US to release result of probe into chip imports in two weeks
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
Mint
22 minutes ago
- Mint
Vinay Rajani of HDFC Sec suggests these 2 ETFs to buy in the near-term
Stocks market today: The Indian stock market commenced the week on a downward trend, with both major indices starting off in the red on Monday, influenced by weak global signals and cautious investor sentiment as the August 1 tariff deadline approaches. The Nifty 50 index began at 24,782.45, decreasing by 54.55 points or 0.22%, while the Sensex also experienced a drop at the opening, falling by 163.12 points or 0.20% to 81,299.97. Market analysts linked the weak opening to global uncertainties and the impending tariff deadline. Ongoing negotiations between India and the United States have remained stalled regarding tariff reductions on agricultural and dairy goods, dampening hopes for an interim agreement before US President Donald Trump's August 1 deadline. This stands in contrast to the framework trade agreement reached between the US and the European Union over the weekend, which has alleviated concerns about a larger trade conflict between these two partners, who represent nearly a third of global commerce. Nifty 50 experienced its fourth consecutive weekly decline, shedding 0.53% and correcting 3.36% from its recent swing high of 25,669. Nifty 50 closed below its 50-day EMA (24953) for the first time since April 11, 2025, and also violated the previous swing low support of 24,882 on a closing basis. This bearish setup follows the formation of a double top pattern near 25,250 levels on July 24, 2025. Indicators and oscillators on the Nifty 50 daily chart have turned bearish, with MACD falling below the equilibrium line and RSI dropping below the 50 benchmark, signaling further weakness. Immediate support for the Nifty 50 is identified at 24,742, which represents the 23.6% Fibonacci retracement of the entire rally from the April 2025 low (21,743) to the recent swing high (25,669). A break below 24,742 could lead to a further slide towards the positional support of 24,500, a strong base formed in June 2025. In contrast, Bank Nifty's technical setup appears relatively stronger than the Nifty 50, as it continues to hold above its 50-day EMA and an upward-sloping trendline support on the daily chart. While Nifty Midcap and Smallcap indices closed on a weak note, strong buying support is anticipated after a further couple of percentage points of fall from current levels. The Nifty Healthcare index currently appears strongest on the charts, whereas the CPSE index has registered a fresh breakdown and is expected to decline further. Despite supportive factors like a falling Dollar Index and lower Brent crude oil prices, which typically benefit Indian equity markets, this advantage has not been reflected in the benchmark indices, as they have significantly underperformed global equity markets in the recent past. Nifty 50 Strategy: The short-term trend for Nifty 50 has clearly turned weak. To negate this downtrend, the index needs to decisively surpass its recent swing high near 25,250. Traders are advised to adopt a bearish stance, though with expectations of a limited downside for the index. A strong base is observable in the Nifty 50 around the 24,500-24,600 band, which could be utilised by traders to exit short positions and potentially look for opportunities to initiate fresh long positions. Hong Kong equity market benchmark index Hang-seng has been forming higher tops and higher bottoms on daily chart. Index has surpassed the crucial resistance of previous swing high of 24,875. Hangseng is one of the best performing indices from global equity markets year till date and same is expected to continue further. We recommend going long in NIPPON INDIA ETF HANG SENG BEES for utilising our bullish view on Hang-seng Index. FMCG sector seems to have bottomed out as many largecap FMCG stocks have reached oversold zone on the short-term charts. The primary trend of the majority of the FMCG stocks has been bullish as they have been holding their trend above the medium-to-long-term moving averages. FMCG is one of the sectors which underperformed Nifty 50 in this calendar year and from here we can expect mean reversion by outperformance from it. FMCG sector as a consumption theme backed by healthy monsoon progress and strong quarterly updates could perform well in coming months. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Time of India
35 minutes ago
- Time of India
5 Big Takeaways from London Round 16
Trump DESTROYS Ursula On Her Own Turf; Refuses Any Tariff Relief For EU, She Watches In Shock U.S. President Donald Trump met with European Commission President Ursula von der Leyen in Turnberry, Scotland, on Sunday to discuss trade negotiations. As White House-imposed deadline for new tariffs approaches, both sides are pushing to reach a deal. Talks follow recent tensions after Trump threatened to impose a steep 30% tariff on EU imports despite earlier progress. Watch 645 views | 8 hours ago
India Today
an hour ago
- India Today
Nasa under attack: Mass layoffs, budget cuts hit American space dominance
As the American space agency prepares for the launch of four astronauts to the International Space Station as part of Crew-11 mission, Nasa is in the midst of an unprecedented scientists, engineers, and workers across the United States are protesting a sweeping wave of layoffs following dramatic budget cuts enacted under the Trump administration. Nearly 20% of the agency's workforce, estimated at 3,870 employees, are set to leave, dramatically shrinking Nasa from over 18,000 employees to around 14,000. Many agency veterans say morale has plummeted. (Photo: Reuters) advertisementSWEEPING CHANGES The departures come via the Deferred Resignation Program (DRP), a buyout-style initiative introduced as part of a broader federal effort to create a 'leaner and more efficient' officials insist the agency remains committed to safety and exploration goals, including planned missions to the Moon and Mars, internal experts warn that the loss of institutional knowledge and talent poses grave risks to future protests broke out over the weekend, with hundreds of Nasa employees, contractors, their families, and supporters gathering outside iconic sites like the Smithsonian National Air and Space UNDER THREATRally organisers decried what they called 'preemptive compliance' with an unfinished budget, fearing the agency's storied legacy and scientific safety standards had been undermined before Congress had finalised funding agency veterans say morale has plummeted. The layoffs, implemented in two waves throughout 2025, have triggered a chain reaction of resignations and retirements, with workers expressing concerns that crucial 'brain drain' is happening too quickly for any meaningful succession planning.'We are here because Nasa is under attack,' one protest leader declared, warning that the erosion of experience and oversight could imperil future missions and even astronaut safety. The departures come via the Deferred Resignation Program (DRP). (Photo: Reuters) Adding to frustrations, nearly 300 Nasa scientists and engineers have co-signed the 'Voyager Declaration,' an open letter protesting the funding cuts and organisational declaration cautions that the rapid personnel losses and elimination of critical programs could bring about 'irreparable damage,' particularly to Nasa's ability to pursue climate research, advanced aeronautics, and deep space assurances from the agency's leadership that safety and innovation remain priorities, those on the front lines say the mass departures and persistent uncertainty have left Nasa 'demoralised' and at a continue to call on US Congress to act swiftly, warning that America's preeminence in space and science is at stake.- Ends
