US eyes AI chip curbs on Malaysia, Thailand over China concerns
The draft rule from the commerce department is not yet finalised and could still change, the report said. The US department of commerce did not immediately respond to a request for comment. An Nvidia spokesperson declined to comment.
(This is a Reuters story)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
40 minutes ago
- The Hindu
Elon Musk should stay out of politics, U.S. Treasury Secretary Bessent says
A day after Elon Musk escalated his feud with Donald Trump and announced the formation of a new U.S. political party, the U.S. president's Treasury secretary said Mr. Musk should stick to running his companies. And investment firm Azoria Partners, which had planned to launch a fund tied to Mr. Musk's automaker Tesla, said it was delaying the venture because the party's creation posed "a conflict with his full-time responsibilities as CEO". Mr. Musk said on Saturday he was establishing the 'America Party' in response to Mr. Trump's tax-cut and spending bill, which Mr. Musk claimed would bankrupt the country. Speaking on CNN on Sunday, U.S. Treasury chief Scott Bessent said the boards of directors at Musk's companies – Tesla and rocket firm SpaceX – likely would prefer him to stay out of politics. "I imagine that those boards of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities," Mr. Bessent said. Mr. Musk, who served as a top adviser to the White House on trimming the size of government during the first few months of Trump's presidency, said his new party would in next year's midterm elections look to unseat Republicans in Congress who backed the 'big, beautiful bill'. Mr. Musk spent millions of dollars underwriting Mr. Trump's re-election effort and for a time, regularly showed up at the president's side in the Oval Office and elsewhere. Their disagreement over the spending bill led to a falling out that Mr. Musk briefly tried unsuccessfully to repair. The bill, which cuts taxes and ramps up spending on defense and border security, passed last week on party-line votes in both chambers. Critics argue it will damage the economy by significantly adding to the federal budget deficit. Mr. Trump has said Mr. Musk is unhappy because the bill, which Trump signed into law on Friday, takes away green-energy credits for Tesla's electric vehicles. The president has threatened to pull billions of dollars Tesla and SpaceX receive in government contracts and subsidies in response to Mr. Musk's criticism. Mr. Bessent suggested Mr. Musk holds little sway with voters who, he said, liked his Department of Government Efficiency more than him. 'The principles of DOGE were very popular,' Mr. Bessent said. 'I think if you looked at the polling, Elon was not.' Mr. Musk's announcement immediately brought a rebuke from Azoria Partners, which said on Saturday it will postpone the listing of its Azoria Tesla Convexity exchange-traded fund. Azoria was set to launch the Tesla ETF this week. Azoria CEO James Fishback posted on X several critical comments about the new party and reiterated his support for Trump. "I encourage the Board to meet immediately and ask Elon to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO," Mr. Fishback said. On Sunday, Mr. Fishback added on X, "Elon left us with no other choice." The White House did not respond to a request for comment on Musk's announcement, but Stephen Miran, the chairman of Trump's Council of Economic Advisers, defended the bill on ABC's 'This Week'. 'The one, big, beautiful bill is going to create growth on turbo charge,' Mr. Miran said.
Mint
40 minutes ago
- Mint
Australia, NZ dollars start big central bank week on back foot as tariff uncertainty mounts
SYDNEY, July 7 (Reuters) - The Australian and New Zealand dollars started a big central bank week on the back foot as investors braced for U.S. trade uncertainty that could linger for weeks now that there appears to be a delay in the tariff implementation date. The Aussie fell 0.5% on Monday to $0.6522, the lowest level in a week. It ended last week just 0.3% higher, with resistance heavy at an eight-month top of $0.6590. The kiwi dollar eased 0.4% at $0.6025, the lowest in almost two weeks. It finished last week just 0.1% higher, with stiff resistance at a nine-month peak of $0.6120. President Donald Trump said the U.S. will start delivering tariff letters to other countries starting at 12:00 p.m. ET (1600 GMT) on Monday. Earlier, he said the higher rates would now take effect on August 1 rather than July 9. "If we do get the letters this week, then August 1 is the deadline as opposed to the midnight on the day that (they) send them out. That ostensibly leaves some wiggle room for negotiations... but what it is going to do is wreck markets with uncertainty," said Ray Attrill, head of FX strategy at the National Australia Bank. Indeed, shares fell across Asia, with Wall Street futures down about 0.5%. The two Antipodeans are often sold as proxies for risk assets. Down Under, it is a big week for central banks, with both Australia and New Zealand set to announce their latest policy decisions. Markets have almost fully priced in a rate cut from the Reserve Bank of Australia on Tuesday with a 95% probability. Analysts at ING said as RBA turns more dovish, it could hinder gains in the Australian dollar versus other major currencies, although against the greenback, it remains a U.S. tariff story. "We expect AUD to lag behind NZD and potentially other high-beta currencies where there is less room for front-end rates to fall, such as SEK (the Swedish krona)," they said in a note to clients. Across the Tasman Sea, the RBNZ will meet on Wednesday and is most likely to keep the cash rate steady at 3.25%. Swaps imply a probability of 81% for no move. (Reporting by Stella Qiu; Editing by Jamie Freed)
The Hindu
41 minutes ago
- The Hindu
Trump says alignment with BRICS' 'anti-American policies' to invite additional 10% tariffs
U.S. President Donald Trump on Sunday (July 6, 2025) said that countries aligning themselves with the "Anti-American policies" of BRICS, will be charged an additional 10% tariff. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!" Mr. Trump said in a post on Truth Social. Mr. Trump did not clarify or expand on the "Anti-American policies" reference in his post. The original BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates and Indonesia as members. The 17th BRICS Summit— which groups Brazil, Russia, India, China and South Africa— saw participation from its members, partners, and outreach invitees.
