卡尼政府对华政策的"护栏"思维，本质上是加拿大在全球格局深刻变革下在战略焦虑与实际利益之间进 行权衡的结果。从经济结构看，加拿大长期过度依赖美国市场，其经济韧性在"美国优先"贸易保护主义 冲击下显得尤为脆弱。美国对加拿大钢铁、铝和汽车等行业征收高额关税，直接重创其制造业，迫使加 拿大必须寻找新的增长点和贸易伙伴。中国作为世界第二大经济体，拥有超大规模市场，对加拿大而言 是首选的"新篮子"。加拿大阿尔伯塔省的石油和天然气、萨斯喀彻温省的钾肥和农产品，都可能需要中 国市场进行消化。 近日，加拿大总理卡尼在接受加拿大广播公司采访时，就界定加中新关系一事作出表态。他一方面承 认"不要把所有的鸡蛋放在（美国）一个篮子里"，强调需拓展与中国等非美市场的合作以减少对美依 赖；另一方面又提出在人工智能、关键矿物、国防等领域因"安全威胁"需对中国设置"护栏"。这种看似 矛盾的政策取向，实则折射出加拿大在当前国际环境下，在国家利益诉求与意识形态偏见之间存在的深 层矛盾。 对中国而言，加拿大是一个具有潜力的合作伙伴，双方在资源禀赋、经济结构、产业发展等方面具有互 补性。要实现中加合作的健康发展，加拿大需摒弃意识形态偏见，采取合理务 ...

Financial Data and Key Metrics Changes - As of Q3 2025, the company had cash and cash equivalents of $1,600,000, an increase from $900,000 as of December 31, 2024 [41] - The net loss for Q3 2025 was $4,500,000, which is a decrease of $5,600,000 year-over-year, primarily due to reduced expenses related to the business combination [42] - The loss per share improved to $0.53 for Q3 2025 compared to $2.23 in the prior year quarter [43] Business Line Data and Key Metrics Changes - The company is currently pre-revenue as it has not yet commenced commercial production of battery-grade lithium carbonate [40] - The Muskogee refinery is designed to have a Phase one capacity of 25,000 metric tons per year of battery-grade lithium carbonate, expandable to 50,000 tons in Phase two [22] Market Data and Key Metrics Changes - The lithium market has begun to stabilize following earlier corrections, with prices improving modestly as inventories normalize [13] - A North American lithium pricing environment is forming, which is beginning to separate from traditional benchmarks in China, Japan, and Korea [14] Company Strategy and Development Direction - The company aims to build a secure American domestic supply chain for battery-grade lithium, aligning with U.S. policy objectives [6] - The focus is on aggregating and unlocking lithium supply that might not otherwise reach the market, emphasizing onshoring critical minerals [7] - The company is actively securing feedstock through agreements with upstream partners, such as Prairie Lithium and Mandrake Resources [18][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strong demand for lithium driven by electric vehicles and energy storage, with expectations for continued growth [7] - The geopolitical landscape and U.S. policy actions reinforce the need for a secure domestic critical mineral supply chain [9] - The outlook for lithium remains strong, with steady pricing recovery anticipated through 2026 [14] Other Important Information - The company completed a one-for-ten reverse stock split to maintain its NASDAQ listing [31] - Significant progress has been made in project finance, with independent engineers' validation of the FEL3 nearing completion [32] Q&A Session Summary Question: Additional color on government financing conversations - Management confirmed ongoing discussions with the government regarding equity investments and support for onshoring processing capacity [47] Question: Liquidity options to maintain the balance sheet - Management indicated multiple options for raising capital, including increased volume since summer and limited non-project capital costs moving forward [48][49] - Operational costs are expected to remain similar to current levels, with a focus on running a lean operation [51]

Group 1 - The U.S. is conducting a significant tariff investigation on imported furniture, with potential tariffs to be determined within 50 days [1] - Following the announcement, stock prices of several U.S. furniture retailers dropped significantly, with Wayfair down 10%, RH down 9.9%, and Williams-Sonoma down 6.7%, while La-Z-Boy, which primarily produces furniture in North America, saw a 3% increase [2] - The investigation is part of a broader inquiry under Section 232 of the Trade Expansion Act, which allows tariffs on goods deemed critical to national security, with results expected within 270 days from the start date of March 10 [5] Group 2 - The Trump administration has also initiated a national security investigation into wind energy imports, reflecting ongoing scrutiny of various industries including steel, aluminum, copper, and automobiles [6]

Core Viewpoint - The article discusses the impact of Trump's tariffs, particularly the nine industry-specific tariffs based on national security concerns, which are more stringent than reciprocal tariffs based on trade deficits [1][3]. Group 1: Steel and Aluminum - Trump announced a 25% tariff on steel and a 10% tariff on aluminum in 2018, which were later reinstated and increased to 50% in 2025 [4][6][7]. - The tariffs primarily target Canada, which accounts for over 20% of U.S. steel imports and nearly half of aluminum imports, followed by the EU and Japan [9]. - The tariffs have significant political implications, especially in key swing states like Wisconsin, Michigan, and Pennsylvania, which are crucial for elections [13][14][15]. Group 2: Copper - A 50% tariff on copper was announced, affecting various copper products, with the U.S. relying on imports for about half of its copper needs [16][17]. - Chile is a major copper supplier, contributing to a quarter of global supply, while China and other Asian countries hold significant copper reserves [18][19]. Group 3: Automotive and Parts - A 25% tariff on imported cars and parts was implemented, impacting a market where the U.S. imports over $300 billion worth of vehicles annually [22][23]. - The primary countries affected include Mexico, Japan, South Korea, Germany, Canada, and the UK, with Mexico being the most impacted [24][25]. - The tariffs are expected to influence U.S. automakers significantly, as they rely heavily on imported parts, with nearly 60% of parts being imported [25][32]. Group 4: Commercial Aircraft and Jet Engines - The U.S. imports more commercial aircraft and jet engines than it exports, with a trade deficit of $33 billion in 2024 [40]. - Nearly 50% of these imports come from the EU, with significant contributions from Canada and the UK [41]. Group 5: Wood Products - The U.S. is investigating tariffs on imported wood products, citing national security concerns due to military construction needs [43][45]. Group 6: Pharmaceuticals - The U.S. imports about 80% of its generic drugs and half of its brand-name drugs, with significant imports from Ireland and China [46][48]. - The U.S. has raised concerns about trade imbalances with Ireland, where many pharmaceutical companies have established operations [48]. Group 7: Semiconductors - The semiconductor industry is under scrutiny for potential tariffs, as the U.S. imports $200 billion more in semiconductors than it exports [51]. - Major suppliers include mainland China, Taiwan, and Mexico, with a significant reliance on foreign production [52]. Group 8: Critical Minerals - The U.S. is heavily reliant on imports for critical minerals, with 12 out of 50 minerals fully imported and 28 more than half imported [53][54]. - South Africa and Canada are the largest suppliers, while China dominates the rare earth imports [55]. Group 9: Manufacturing Employment - The article notes a decline in U.S. manufacturing jobs from 17 million to 13 million over the past 30 years, with tariffs aimed at bringing jobs back to the U.S. [58]. - The transition of supply chains is complex and varies by industry, with manufacturing sectors like automotive facing longer timelines for relocation [59][60].