Japan tariff negotiator held "in-depth" talks with Lutnick, Japan government says
A pause on a 24% reciprocal tariff on imports from Japan expires next week.
The Japanese government also said in a statement that it intends to continue actively coordinating with the U.S. side on the matter.
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Los Angeles Times
30 minutes ago
- Los Angeles Times
U.S. plans AI chip curbs on Malaysia, Thailand over China concerns
President Trump's administration plans to restrict shipments of AI chips from the likes of Nvidia Corp. to Malaysia and Thailand, part of an effort to crack down on suspected semiconductor smuggling into China. A draft rule from the Commerce Department seeks to prevent China — to which the U.S. has effectively banned sales of Nvidia's advanced AI processors — from obtaining those components through intermediaries in the two Southeast Asian nations, according to people familiar with the matter. The rule is not yet finalized and could still change, said the people, who requested anonymity to discuss private conversations. Officials plan to pair the Malaysia and Thailand controls with a formal rescission of global curbs from the so-called AI diffusion rule, the people said. That framework from the end of President Joe Biden's term drew objections from U.S. allies and tech companies, including Nvidia. Washington would maintain semiconductor restrictions targeting China — imposed in 2022 and ramped up several times since — as well as more than 40 other countries covered by a 2023 measure, which Biden officials designed to address smuggling concerns and increase visibility into key markets. All told, the regulation would mark the first formal step in Trump's promised overhaul of his predecessor's AI diffusion approach — after the Commerce Department said in May that it would supplant that Biden rule with its own 'bold, inclusive strategy.' But the draft measure is far from a comprehensive replacement, the people said. It doesn't answer, for example, questions about security conditions for the use of US chips in overseas data centers — a debate with particularly high stakes for the Middle East. It's unclear whether Trump officials may ultimately regulate AI chip shipments to a wider swath of countries, beyond the Malaysia and Thailand additions. The Commerce Department didn't respond to a request for comment. The agency has offered few specifics about its regulatory vision beyond what Secretary Howard Lutnick told lawmakers last month: The US will 'allow our allies to buy AI chips, provided they're run by an approved American data center operator, and the cloud that touches that data center is an approved American operator,' he said during congressional testimony. Nvidia, the dominant maker of AI chips, declined to comment, while spokespeople for the Thai and Malaysian governments didn't respond. Nvidia Chief Executive Officer Jensen Huang has previously said there's 'no evidence' of AI chip diversion, in general remarks that didn't touch on any particular country. In response to earlier Bloomberg queries about curbs focused on smuggling risks, Thailand said it's awaiting details, while Malaysia's Ministry of Investment, Trade and Industry said clear and consistent policies are essential for the tech sector. Washington officials for years have debated which countries should be able to import American AI chips — and under what conditions. On one hand, the world wants Nvidia hardware, and U.S. policymakers want the world to build AI systems using American technology — before China can offer a compelling alternative. On the other, once those semiconductors leave American and allied shores, US officials worry the chips could somehow make their way to China, or that Chinese AI companies could benefit from remote access to data centers outside the Asian country. Southeast Asia is a key focus. Companies including Oracle Corp. are investing aggressively in data centers in Malaysia, and trade data shows that chip shipments there have surged in recent months. Under pressure from Washington, Malaysian officials have pledged to closely scrutinize those imports, but the Commerce Department's draft rule indicates the US still has concerns. Semiconductor sales to Malaysia also are a focal point of a court case in neighboring Singapore, where prosecutors have charged three men with defrauding customers about the ultimate destination of AI servers — originally shipped from the island nation to Malaysia — that may have contained advanced Nvidia chips. (Nvidia is not the subject of Singapore's investigation and has not been accused of any wrongdoing.) Related: Malaysia Downplays Huawei Deal as US Checks China's AI Reach The export curbs on Malaysia and Thailand would include several measures to ease pressure on companies with significant business operations there, people familiar with the matter said. One provision would allow firms headquartered in the US and a few dozen friendly nations to continue shipping AI chips to both countries, without seeking a license, for a few months after the rule is published, people familiar with the matter said. The license requirements also would still include certain exemptions to prevent supply chain disruptions, the people said. Many semiconductor companies rely on Southeast Asian facilities for crucial manufacturing steps like packaging, the process of encasing chips for use in devices. Hawkins writes for Bloomberg.
Yahoo
2 hours ago
- Yahoo
Should you invest in Japanese stocks? UBS answers
-- Japan's stock market has climbed to new highs on renewed foreign buying, but investors should be cautious heading into earnings season, according to analyst at UBS. The TOPIX index broke above 2,800 last week, helped by momentum-driven gains and concerns among global investors about missing out. But UBS said the rally may not last, pointing to stretched valuations and weakening profit forecasts. 'We remain Neutral on Japanese equities as momentum-driven markets can reverse quickly,' UBS analyst Chisa Kobayashi said. Japanese shares have underperformed global peers this year, but the recent rebound has been led by sectors less exposed to trade tensions, such as tech services and utilities. Many of these stocks are now expensive, UBS said. The upcoming June-quarter earnings, due later this month, could mark a turning point. 'We expect that downward revisions of full-year guidance will be announced with 1Q results, marking the end of negative news'Exporters should cut full-year guidance, with chance of ending months of downgrades and setting a floor for expectations. That could open the door for a recovery in cyclical shares like autos and machinery, which have lagged. 'While these stocks may continue to outperform if the momentum market persists, from a risk-reward perspective, we believe undervalued, high-quality cyclical stocks offer better medium-term returns,' Kobayashi near-term gains seen possible, strong U.S. markets and share buybacks by Japanese companies may provide some support if sentiment shifts. UBS remains cautious overall but sees selective opportunities in undervalued companies, especially as corporate buybacks and resilient U.S. markets may limit the downside. Related articles Should you invest in Japanese stocks? UBS answers Who will win the battle of U.S. retail media? How did the hyperscale clouds do in Q1 2025?
Yahoo
2 hours ago
- Yahoo
Liverpool preseason fixtures in full and why Reds have shorter schedule ahead of title defense
Liverpool is currently scheduled to play five preseason friendlies this summer, with the first set to take place in just over a month's time. The Reds will face Preston at Deepdale on Sunday July 13, when Florian Wirtz and Jeremie Frimpong — as well as any other new players that Liverpool signs — could make their debuts. Advertisement Liverpool then travels to Asia for friendlies agains AC Milan and Yokohama on Saturday July 26 and Wednesday July 30 respectively, before returning to England and hosting Athletic Bilbao in back-to-back friendlies on Monday August 4. The first game against Bilbao kicks off at 5pm BST, before the second game at 8pm BST; fans with a ticket are granted access to both games. READ MORE: Bayer Leverkusen targets Liverpool star in separate transfer to Florian Wirtz deal READ MORE: Jurgen Klopp already gave new Tottenham manager Thomas Frank the ultimate seal of approval While other teams in the Premier League might continue to play in friendlies into the following weekend ahead of the start of the league season on Friday August 15, Liverpool will be in Community Shield action against Crystal Palace on Sunday August 10. Advertisement Liverpool's preseason fixtures Jul 13: Preston v LFC (Deepdale) Jul 26: AC Milan v LFC (Hong Kong) Jul 30: Yokohama v LFC (Yokohama) Aug 4: LFC v Bilbao x2 (Anfield) Meanwhile, although Liverpool looks to be closing in on Germany international Wirtz, it seems it might not quite be a done deal yet. Reports on Tuesday suggested that an agreement had been reached with Bayer Leverkusen for a record $171 million transfer, with a medical set to take place in the coming days. However, those reports were quickly shot down by the highly respected journalist David Ornstein, who said that Liverpool and Leverkusen were still locked in talks as they tried to reach an agreement over Wirtz's move to Anfield. According to The Athletic, Liverpool is still speaking daily with Leverkusen, with talks in their final stages. What's more, contrary to recent reports, it's claimed that the Reds' second offer last week - worth around $153 million in total - was not rejected, with talks continuing in order to settle on a package suitable for both sides. Advertisement Liverpool is also said to have no intention of bidding as high as the $171M reported on Tuesday by the likes of Fabrizio Romano, while a medical is yet to be arranged.
