"Signals & Shifts: Key Moves in Tech, Trade & Global Business"

5th June 2025

Today in global business and tech: U.S. auto suppliers sound the alarm on China’s rare earth curbs, calling for urgent action. UK fintech Wise is headed for a U.S. primary listing, dealing another blow to London markets. Meta leans into defense tech as Silicon Valley warms to military partnerships. And Trump reinstates a sweeping travel ban, citing national security concerns.

• US Auto Suppliers Urge Swift Action on China’s Rare Earth Restrictions

A leading U.S. auto parts group is sounding the alarm over China’s tightened grip on rare earth exports, saying urgent action is needed to avoid major supply chain disruptions. In April, China imposed new licensing requirements on rare earth minerals and magnets—materials essential for everything from car engines to seat belts—raising fears across the auto industry.

The Vehicle Suppliers Association (MEMA) says the restrictions are already causing “serious, real-time risks” for parts makers, with some components now difficult to source. In a letter co-signed with automaker trade groups including those representing GM, Toyota, and Volkswagen, MEMA warned the White House that critical auto parts could soon face production delays if access to these materials isn’t restored.

The issue stems from a broader U.S.-China trade conflict that reignited after the Trump administration imposed new tariffs. Since then, rare-earth magnet exports from China have plunged, and U.S. companies are struggling with a complex new permit process that’s bogged down in paperwork.

Ford has already felt the squeeze—pausing production of its Explorer SUV in Chicago for a week due to a rare earth shortage. Meanwhile, the White House hasn’t publicly responded, but with tensions rising and supply chains under strain, auto suppliers are pushing for a fast fix. Reuters

• Wise Plans US Primary Listing, Delivering Another Blow to London Markets

UK-based fintech Wise is shifting gears—announcing plans to move its primary listing from London to the US, while still maintaining a secondary listing in the UK. The move, the company says, will help boost visibility, improve share liquidity, and eventually pave the way for inclusion in major US stock indices.

Wise’s decision is the latest setback for the London Stock Exchange, which has struggled to retain high-profile names. Earlier this week, pharma firm Indivior also revealed plans to ditch London in favor of a US focus. Hopes had been high that fintechs like Wise or Monzo would help revive London's listings scene, but this latest announcement suggests momentum may be shifting across the Atlantic.

CEO Kristo Käärmann says the US listing will align better with the company’s growth plans and give Wise access to deeper capital markets. “We’re well on our way to handle trillions, not just billions,” he said, highlighting plans to invest £2 billion over the next two years in scaling infrastructure, marketing, and product development.

The move comes alongside solid financial results: Wise saw a 26% rise in cross-border volumes and a 17% bump in pre-tax profits, driven by a growing customer base of 15.6 million users. With the US pegged as the company’s largest growth market, the switch is being framed as a strategic step toward becoming a truly global payments leader. CityAM

• Meta’s Defense Tech Pivot Signals Shift in Silicon Valley Culture, Says CTO

Meta’s Chief Technology Officer Andrew Bosworth says there’s a cultural shift happening in Silicon Valley—one that’s making it more acceptable for tech companies to support U.S. defense initiatives. Speaking at the Bloomberg Tech Summit in San Francisco, Bosworth said the “tides have turned,” and what was once a quiet minority in favor of defense work is now becoming more vocal.

“There’s a much stronger patriotic underpinning than people give Silicon Valley credit for,” he noted, pointing out that the region has deep roots in military innovation. Meta’s recent partnership with defense contractor Anduril Industries reflects that shift, with the two companies working on projects like an AI-powered helmet with virtual and augmented reality features.

Bosworth described the industry’s growing openness to working with the military as a “return to grace.” As head of Meta’s Reality Labs—which oversees products like the Ray-Ban Meta glasses and Quest headsets—he said the coming year will be pivotal. “History has its eyes on us,” he said, adding that the success of their tech will ultimately depend on public adoption. The Economic Times

• Trump Reinstates U.S. Travel Ban, Citing National Security Concerns

President Donald Trump has reinstated a broad U.S. travel ban, blocking entry for citizens from 12 countries, including Afghanistan, Iran, and Somalia. The move, which takes effect June 9, is part of a wider immigration crackdown aimed at preventing potential terrorist threats and improving vetting processes. In a video posted on X, Trump said the list could expand and emphasized the need for stricter controls: “We will not allow people to enter our country who wish to do us harm.”

The ban echoes Trump’s earlier travel policy from his first term, which was eventually upheld by the Supreme Court. This new directive also includes partial restrictions on seven other countries, like Venezuela and Cuba. Critics and some foreign officials have voiced concern, but the Trump administration argues the ban is necessary for national security, especially in light of recent violent incidents involving visa overstays. Financial Times 

Minor Headlines 

• Court Blocks Trump’s Attempt to Dismantle U.S. Education Department. Financial Times

• Trump Halts Entry of International Students Enrolled at Harvard. Financial Times

• U.S. Government Flags Columbia University for Failing Accreditation Standards. Bloomberg

• EU Consumer Group Accuses Shein of Using Manipulative ‘Dark Patterns’. Reuters

• Canada Plans Response to U.S. Metal Tariffs as EU Sees Progress in Talks. Bloomberg

• Prada Buys 10% Stake in Italian Leather Maker Rino Mastrotto. Wall Street Journal 

• ECB Set to Cut Rates Again, But Summer Pause May Be on the Table. Bloomberg

• Suzuki Halts Swift Production Amid China’s Rare Earth Export Restrictions. Reuters

• Gen Z Word of the Day 

 Sip Tea

Sip tea is an alternative to "spilling the tea," meaning you're sitting back and listening to the gossip rather than partaking in it.