’s Namyang R&D Center, its global R&D hub.

Like Hyundai’s E-GMP platform, powering the IONIQ 5 and IONIQ 6, the SU7 has 800V fast charging capabilities. Powered by a 101 kWh battery pack, the range-topping Max trim has a massive 810 km (503 miles) CLTC range rating.

The high-performance SU7 Ultra, launched last month, packs up to 1,526 horsepower from three electric motors, good for a 0 to 62 mph (0 to 100 km/h) sprint in just 1.98 seconds.

Xiaomi’s electric sedan starts at 215,900 yuan, or just under $30,000, while the flagship Ultra trim costs 529,900 yuan ($73,000). Within two hours of launching, the flagship variant secured over 10,000 orders, topping Xiaomi’s annual goal.

In less than two weeks, Hyundai will launch its new Pleos brand, which will introduce new tech and software for upcoming Hyundai, Kia, and Genesis vehicles. Could we see some of China’s tech trickle in?

Source: TheKoreanCarBlog, AutoSpy