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Economic Times
3 minutes ago
- Economic Times
Getting along well with China, will meet Xi if we make a deal: Trump
Synopsis Donald Trump stated that the US is nearing a trade agreement with China. He anticipates meeting Xi Jinping if a deal materializes. Trump believes declining energy prices in Russia could pressure Vladimir Putin to end the war in Ukraine. Tariffs on semiconductor and pharmaceutical imports are expected soon. Washington: President Donald Trump said on Tuesday the US was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if an agreement is struck. ADVERTISEMENT "He asked for a meeting, and I'll end up having a meeting before the end of the year most likely, if we make a deal. If we don't make a deal, I'm not going to have a meeting," Trump told CNBC in an interview referring to China's Xi. "We're getting very close to a deal. We're getting along with China very well." The US President that declining energy prices in Russia could pressure President Vladimir Putin to halt the war in Ukraine. "If energy goes down enough, Putin is going to stop killing people. If you get energy down, another $10 a barrel, he's going to have no choice because his economy stinks."During the interview, the US President said that tariffs on semiconductor and pharmaceutical imports would be announced "within the next week or so," as the administration prepares to target key economic sectors in its effort to remake global trade. ADVERTISEMENT "We'll be putting a initially small tariff on pharmaceuticals, but in one year-one and a half years, maximum-it's going to go to 150% and then it's going to go to 250% because we want pharmaceuticals made in our country," Trump said. Duties on Chips Soon ADVERTISEMENT "We're going to be announcing on semiconductors and chips, which is a separate category," the President Commerce Department has been investigating the semiconductor market since April to set the stage for possible tariffs on an industry that's expected to generate nearly $700 billion in global sales. Under Trump, the US has already imposed levies on imports of cars and auto parts as well as steel and aluminum. ADVERTISEMENT Levies on imported chips threaten to sharply increase costs for large data centre operators including Microsoft, OpenAI, Meta Platforms, and that plan to spend billions of dollars on purchases of advanced semiconductors needed to propel their artificial intelligence businesses. Trump has emphasised using tariffs to spur investments in domestic manufacturing including chip production, and on Tuesday he hailed Taiwan Semiconductor Manufacturing Company's plans to expand its US presence. "You know, we have the biggest in the world, as you know, from Taiwan is coming over and spending $300 billion in Arizona, building the biggest plant in the world for chips and semiconductors," he said. ADVERTISEMENT Trade Gap With China at 21-yr low The US trade deficit narrowed in June on a sharp drop in consumer goods imports, and the trade gap with China shrank to its lowest in more than 21 years, the latest evidence of the imprint on global commerce Trump's tariffs are making. The overall trade gap narrowed 16.0% in June to $60.2 billion, the Commerce Department's Bureau of Economic Analysis said on Tuesday. Days after reporting that the goods trade deficit tumbled 10.8% to its lowest since September 2023, the government said the full deficit including services also was its narrowest since then. Exports of goods and services totaled $277.3 billion, down from more than $278 billion in May, while total imports were $337.5 billion, down from $350.3 billion. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates. NEXT STORY
Time of India
2 hours ago
- Time of India
Donald Trump says will announce new tariff plan for semiconductors and chips next week because: We want them to ...
Donald Trump US President Donald Trump announced that new tariffs on semiconductor and chip imports will be unveiled "within the next week or so," as his administration pursues an aggressive trade policy aimed at bringing manufacturing back to the United States. "We're going to be announcing on semiconductors and chips, which is a separate category, because we want them made in the United States," Trump said during an interview on CNBC's "Squawk Box." The president, however, did not provide specific details about tariff rates or implementation timelines. The announcement comes as the Commerce Department has been investigating the semiconductor market since April to lay the groundwork for possible tariffs on an industry expected to generate nearly $700 billion in global sales, according to Bloomberg. The vast majority of the world's most advanced semiconductors currently come from Taiwan, home to major chipmaker TSMC, whose customers include tech giants Apple, Nvidia, Qualcomm and AMD. Trump's recent policy shifts show selective approach The semiconductor tariff announcement follows Trump's recent decision in April to exclude smartphones, computers, and other electronics from higher tariffs, though other existing duties remain in place. US Customs and Border Protection updated its guidance to exempt various tech products from the 125% additional tariff on Chinese goods and the base 10% global tariff. Despite Trump's claims that "people love the tariffs," his approval rating has declined in multiple poll trackers' latest updates, per CNBC. Historical data, as quoted in the CNBC report, shows that the president's first-term trade war with China actually expanded China's trade surplus with the US between 2018 and 2021, according to industry reports. Trump had sharply criticized the Biden administration's $52 billion CHIPS Act subsidies as "ridiculous," arguing that tariff threats provide superior incentives for domestic manufacturing. "We will have more plants built in the next short period of time than ever before because the incentive will be there," Trump stated at a House GOP conference earlier this year in January, though he provided no specific timelines for these projected developments. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
News18
2 hours ago
- News18
Chinese group Ant Financial exits Paytm, sells 5.84 pc stake for Rs 3,980 crore
Agency: PTI New Delhi, Aug 5 (PTI) Chinese billionaire Jack Ma's Ant Financial on Tuesday exited One97 Communications, the parent company of Paytm, by selling its entire 5.84 per cent stake for Rs 3,980 crore through open market transactions. Ant Group, through its affiliate Antfin (Netherlands) Holding BV, offloaded around 3.73 crore equity shares of Noida-based One97 Communications in large deals. Ant Group, formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. Shares of One97 Communications fell 2.38 per cent to close at Rs 1,052.65 apiece on the BSE. According to the bulk deal data on the BSE, Antfin (Netherlands) Holding BV offloaded nearly 3.73 crore equity shares, representing 5.84 per cent stake, in two tranches. The shares were sold in the price range of Rs 1,067.53-1,067.63 apiece, taking the combined deal value to Rs 3,980.76 crore. As of the June quarter, Antfin (Netherlands) Holding BV owned a 5.84 per cent stake in Paytm. Meanwhile, Paris-based financial services company Societe Generale through its two affiliates bought a total of 67.50 lakh shares or 1.06 per cent stake in Paytm for Rs 720.56 crore. In addition, Hong Kong-based Management through its arm — MY Asian Opportunities Master Fund LP — purchased 35 lakh equity shares or 0.55 per cent stake in Paytm for Rs 373.62 crore. Management HK Advisors has been responsible for the management of York Capital Management Global Advisors LLC's Asian hedge fund business. ultimate control is under Masahiko Yamaguchi. The shares were acquired at an average price of Rs 1,067.50 apiece on the BSE. Details of the other buyers of One97 Communications' shares could not be ascertained on the exchange. After the exit by Ant Group, Resilient Asset Management BV, an entity owned by founder Vijay Shekhar Sharma and his family members, and Hong Kong-based private equity firm SAIF Partners hold more than 10 per cent stake in Paytm. SAIF Partners, through its two affiliates, owns a 15.34 per cent stake in Paytm as of June 2025, according to the shareholding data on the BSE. Resilient Asset Management BV holds a 10.24 per cent stake while Vijay Shekhar Sharma owns a direct 9.07 per cent stake in the payment services provider. Earlier, Chinese internet firm Alibaba Group was the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offering in November 2021. Alibaba group firm Antfin sold around 5 per cent shares to lower its stake below 25 per cent in Paytm to comply with regulatory requirements at the time of IPO. To shed its Chinese-owned entity image, Paytm in August 2023 announced that Antfin would transfer its 10.3 per cent stake in Paytm to Resilient Asset Management BV. In return, Resilient issued a debt instrument — optionally convertible debentures– to Antfin, thereby maintaining the economic interest of the Alibaba group firm. With this transaction, Antfin's direct stake in Paytm was reduced to 13.5 per cent. Ant Group had been shedding its stake in Paytm after the listing in 2021. At the end of March 2025, the Chinese fintech giant had nearly 10 per cent stake in Paytm. In May this year, Ant Group offloaded more than 2.55 crore shares or a 4 per cent stake in One97 Communications for Rs 2,103 crore. PTI HG MR view comments First Published: August 05, 2025, 22:15 IST News agency-feeds Chinese group Ant Financial exits Paytm, sells 5.84 pc stake for Rs 3,980 crore Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
