The extended exemptions cover various categories such as specific textile products, electronic components, and some agricultural goods. This move provides United States businesses with additional time to reorganize supply chains and find alternative sources. It has especially eased short-term cost pressures for companies operating in the clean energy sector. 

United States Trade Talks and Next Steps 

This news comes amid ongoing trade talks between the United States and China. The White House says President Donald Trump and Chinese President Xi Jinping are scheduled to have a phone conversation this week. 

A US trade court ruled on Wednesday that Trump exceeded his authority in imposing tariffs on imports from China and other countries. The court stated that these tariffs could not be enforced under the emergency powers law. However, within 24 hours, a federal appeals court suspended the ruling to review the government’s appeal. Thus, the tariffs were temporarily reinstated. The appeals court requested responses by June 5 from plaintiffs and by June 9 from the government. 

Experts say such exemptions provide a “breathing room” for trade negotiations but agree that more comprehensive agreements are needed for long-term solutions. 

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Co-founder and CEO Munaf Ali stated that the company’s strategy focuses on securing locations with abundant and low-cost energy, with the new Ethiopian site playing a key role in long-term positioning.

Targeting Sustainable Mining With Clean Energy

The 52 MW mining facility will be developed in two phases. The first phase uses 20 MW to power 5,300 air-cooled units, delivering around 1.2 exahashes per second of mining power. The second phase — set for completion by end of Q2 2025 — will fully utilize the 52 MW, with water cooling and 2.4 exahashes per second output.

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Reza Nedjatian, CEO of the group’s mining and AI division, emphasized that the facility is powered entirely by renewable hydropower, highlighting a commitment to sustainable large-scale operations in Africa.

Phoenix Now Operates Over 500 MW Globally

After going public on the Abu Dhabi Securities Exchange (ADX) in late 2023, Phoenix Group’s IPO raised $371 million with 33x oversubscription, reflecting strong investor demand. The company’s stock quickly rose by 50%, and currently trades around $7.94.

Earlier in 2024, Phoenix completed a $187 million acquisition of Bitcoin mining equipment in one of the industry’s largest bulk purchases. Additionally, the firm has partnered with Tether and Green Acorn Investments to develop a new stablecoin pegged to the UAE dirham.

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