The Trump administration is imposing a substantial tariff on a raw material that is critical for electric vehicle batteries, which could significantly raise the cost of building EVs in the United States.

Shares of non-Chinese graphite producers surged on Friday after the US announced anti-dumping duties of 93.5 per cent on imports from China of a mineral vital to batteries in electric vehicles. Australia-listed Syrah Resources,

President Trump said he plans to write to many nations setting a blanket unilateral tariff rate, which he said could be 10% or 15%. "We’ll have well over 150 countries that we’re just going to send a notice of payment out" detailing tariffs,