Latest news with #H20
Fox News
5 hours ago
- Business
- Fox News
Trump blasted for ‘steep concessions to Beijing' after chip deal, canceled Taiwanese visit
FIRST ON FOX: A group of Senate Democratic leaders are accusing President Donald Trump of making "steep concessions to Beijing" by refusing to allow the Taiwanese president to come to the U.S. and allowing China to purchase Nvidia chips. The group claims the Trump administration has "ceded leverage" in trade talks without gaining any "real breakthrough" in negotiations, which took place in Sweden this week. "In the face of lackluster domestic economic forecasts and anemic interest from Beijing in achieving a real breakthrough in talks, Trump and his economic team have ceded leverage and negotiating power to Beijing in a desperate attempt to lure President Xi to a meeting with Trump," Sens. Chris Coons, D-Del., Chuck Schumer, D-N.Y., Patty Murray, D-Wash., Tammy Duckworth, D-Ill., Brian Schatz, D-Hawaii, Andy Kim, D-N.J., Tim Kaine, D-Va., Jack Reed, D-R.I., Michael Bennet, D-Colo., Mark Kelly, D-Ariz., and Mark Warner, D-Va. said. "Even more dangerously, they risk putting American national security, technological advantage, and economic prosperity on the chopping block in order to do so." Taiwan's President Lai Ching-te was planning a stopover in New York en route to a trip to Latin America, but the Trump administration reportedly denied permission for the stop after China raised objections. The U.S. does not maintain formal relations with Taiwan, but such stops have happened before. Last week, the Trump administration reversed a ban on selling Nvidia's lower-powered H20 chips to China to power its artificial intelligence, arguing they were only the U.S.' "fourth-best chip." That move was a concession in talks with China over rare earth minerals, in hopes that Beijing would stop cutting off exports of the materials needed for all sorts of American technologies. "President Trump is handing our primary geopolitical adversary the keys to the castle of 21st century global technological dominance. Doing so will enable Chinese leadership in artificial intelligence, infusing the Chinese military with the technological advantage it needs to continue hostile operations across the globe," the Democratic statement claimed. The U.S. and China concluded their third round of high-level trade talks on Tuesday, ahead of an August 12 deadline after which the steep China tariffs Trump announced in April are expected to kick in. Trump told reporters Treasury Secretary Scott Bessent felt "very good" about the meeting, but it's unclear yet if the two sides reached any solid agreements — or plan to extend the August deadline. Trump, the Democrats claimed, "is emboldening Beijing to take aggressive actions and seek even more aggressive concessions in whatever trade negotiations may follow." "Trump and this administration must reset their dangerously weak approach to China and make clear they will no longer accept symbolic wins in exchange for steep American concessions. An administration convinced it can renegotiate the world order needs to stop negotiating against itself." The White House could not immediately be reached for comment.
Miami Herald
6 hours ago
- Business
- Miami Herald
China Is Winning the Trade Talks With Trump
The U.S.'s latest round of trade talks with China concluded in Stockholm on Monday without much headway in the trade war between the world's two largest economies. While U.S. negotiators continue to use tough rhetoric, including the threat of secondary sanctions to discourage China from fueling Russia's war against Ukraine, geopolitical analysts say President Donald Trump's administration is at a disadvantage in the negotiations. Newsweek has contacted the White House for comment via email. Trump dramatically escalated economic tensions in April. Citing unfair Chinese trade practices and promising to revitalize U.S. manufacturing, he announced heavy tariffs on Chinese goods. The move rattled global supply chains and prompted swift retaliation from Beijing, which introduced its own tariffs and a suite of other tit-for-tat measures. Treasury Secretary Scott Bessent, who led the U.S.'s negotiating team in Stockholm, called the talks productive but said it was up to the president to extend the 90-day pause agreed to in May on the most severe tariffs. A trade truce between the countries is set to expire on August 12. Trump has already surrendered too much negotiating power in his pursuit of a sweeping deal with China, critics say. This includes the administration's recent decision to reverse restrictions on exports of Nvidia's H20 chips. The H20 is one of many chips to be restricted in a bid to slow China's progress in artificial intelligence—viewed by Washington as a national security threat given Beijing's policy of military-civil fusion. Additionally, the U.S. Commerce Department has been instructed to hold off on imposing new export controls on China, in what officials describe as an effort to keep trade talks on track, the Financial Times reported on Tuesday, citing both former and current U.S. officials. Other alleged concessions center on Taiwan, the self-governed island that China claims as its territory and has vowed to unify with, by force if necessary. The Trump administration has blocked Taiwanese President Lai Ching-te from making a brief stopover in New York during a planned trip to visit Taiwan's diplomatic allies in Latin America, according to the Times, which cited multiple sources. Both Lai's predecessors and Lai himself in his previous role as vice president were permitted to make brief stopovers in the U.S., during which they met with supporters and officials. A separate report from the British paper said a planned meeting between the Taiwanese Defense Minister Wellington Koo and the U.S. Under Secretary of Defense for Policy Elbridge Colby was canceled at the last minute last month. Newsweek was unable to independently confirm either of these reports. The move sparked criticism from prominent China watchers, who warned against using the self-ruled democracy and key trade partner as a bargaining chip. Liu Pengyu, a spokesperson for the Chinese Embassy in Washington, D.C., told Newsweek that he was not aware of the details of the reports. He emphasized Beijing's firm opposition to visits to the U.S. by Taiwanese leaders, invoking the "one China" policy—which holds that the government in Beijing is the sole legal government of China. China's concessions during the talks have been limited by comparison. They include designating two more chemicals as precursors to fentanyl, the powerful opioid behind the U.S. overdose crisis that has become a sticking point in bilateral ties—with Washington pressing Beijing to do more to stem the flow of the drug into the U.S. Following the first round of talks in May, China also announced it would ease some restrictions on rare earth magnets, which are vital for a range of both military and civilian technologies. However, the U.S. and other countries continue to complain of ongoing delays in the export of these resources. Beijing weaponized its dominance over rare earths in April by curbing exports in response to Trump's tariff salvos. Li Chenggang, the Chinese vice minister of commerce and international trade representative, told state media: "Both sides had candid communication regarding each other's important economic and trade concerns. … The two sides will continue to push for the extension of the pause on 24 percent of reciprocal tariffs of the U.S. side, as well as counter measures of the Chinese side." David Sacks, a fellow for Asia studies at the Council of Foreign Relations, wrote in an article: "The cancellation of President Lai's transit, paired with the Trump administration's decision to allow Nvidia to sell its H20 inference chip to Chinese customers and to freeze planned export controls, suggests that the administration is pausing any actions that China may find offensive in favor of setting the table for a meeting between Trump and Xi." Trump administration officials have suggested that an in-person meeting between the president and his Chinese counterpart, Xi Jinping, is likely by the end of the year. On Monday, Trump wrote on Truth Social that he would consider such a meeting only if Xi extended an invitation, adding, "otherwise, no interest!" Related Articles Map Shows US Ally's Bases Where New Counterstrike Missiles Could Hit ChinaIMF Upgrades Global Growth After Trump BacktracksIndia Wades Into Contested South China Sea on Side of US AllyUS Sends Icebreaker to Arctic Amid China Rivalry 2025 NEWSWEEK DIGITAL LLC.
Newsweek
8 hours ago
- Business
- Newsweek
China Is Winning the Trade Talks With Trump
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. The U.S.'s latest round of trade talks with China concluded in Stockholm on Monday without much headway in the trade war between the world's two largest economies. While U.S. negotiators continue to use tough rhetoric, including the threat of secondary sanctions to discourage China from fueling Russia's war against Ukraine, geopolitical analysts say President Donald Trump's administration is at a disadvantage in the negotiations. Newsweek has contacted the White House for comment via email. Why It Matters Trump dramatically escalated economic tensions in April. Citing unfair Chinese trade practices and promising to revitalize U.S. manufacturing, he announced heavy tariffs on Chinese goods. The move rattled global supply chains and prompted swift retaliation from Beijing, which introduced its own tariffs and a suite of other tit-for-tat measures. Treasury Secretary Scott Bessent, who led the U.S.'s negotiating team in Stockholm, called the talks productive but said it was up to the president to extend the 90-day pause agreed to in May on the most severe tariffs. A trade truce between the countries is set to expire on August 12. What To Know Trump has already surrendered too much negotiating power in his pursuit of a sweeping deal with China, critics say. This includes the administration's recent decision to reverse restrictions on exports of Nvidia's H20 chips. The H20 is one of many chips to be restricted in a bid to slow China's progress in artificial intelligence—viewed by Washington as a national security threat given Beijing's policy of military-civil fusion. Additionally, the U.S. Commerce Department has been instructed to hold off on imposing new export controls on China, in what officials describe as an effort to keep trade talks on track, the Financial Times reported on Tuesday, citing both former and current U.S. officials. Chinese President Xi Jinping, left, and U.S. President Donald Trump during a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. Chinese President Xi Jinping, left, and U.S. President Donald Trump during a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. Andy Wong/Associated Press Other alleged concessions center on Taiwan, the self-governed island that China claims as its territory and has vowed to unify with, by force if necessary. The Trump administration has blocked Taiwanese President Lai Ching-te from making a brief stopover in New York during a planned trip to visit Taiwan's diplomatic allies in Latin America, according to the Times, which cited multiple sources. Both Lai's predecessors and Lai himself in his previous role as vice president were permitted to make brief stopovers in the U.S., during which they met with supporters and officials. A separate report from the British paper said a planned meeting between the Taiwanese Defense Minister Wellington Koo and the U.S. Under Secretary of Defense for Policy Elbridge Colby was canceled at the last minute last month. Newsweek was unable to independently confirm either of these reports. The move sparked criticism from prominent China watchers, who warned against using the self-ruled democracy and key trade partner as a bargaining chip. Liu Pengyu, a spokesperson for the Chinese Embassy in Washington, D.C., told Newsweek that he was not aware of the details of the reports. He emphasized Beijing's firm opposition to visits to the U.S. by Taiwanese leaders, invoking the "one China" policy—which holds that the government in Beijing is the sole legal government of China. China's concessions during the talks have been limited by comparison. They include designating two more chemicals as precursors to fentanyl, the powerful opioid behind the U.S. overdose crisis that has become a sticking point in bilateral ties—with Washington pressing Beijing to do more to stem the flow of the drug into the U.S. Following the first round of talks in May, China also announced it would ease some restrictions on rare earth magnets, which are vital for a range of both military and civilian technologies. However, the U.S. and other countries continue to complain of ongoing delays in the export of these resources. Beijing weaponized its dominance over rare earths in April by curbing exports in response to Trump's tariff salvos. What People Are Saying Li Chenggang, the Chinese vice minister of commerce and international trade representative, told state media: "Both sides had candid communication regarding each other's important economic and trade concerns. … The two sides will continue to push for the extension of the pause on 24 percent of reciprocal tariffs of the U.S. side, as well as counter measures of the Chinese side." David Sacks, a fellow for Asia studies at the Council of Foreign Relations, wrote in an article: "The cancellation of President Lai's transit, paired with the Trump administration's decision to allow Nvidia to sell its H20 inference chip to Chinese customers and to freeze planned export controls, suggests that the administration is pausing any actions that China may find offensive in favor of setting the table for a meeting between Trump and Xi." What Happens Next Trump administration officials have suggested that an in-person meeting between the president and his Chinese counterpart, Xi Jinping, is likely by the end of the year. On Monday, Trump wrote on Truth Social that he would consider such a meeting only if Xi extended an invitation, adding, "otherwise, no interest!"
Yahoo
9 hours ago
- Business
- Yahoo
Three things to watch on Monday
Everything you need to know before today's opening bell, including the latest on the US/EU trade deal, the China/US tariff standoff and the upcoming Mag 7 earnings reports from Microsoft (MSFT), Meta (META), Amazon (AMZN), Apple (AAPL) Well, we kick off the things you need to know by taking a look at where the US futures stand. And as you can see, it's all looking pretty positive this morning, as investors are clearly feeling more confident following the trade deal struck between the US and EU on Sunday. Well, the first thing you need to know before the opening bell rings is what an important week this is for the markets. Why? Firstly, there's a slew of economic data set for release, including the jobs report, inflation numbers, consumer confidence data, and Q2 GDP numbers, the broadest measure of how the economy is actually doing. But perhaps most importantly, the Federal Reserve will decide whether to cut rates or hold steady one more time. On top of all of that, four of the MAG 7 stocks report earnings this week: Microsoft, Meta, Amazon, and Apple. But that's not all. We also have the August 1st trade deadline. And that brings us on to the next thing you need to know before the opening bell rings: and the trade deal that the US and EU struck on Sunday. President Trump and European Commission president Ursula von der Leyen announced the deal from one of President Trump's golf courses in Scotland. So we have good news. Uh, we've reached a deal. It's a, uh, good deal for everybody, I believe. And, uh, it's, I think you were saying this is probably the biggest deal ever reached in any capacity trade or beyond trade. It is. Well, the framework of a trade deal has been agreed that will include a baseline tariff of 15% on EU goods imported into the US. On Friday, the president said that letters dictating tariff rates for over 200 countries would go out soon, while his administration works to clinch deals with larger trade partners including India and Canada, though Trump conceded he hasn't had a lot of luck with the latter. But the next biggest deal the US can now strike is with China. And that brings us on to the last thing you need to know before that opening bell rings. According to the South China Morning Post, Beijing and Washington are expected to extend their tariff truce by another three months, as trade talks that kick off today in Stockholm. And according to the Financial Times, the US has frozen restrictions on technology exports to China to avoid hurting trade talks with China and help President Trump secure a meeting with President Xi this year. The talks between Chinese and US officials in Sweden will be the third round of negotiations for the superpowers. Remember that earlier this year, President Trump looked like he was set to restrict technology exports to China. In April, his team told Nvidia it would block the export of its H20 chip, which was designed for the Chinese market after the Biden administration restricted more advanced chips. But after direct lobbying from Nvidia's CEO, Jensen Huang, President Trump reversed that decision. Okay, it's time to look in more detail at those big corporate results out later this week.
Business Insider
16 hours ago
- Business
- Business Insider
Nvidia Orders 300K H20 Chips from TSMC as China Demand Heats Up
Nvidia (NVDA) has reportedly placed an order for 300,000 H20 AI chips from TSMC (TSM), signaling rising demand from China. The sizable order highlights Nvidia's efforts to meet growing AI infrastructure needs in China and maintain its dominance in the global chip race. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Nvidia Bets on China Boom According to sources familiar with the matter, the new TSMC order adds to an existing inventory of 600,000 to 700,000 chips. The strong demand from China has prompted Nvidia to reconsider its initial plan to rely solely on its existing stockpile. Notably, Nvidia had designed the H20 chip specifically for China after U.S. export restrictions limited access to its more advanced AI chips. While less powerful than the H100 or the latest Blackwell series, the H20 complies with U.S. trade rules. Earlier this month, the Trump administration reversed an April ban and allowed Nvidia to resume sales of its H20 GPUs to China. However, the company is facing supply constraints due to surging demand and has reportedly informed Chinese customers that its H20 chip supply is limited. Nvidia has also requested that Chinese companies interested in buying H20 chips provide updated documentation, including client order volume forecasts. Meanwhile, CEO Jensen Huang stated during a recent trip to Beijing that future H20 production depends on order volume, and any restart of the supply chain would take around nine months. Is Nvidia a Buy or Sell Stock? According to TipRanks, NVDA stock has a Strong Buy consensus rating based on 34 Buys, three Holds, and one Sell assigned in the last three months. At $184.91, the Nvidia average stock price target implies a 5% upside potential.
