
Pfluger introduces bills to impose maximum pressure on Iran
During the RSC press conference announcing this legislation, Pfluger said, "President Trump has not just earned our gratitude, he deserves unwavering support as he revives the maximum pressure campaign against Iran's leaders — the world's most dangerous state sponsors of terrorism. The Iranian regime is not just a threat, its leaders are a genocidal death cult. Make no mistake about their strategy — they view Israel's destruction as the beginning of their evil plans."
The No Iranian Energy Act sanctions the importation of Iranian natural gas to Iraq, cutting off their lifeline. This is necessary as recently, the sanctions waiver for electricity transmission from Iran expired in line with President Trump's NSPM-2. With Iranian gas imports accounting for roughly 8.8 GW of power generation, additional action is needed to cut off this revenue stream for the regime in Tehran, a news release said.
The Iran Waiver Recissions Act would permanently freeze all Iranian-sanctioned assets and prohibit the President from using any waiver authority, including licenses, guidance, or FAQs, to lift sanctions. Last Congress, this legislation passed the House 259-160 with bipartisan support.
Pfluger's bills were introduced alongside nine other pieces of legislation championed by other House Republicans and RSC members. This package of bills aims to codify President Trump's maximum pressure campaign against Iran and is the toughest Iran sanctions package ever proposed by Congress, the release said.
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Newsweek
a few seconds ago
- Newsweek
Donald Trump is Helping China in the AI Race. Why?
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Nvidia has ordered 300,000 new top-line computer chips from the Taiwan Semiconductor Manufacturing Company (TSMC) following a huge boost in demand from China. The agreement over the H20 chipsets, which are some of the most advanced technology being produced in Taiwan's industry-leading factories, comes in the same month that Trump reversed a ban that stopped Nvidia from selling to China over security concerns. Newsweek contacted the Chinese Embassy and the White House for comment on this story via email. Why It Matters The January launch of DeepSeek, a Chinese-made AI model, , sparked what may have called a "cold war" over artificial intelligence development. Researchers developed DeepSeek with a fraction of the resources but managed to produce an AI capable of rivaling ChatGPT. In April, the Trump administration barred top U.S. suppliers, like Nvidia, from selling topline silicon to China over "national security concerns." The ban mirrored the 2022 CHIPS Act passed by former President Joe Biden, which increased semiconductor manufacturing in the U.S. while also clamping down on chip companies investing in China and Russia, the biggest competitors in the industry. What To Know The White House reversed its ban after barely three months, giving Nvidia the all-clear in July to resume sales with China. Nvidia founder and CEO Jensen Huang on July 14 said the U.S. government had assured him it would restore the licenses to sell H20s in China. "General-purpose, open-source research and foundation models are the backbone of AI innovation," Huang said. "We believe that every civil model should run best on the U.S. technology stack, encouraging nations worldwide to choose America." Half a month later, and Chinese demand for Nvidia chips has surged, with the U.S. company looking to replenish its stock with an order of 300,000 H20 chipsets from TSMC, one of the largest manufacturers in the world. US President Donald Trump shakes hand with China's President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing on November 9, 2017. US President Donald Trump shakes hand with China's President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing on November 9, 2017. Getty Images The return of Nvidia chips to the Chinese market will be a boon to the country's rapidly expanding AI industry, but there's concern that the U.S. could fall behind in an AI "race", as OpenAI CEO Sam Altman describes it, using U.S. chips to do so. In May, a report from the Georgetown University's Center for Security and Emerging Technology shared with Newsweek found that two of China's leading AI institutes, headquartered in Beijing, have established branches in Wuhan to cooperate on sophisticated alternatives to the large generative AI models. The report described the new labs' aim to "springboard to artificial general intelligence", overtaking the U.S. by focusing on other forms of AI as opposed to the western focus on large statistical models. What People Are Saying Alexandra Mousavizadeh, CEO of Evident and creator of the Global AI Index, told Newsweek that there were two different approaches to China's AI development: "You can continue to try and contain access to chips and close the walls off. While you're doing that, you're doubling down on investment into data infrastructure, supporting the development of AI in the U.S. and being first in that race, "Or you open up completely and you say, 'Look, it's to the benefit of all that everyone has access to everything, because the collaboration between Europe, the U.S. and China in the past has been what has led to the ability to get to where we are today.' A spokesperson for the Chinese Embassy told Newsweek: "China has consistently advocated that the development of artificial intelligence should adhere to principles that are human-centered and promote benevolence. "China believes that AI development should be fair and inclusive, ensuring that all countries equally enjoy the benefits brought by AI, and has no intention of seeking dominance in this field." What Happens Next China will continue to be able to purchase from Nvidia and other U.S. chip manufacturers unless the White House alters its policy.


CNBC
a few seconds ago
- CNBC
OPEC+ makes another large oil output hike in market share push
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Yahoo
28 minutes ago
- Yahoo
After a blown deadline, what next for US-Canada trade?
A self-imposed deadline for a new US-Canada trade deal came and went on Friday. So what happens next for these two deeply entwined neighbours? Canada and the US have been locked in a tariff war for six months and, despite talk of "intense" negotiations in recent weeks, a trade agreement remains elusive. Both President Donald Trump and Prime Minister Mark Carney have poured cold water on the idea they will reach a quick, and tariff-free, deal. And Trump's open criticism of Canada's move to recognise a Palestinian state dashed hopes for a last-minute agreement earlier this week. The pessimism marks a shift in tone from as recently as June's G7 meeting, when the two leaders set themselves the summer deadline. Canadian negotiators have come to the conclusion that "it's not the end of the world" if a quick deal isn't reached and "that quality over speed and a rushed agreement matters a lot", said Fen Hampson, a professor of international affairs at Carleton University in Ottawa. Carney - who has been tight-lipped about the negotiation details - has said as much himself, repeating that just "any deal" won't do. Still, there are pressures on both sides to give businesses a reprieve. Conservative leader Pierre Poilievre said on Friday he shares "Canadians' disappointment" that a deal was not reached by the deadline. He urged Carney's Liberals to do more to "take back control of our economic future". Canada is now facing a 35% tariff rate, though there is a carve out for goods compliant under a current free trade deal. American global tariffs on steel, aluminium, autos and auto parts are hurting, as the US is a top market for those sectors. On Sunday, Canada's minister for US-Canada trade Dominic LeBlanc told the BBC's US partner CBS News that trade talks will continue, and that negotiations so far have been "informative, constructive and cordial." LeBlanc added he expects Carney and Trump to speak again in the coming days. "We think there is an option of striking a deal that will bring down some of these tariffs, and provide greater certainty to investment," he said. The Trump administration has justified those tariffs by claiming a lack of co-operation on stemming the flow of illicit drugs like fentanyl. Canada denies that, noting about 1% of US fentanyl imports originate in Canada. It has also brought in new border protections and a "fentanyl czar" in recent months in an effort to address Trump's concerns. Threatened tariffs on copper and the expected end of a global tariff exemption used by shoppers of goods under $800 could also pinch. Canada has responded with C$60bn ($43.3bn; £32.3bn) in counter tariffs on various American goods - the only country along with China to directly retaliate against Trump. "It comes as no surprise that businesses are craving certainty after months and months of tumultuous announcements," said Catherine Fortin-Lefaivre, vice-president of international policy and global partnership at the Canadian Chamber of Commerce. "But at the same time, they're not craving certainty at the expense of a really bad deal." A few factors give Canada some breathing room. On paper, it looks like the country is facing a severe tariff rate from the US, but trade is currently more free than the levies suggest at first glance. In March, Trump announced a tariffs reprieve on goods compliant with the Canada–United States–Mexico Agreement, known in Canada as CUSMA and the US as the USMCA. That deal - negotiated during Trump's first term in office - came into force five years ago. Almost 90% of Canadian exports to the US are ultimately able to cross the border duty free, if firms file out necessary paperwork, under that agreement. "That has given us a buffer, no question about it, that other countries don't have right now," said Prof Hampson. It means Canada is overall paying a much lower tariff rate than many of the deals already inked with the US, like the EU, South Korea and Japan at 15%, or Indonesia and the Philippines at 19%. Ottawa has also brought in some relief programmes for affected industries and has also collected about C$1.5bn more in import duties than in the same period last year, due to the counter tariffs. Why Trump's global tariffs 'victory' may well come at a high price See the Trump tariffs list by country Five things now pricier in Canada due to tariffs 'In business, indecision is killer' - Canadian firms seek certainty And while in the US consumer confidence is up and prices there have remained contained, it helps Canada's negotiating position if they can wait for Americans to start feeling the pain of tariffs. "It's Americans who are going to squawk," said Prof Hampson. Ms Fortin-Lefaivre predicts US businesses, especially smaller firms that don't have the same resources to withstand them, will be pressuring political leaders. "So that pressure could play to our advantage," she said. Canadians also appear willing to give the new prime minister some leeway. Opinion polls suggest they are generally satisfied with his handling of trade. Carney "understands that doing what's best for the economy right now is actually what's best for him politically", Martha Hall Findlay, director of the University of Calgary's School of Public Policy and a former Liberal MP, told the BBC. Trump has said he is imposing tariffs to boost domestic manufacturing, open overseas markets and raise money for the government. He is also using them to push countries like Canada on a range of non-trade issues, including military spending. In the last few weeks, Ottawa has significantly ramped up its defence spending, boosted security at the shared border and killed a digital tax opposed by American tech firms. Those moves show Canada is "doing what the Americans wanted us to do", said Ms Fortin-Lefaivre. She hopes Canadian negotiators are pushing for tariffs to be as low as possible, as well as working to ensure the two deeply integrated supply chains are able to continue working together. Canada is pressing for relief on the 50% steel and aluminium tariffs, which are squeezing US automakers. And on Thursday, Treasury Secretary Scott Bessent signalled in an interview with CNBC that is an option on the table. Trump meanwhile, has raised a number of longstanding trade irritants besides fentanyl, including Canada's protections around its dairy industry. Ottawa has previously warned of more countermeasures to come if talks collapse, though political appetite for that may be waning. Retaliatory tariffs "haven't seemed to have had the kind of impact that we would hope for", British Columbia Premier David Eby recently told Bloomberg. On retaliation, Prof Hampson said: "The Americans have escalation dominance here. So you want to be smart about it." A spokesperson for Carney declined to say whether more countermeasures remained on the table. Meanwhile, Canadian negotiators have been in Washington most of this week and keep pushing talks forward, with the minister responsible for Canada-US trade saying on Friday an acceptable agreement "was not yet in sight". "We all crave the certainty of a deal," said Ms Fortin-Lefaivre. But research by her business group suggests firms are making contingency plans. Almost 40% of goods exporters have already diversified suppliers outside the US, and 28% have diversified buyers. They are also looking ahead to what may be more challenging talks with CUSMA, which has proven a critical backstop, as it is up for review next year. It is all part of a wider push by the country to diversify trade away from the US, pull down barriers that have hindered trade between provinces, and press forward more quickly on major projects. The economic links between the two countries will stay strong - Canada will still be one of the largest trading partners and economic and security allies of the US. But the irony is that Trump's threats may be "forcing Canada to understand we have to get our own economic house in order," said Ms Hall Findlay. "It's going to take some really tough decisions. And I do think our current government gets this." Error in retrieving data Sign in to access your portfolio Error in retrieving data