Intel CEO Lip-Bu Tan set for White House showdown after Trump demands his resignation over China ties
Reuters could not immediately confirm the report. Intel and the White House did not immediately respond to requests for comment.
Tan is expected to have an extensive conversation with Trump while looking to explain his personal and professional background, the report said, adding that he could propose ways Intel and the US government could work together, the report added.
Tan hopes to win Trump's approval by showing his commitment to the US and guaranteeing the importance of keeping Intel's manufacturing capabilities as a national security issue, the report added.
Last week, Trump demanded the immediate resignation of Tan, calling him 'highly conflicted' due to his ties to Chinese firms and raising doubts about plans to turn around the struggling American chip icon.
Tan said he shared the president's commitment to advancing US national and economic security.
Trump's intervention marked a rare instance of a US president publicly calling for a CEO's ouster and sparked debate among investors.
Reuters reported exclusively in April that Tan invested at least US$200 million in hundreds of Chinese advanced manufacturing and chip firms, some of which were linked to the Chinese military.
Tan, a Malaysian-born Chinese American business executive, was also the CEO of Cadence from 2008 through December 2021, during which the chip design software maker sold products to a Chinese military university believed to be involved in simulating nuclear explosions.
Last month, Cadence agreed to plead guilty and pay more than US$140 million to resolve the US charges over the sales, which Reuters first reported. — Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
31 minutes ago
- The Star
Trump urges China to quadruple soybean orders
U.S. President Donald Trump on Sunday urged China to quadruple its soybean purchases ahead of a key tariff truce deadline, sending Chicago soybean prices higher, though analysts were quick to question the feasibility of any such deal. In a late night post on Truth Social, Trump said China was worried about a shortage of soybeans and he hoped it would quickly quadruple its soybean orders from the U.S. "Rapid service will be provided. Thank you President XI," Trump said in his post. The most active soybean contract on the Chicago Board of Trade (CBOT) jumped 2.38% to $10.11 a bushel at 0637 GMT on Monday after Trump's post. The contract was steady earlier. China, the world's largest soybean buyer, imported roughly 105 million metric tons last year, just under a quarter coming from the U.S. and most of the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the U.S.," said Johnny Xiang, founder of Beijing-based AgRadar Consulting. A tariff truce between Beijing and Washington is set to expire on August 12, but the Trump administration has hinted that the deadline may be extended. It is unclear if securing China's agreement to buy more U.S. soybeans is a condition for extending the truce as Trump looks to reduce China's trade surplus with the U.S. China's soymeal futures fell 0.65% to 3,068 yuan per metric ton on expectations U.S. imports could increase supply. China's Ministry of Commerce did not immediately respond to a Reuters request for comment. Under the Phase One trade deal signed during Trump's first term, China agreed to boost purchases of U.S. agricultural products, including soybeans. However, Beijing fell far short of meeting those targets. This year, amid Washington-Beijing trade tensions, it has yet to buy any fourth quarter U.S. beans, fuelling concerns as the U.S. harvest export season approaches. "On Beijing's side, there have been quite a few signals that China is prepared to forego U.S. soybeans altogether this year, including booking those test cargoes of soymeal from Argentina," said Even Rogers Pay, an agricultural analyst at Trivium China. Reuters previously reported that Chinese feedmakers have purchased three Argentine soymeal cargoes as they aim to secure cheaper South American supplies amid concerns about a possible soybean supply disruption in the fourth quarter. U.S. soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tons of soybeans from the U.S., and 74.65 million tons from Brazil. - Reuters
The Star
31 minutes ago
- The Star
Gold slips 1% as investors focus on US-Russia talks on Ukraine
Gold prices slipped 1% on Monday as market participants focussed on the upcoming U.S.-Russia talks over the war in Ukraine, and July inflation data that could offer more insight into the U.S. Federal Reserve's interest rate outlook. Spot gold was at $3,363.31 per ounce, as of 0703 GMT, after it hit its highest since July 23 on Friday. U.S. gold futures for December delivery dropped 2% to $3,423.10. "Cooling geopolitical tensions surrounding the war in Ukraine saw gold fall further, following Friday's announcement that U.S. President Donald Trump will meet with (Russia President) Vladimir Putin on U.S. soil," City Index senior analyst, Matt Simpson, said. Trump said on Friday he will meet Putin on August 15 in Alaska to negotiate an end to the war. Meanwhile, U.S. consumer price data is due on Tuesday, with analysts expecting the recently-imposed tariffs to nudge the core up 0.3% to an annual pace of 3%, above the Fed's 2% target. "A hot print could further strengthen the dollar and cap gains in gold, though I suspect support will remain in place overall as investors seek to scoop up discounts," Simpson said. Recent softer-than-expected U.S. jobs report boosted bets for a Fed rate cut in September. Markets imply around a 90% probability of a September easing, and at least one more cut by this year-end. Non-yielding gold thrives in a low-interest-rate environment. Also on the radar are Sino-U.S. trade discussions as Trump's August 12 deadline for a deal between Washington and Beijing looms. Meanwhile, COMEX gold speculators increased net long positions by 18,965 contracts to 161,811 in the week to August 5. On the technical front, spot gold may break support at $3,364 per ounce and fall towards the $3,314 to $3,342 range, according to Reuters technical analyst Wang Tao. Elsewhere, spot silver fell 0.9% to $37.97 per ounce, platinum slipped 1.3% to $1,314.75 and palladium eased 0.1% to $1,125. - Reuters
Free Malaysia Today
31 minutes ago
- Free Malaysia Today
Pyongyang warns of ‘resolute counter-action' over US-S. Korea drills
The US stations around 28,500 troops in South Korea. (AP pic) SEOUL : North Korea will react with 'resolute counter-action' in the event of provocations from upcoming joint military drills between South Korea and the US, its defence chief said in a state media dispatch today. The warning comes as Seoul and Washington are set to carry out their annual Ulchi Freedom Shield exercises, aimed at containing the nuclear-armed North, from Aug 18 to 28. North Korea – which attacked its neighbour in 1950, triggering the Korean War – has always been infuriated by US-South Korean military drills, decrying them as rehearsals for invasion. 'The armed forces of the DPRK will cope with the war drills of the US and (South Korea) with thoroughgoing and resolute counter-action posture… at the level of the right to self-defence,' North Korean defence chief No Kwang Chol said in a statement carried by the Korean Central News Agency. The US stations around 28,500 troops in South Korea, and the allies regularly stage joint drills they describe as defensive in nature. Seoul and Pyongyang have recently appeared to be heading towards a thaw in relations, with the two sides removing propaganda loudspeakers along the border. Seoul has said North Korean troops have begun dismantling loudspeakers used to blare unsettling noises along the border, days after Seoul's new administration dismantled ones it used to broadcast propaganda. The two countries had already halted broadcasts along the demilitarised zone, Seoul's military said in June, after the election of president Lee Jae Myung, who is seeking to ease tensions with Pyongyang. Relations between the two Koreas had been at one of their lowest points in years under former president Yoon Suk Yeol, with Seoul taking a hard line towards Pyongyang, which has drawn ever closer to Moscow in the wake of Russia's invasion of Ukraine. Lee has taken a different approach to dealing with the North since his election, including requesting that civic groups cease sending propaganda leaflets over the border by balloon.
