US to release result of probe into chip imports in two weeks
Empower your mind, elevate your skills
The Trump administration will announce the results of a national security probe into imports of semiconductors in two weeks, Commerce Secretary Howard Lutnick said on Sunday, as President Donald Trump suggested higher tariffs were on the horizon.Lutnick told reporters after a meeting between Trump and European Commission President Ursula von der Leyen that the investigation was one of the "key reasons" the European Union sought to negotiate a broader trade agreement that would "resolve all things at one time."Trump said many companies would be investing in semiconductor manufacturing in the United States, including some from Taiwan and other places, to avoid getting hit by new tariffs.He said von der Leyen had avoided the pending chips tariffs "in a much better way."Trump and von der Leyen announced a new framework trade agreement that includes across-the-board 15% tariffs on EU imports entering the United States.Trump said the agreement included autos, which face a higher 25% tariff under a separate sectoral tariff action.The Trump administration in April said it was investigating whether extensive reliance on foreign imports of pharmaceuticals and semiconductors posed a national security threat.The probe, being conducted under Section 232 of the Trade Expansion Act of 1962, could lay the groundwork for new tariffs on imports in both sectors.The Trump administration has begun separate investigations under the same law into imports of copper and lumber. Earlier probes completed during Trump's first term formed the basis for 25% tariffs rolled out since his return to the White House in January on steel and aluminum and on the auto industry.Trump has upended global trade with a series of aggressive levies against trading partners, including a 10% tariff that took effect in April, with that rate set to increase sharply for most larger trading partners from August 1.The U.S. relies heavily on chips imported from Taiwan, something Democratic former President Joe Biden sought to reverse during his term by granting billions of dollars in Chips Act awards to lure chipmakers to expand production in the United States.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
41 minutes ago
- India.com
Free Trade or Colonial Bias? After India-UK FTA, Homegrown Liquor Makers Accuse British Market Of Discriminating Against Indian Brands
New Delhi: The ink was barely dry on the India-UK Free Trade Agreement (FTA) when a new unease began brewing, not in trade offices, but in the distilleries of India. A growing number of Indian liquor companies say they are feeling left out and locked out. While the FTA has opened India's gates wider for British gin and Scotch with reduced import duties, the doors to the U.K. market, they claim, remain unfairly barricaded for Indian-made spirits. At the center of the anger is the Confederation of Indian Alcoholic Beverage Companies (CIABC), a body that speaks for India's local liquor manufacturers. According to its Director General Anant S Iyer, what India removed in tariff walls, the United Kingdom has maintained in 'non-tariff barriers', rules that may not show up in price charts but block access all the same. 'The United Kingdom and even the European Union (EU) do not allow fair imports of most Indian-Made Foreign Liquor (IMFL) products into their markets due to non-tariff barriers related to maturation and ingredients. We only wish that the Indian government had stood firm on the issue of non-tariff barriers,' he said. The bone of contention is the UK's strict definition of what can be sold as whisky. The British standard mandates that whisky must be matured for a minimum of three years. This rule is applied to both domestic and imported spirits. But Iyer says what works in cold European cellars does not work in the Indian climate. 'In India, the maturation is much faster due to the tropical climate. If we keep it for three years, we lose almost one-third of the spirit to evaporation. That is a financial loss. It also changes the flavour profile. It is a punishment for making whisky in a warmer land,' he explained. Because of the three-year rule, Indian whiskies that mature faster due to heat are disqualified from calling themselves 'whisky' under British law. Instead, they must be labelled as 'Indian spirits', a description that, Iyer says, cuts them off from mainstream whisky shelves and consumer attention in the United Kingdom and Europe. 'We want to be allowed to call it Indian Whisky or Indian Rum or Indian Brandy. Let consumers decide. Let the market decide. Right now, we are kept out simply because we do not age our spirits in cold basements,' he added. The CIABC has now urged the Indian government to actively pursue the matter with the United Kingdom. They argue that without reciprocal access for Indian products, the billion-dollar export vision for the Indian liquor industry will remain out of reach. 'The government has set an ambitious target of achieving $1 billion in exports from the Indian alcobev (alcoholic beverage) industry by 2030. However, without ensuring proper market access, it will be difficult to meet this target. Though Indian whiskies, rum, gins, wines, etc. have been winning accolades globally, the lack of removal of non-tariff barriers and absence of reciprocal market access will make this export target hard to achieve,' Iyer said. There is also growing concern about what is flowing into India. While British spirits are now allowed in at lower duties, Indian manufacturers fear that Scotch whisky and other bottled-in-origin (BIO) liquors may soon dominate Indian shelves by being routed through third countries at cut prices, hurting the premium Indian market before it even matures. To counter this, the CIABC has recommended that the Indian government fix a Minimum Import Price (MIP) on such foreign products. 'The government has incorporated MIP in the India-UK FTA on rum, brandy and other liquor products. The only exception on this count being Scotch Whisky/other whiskies/Gin originating from the United Kingdom,' Iyer added. He urged the government to monitor billing data and use technology to trace each bottle from port to shelf. 'We hope the government will ensure that Scotch whisky and other BIO spirits are not dumped in India at low import prices or routed through any other country at cheaper rates. This will hurt the growth of premium and luxury Indian brands,' he said. For now, India's liquor makers are pouring their hopes into diplomatic channels. Their demands include recognition, fairness and a level playing field. 'We do not want favours. We just want the right to sell our products under the names they deserve,' Iyer concluded.
Mint
an hour ago
- Mint
Trump secures trade deal with EU, slashes tariffs to 15%; lands $750 billion energy deal and $600 billion investment
The United States and the European Union have reached a last-minute trade agreement that will impose a 15% tariff on EU goods entering the US, replacing the previously threatened 30% rate. The deal, reached just ahead of the August 1 deadline, was announced by President Donald Trump and European Commission President Ursula von der Leyen after a high-stakes meeting at Trump's Turnberry golf resort in Scotland. 'It was a very interesting negotiation. I think it's going to be great for both parties,' Trump said. President Trump noted the long-standing friction in trade relations between the US and Europe, saying: "We've had a hard time with trade with Europe, a very hard time.' 'I think the main sticking point is fairness.' Under the deal, the US will impose a baseline 15% tariff on EU exports — the same level Japan recently agreed to — including autos, which were previously taxed at 25%. 'We are agreeing that the tariff straight across, for automobiles and everything else, will be a straight across tariff of 15 percent," Trump confirmed. As part of the agreement, the EU has committed to purchasing $750 billion worth of US energy and investing $600 billion more into the American economy. Trump called the outcome 'a good deal for everybody,' while von der Leyen added: 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.' The agreement reportedly mirrors the recent .S-Japan deal announced earlier in the week, which also featured a 15% import duty and avoided previously threatened higher tariffs. US Commerce Secretary Howard Lutnick emphasised the urgency to push both sides to reach a consensus: 'No extensions, no more grace periods. August 1, the tariffs are set, they'll go into place, Customs will start collecting the money and off we go.' With EU trade deal sealed, six countries including — Britain, Vietnam, Indonesia, the Philippines, and Japan — have reached agreements with the Trump administration ahead of the upcoming Friday deadline, as the US moves to reshape the global free trade framework by imposing tariffs on nations it accuses of unfair trade practices. While the tariffs agreed upon by these countries are generally higher than the 10 percent base rate the US has applied to most nations since April, they remain significantly lower than the steep rates the Trump administration had threatened if no deals were secured.
Hindustan Times
2 hours ago
- Hindustan Times
‘Trump cheating at golf': Massive claim emerges amid Scotland trip; caddie video draws attention
A video of President Donald Trump playing golf during his Scotland trip has gone viral. The clip, showing the 79-year-old's caddie allegedly tossing a ball into the light rough near a bunker, has sparked a 'cheating' row. Now, several social media users claim that Trump was 'cheating at golf' - a sport he loves. US President Donald Trump waves from a golf cart at the Trump Turnberry golf course in Turnberry, Scotland(Bloomberg) Neither Trump nor the White House have responded to the renewed 'cheating' allegations yet. 'Trump caught cheating at golf, watch the second guy in the red vest toss a ball behind him,' one person wrote on X, platform formerly known as Twitter. Read More: Trump says US will work with Thailand and Cambodia, adds both 'want to settle' 'Watch his caddy drop the ball in a more favorable location for him. First he cheated on his wife with children, and now he's cheating at golf. What low will he not stoop to?' another person tweeted. The two X users posted videos of the alleged 'cheating' incident. The video, recorded during Trump's Saturday round, shows him arriving at a bunker in a cart, followed by a caddie dropping a ball just short of the sand trap. Trump then approaches and hits from the new position, prompting accusations of 'cheating'. This echoes past allegations, including claims from Rick Reilly's book Commander in Cheat, which details the president's alleged habit of manipulating shots. President Trump's Scotland trip, with scheduled talks with EU and UK leaders, has drawn criticism. Several Democrats noted that the 79-year-old is spending most of his time at Turnberry and his Aberdeen course. Rick Reilly, who has played with the president, spoke to The Spun about Trump's golf habits - including taking unearned chip-ins and claiming he 'cannot lose' and will 'do anything to cheat'. Read More: Donald Trump says Israel will have to 'make a decision' on next steps in Gaza Trump strikes EU deal The US and European Union agreed on a landmark deal that will see the bloc face 15% tariffs on most of its exports, including automobiles. This comes less than a week before the deadline for Trump's higher tariffs to take effect. Trump and European Commission President Ursula von der Leyen announced the deal Sunday at his golf club in Turnberry, Scotland, although they didn't disclose the full details.
