
Trump's 50% Levy Is Forcing Indian Banks to Scrutinize Exporters
Bloomberg News spoke to officials at five large Indian lenders who said they're assessing the financial ramifications of the punitive levies on their clients, especially those in the export-dependent textile, gem and jewelery sectors. They all spoke on the condition of anonymity, as the information is not public.
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- Yahoo
Trump meets with Intel CEO after demanding he resign
US President Donald Trump on Monday said he had a "very interesting" meeting with the chief of US chip maker Intel, just days after calling for his resignation. Trump said on his Truth Social platform that he met with Lip-Bu Tan along with Secretary of Commerce Howard Lutnick and Secretary of Treasury Scott Bessent. "The meeting was a very interesting one," Trump said in the post. "His success and rise is an amazing story." Trump added that members of his cabinet are going to spend time with Tan and bring the president "suggestions" next week. Intel did not respond to a request for comment. Trump demanded last week that the recently-hired boss of Intel resign "immediately," after a Republican senator raised national security concerns over his links to firms in China. "The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem," Trump posted on Truth Social last Thursday. Tan released a statement at the time saying that the company was engaged with the Trump administration to address the concerns raised and ensure officials "have the facts." Intel is one of Silicon Valley's most iconic companies but its fortunes have been dwarfed by Asian powerhouses TSMC and Samsung, which dominate the made-to-order semiconductor business. In a statement, Tan said there has been "a lot of misinformation circulating" about his past roles at Walden International and Cadence Design Systems. "I have always operated within the highest legal and ethical standards," Tan said. The Malaysia-born tech industry veteran took the helm at struggling Intel in March, announcing layoffs as White House tariffs and export restrictions muddied the market. Intel's niche has been chips used in traditional computing processes, which are steadily being eclipsed by the AI revolution. gc/bjt Sign in to access your portfolio


CNN
4 minutes ago
- CNN
Trump nominates new Bureau of Labor Statistics commissioner
President Donald Trump on Monday nominated E.J. Antoni to be the new commissioner for the Bureau of Labor Statistics, the agency that collects and publishes data about jobs and inflation, after firing the previous commissioner, whom he accused without evidence of rigging jobs data. 'I am pleased to announce that I am nominating Highly Respected Economist, Dr. E.J. Antoni, as the next Commissioner of the Bureau of Labor Statistics,' Trump wrote in a Truth Social post. Antoni's nomination comes after Trump fired Dr. Erika McEntarfer earlier this month after the BLS' monthly jobs report showed disappointing numbers for July and sharply revised down employment growth in May and June. Trump accused McEntarfer, who was appointed by former President Joe Biden to the role of commissioner in 2023 and confirmed by a bipartisan Senate vote, of manipulating the data for 'political purposes.' 'Last weeks Job's Report was RIGGED,' Trump wrote on his social media site Truth Social last week. 'Those big adjustments were made to cover up, and level out, the FAKE political numbers that were CONCOCTED in order to make a great Republican Success look less stellar!!!' McEntarfer's firing was met with backlash from many economists who argued that the move could damage the bureau's credibility. William Beach, a former Trump-nominated BLS commissioner, condemned the decision to fire McEntarfer. 'I don't think there's any grounds at all for this, for this firing, and it really hurts the statistical system,' Beach said on CNN earlier this month before Antoni was appointed. 'Suppose that they get a new commissioner … And they do a bad number. Well, everybody's going to think, 'well, it's not as bad as it probably really is,' because they're going to suspect political influence. So, this is damaging.' The BLS is a nonpartisan agency whose data underpins key decisions across the public and private sectors. Its reports influence everything from Social Security payments to corporate hiring and layoff plans, shaping how policymakers and businesses gauge the health of the US economy. Concerns over the bureau's data accuracy had surfaced even before McEntarfer's firing, with some economists warning that Trump administration budget cuts, layoffs and hiring freezes could undermine its reliability. Earlier this year, the BLS posted a notice saying it had suspended data collection entirely in three cities. Last month, the agency said it had further cut back on the data it was collecting from the rest of the country by roughly 15%. In July, Federal Reserve Chair Jerome Powell was asked about the cuts. 'The government data is really the gold standard in data,' he said. 'We need it to be good and to be able to rely on it.'


Bloomberg
4 minutes ago
- Bloomberg
Trump Names Heritage's EJ Antoni to Lead Bureau of Labor Statistics
President Donald Trump named EJ Antoni, chief economist of the conservative Heritage Foundation, to lead the Bureau of Labor Statistics. Trump appointed Antoni, who has been vocal about his concerns with BLS jobs data and revisions, in a Truth Social post. The position is subject to Senate confirmation.