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Time of India
13 minutes ago
- Time of India
Markets rise as Trump chip exemptions boost tech giants
Academy Empower your mind, elevate your skills Asian equities rose Thursday, with big-name chip firms making big gains after Donald Trump said those investing in the United States would be exempted from a threatened 100% tariff on advances built on a strong lead from Wall Street and extended the previous day's rally fuelled by hopes the Federal Reserve will cut interest rates next month.A day before sweeping tariffs were due to come into effect on dozens of countries, the president said: "we're going to be putting a very large tariff on chips and semiconductors".He added that the level would be "100%" but did not offer a he said "the good news for companies like Apple is, if you're building in the United States, or have committed to build... in the United States, there will be no charge".Stock gains were led by Taiwan's giant TSMC, which surged almost five percent in early trade, with the island's National Development Council chief Liu Chin-ching saying the firm was in the clear."Because Taiwan's main exporter is TSMC, which has factories in the United States, TSMC is exempt," he told a briefing in which is ramping up manufacturing in Arizona, has pledged to invest as much as $165 billion in the United States, which the firm said in March was the "largest single foreign direct investment in US history".Seoul-listed Samsung, which is also pumping billions into the world's number one economy, rose more than two% while South Korean rival SK hynix was also firms were also helped after the US giant said it will invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four and Pegatron both rose in Tokyo Electron and Renesas both retreated in Japanese trade."To some degree this outcome would be something of a relief," said Morgan Stanley analysts."Yes, 100% tariffs are unpalatable but if companies are given time to restore them, the real tax is just the higher cost of building chips in the United States."Trump's remarks came hours before his wide-ranging "reciprocal" tariffs are set to kick in against trading partners, and after he doubled his levy on India to 50% over its purchase of Russian tolls on Brazilian goods came into place Wednesday, with significant exemptions, after Trump targeted Latin America's biggest economy over its prosecution of former president Jair are keeping tabs on talks between the White House and New Delhi, as well as other countries including Switzerland, which was this week hammered with a 39% markets extended their recent run-up and have regained much of last week's losses sparked by the president's tariff announcements and weak US jobs Hong Kong, Shanghai, Singapore, Seoul and Wellington were all in the green, with Taipei leading the way thanks to the surge in gains followed a strong day on Wall Street, where Apple jumped more than five% and Amazon piled on four%.Traders had already been on a buying streak as they grew optimistic that the Fed will cut rates after data last week showing US jobs creation cratered in May, June and July, signalling the economy was weakening. US futures rose prices rose after Trump threatened penalties on other countries that "directly or indirectly" import Russian oil, after imposing his extra toll on traders are keeping tabs on developments regarding Moscow and its war in Ukraine after the US president said he could meet with Vladimir Putin "very soon" following what he called highly productive talks between his special envoy and the Russian leader.
Indian Express
13 minutes ago
- Indian Express
Trump administration moves to shut down NASA carbon monitoring missions
The Trump administration is looking to end two NASA missions that monitor carbon dioxide emissions and plant health, tools experts say are crucial in the global fight against climate change. According to the Associated Press, President Donald Trump's proposed budget for the 2026 fiscal year allocates no funding for the Orbiting Carbon Observatories (OCO) program. These include a free-flying satellite launched in 2014 and a high-precision instrument attached to the International Space Station since 2019. NASA, in a statement emailed on Wednesday, said the missions are 'beyond their prime mission' and are being terminated 'to align with the President's agenda and budget priorities.' Despite the administration's stance, climate scientists warn that the two missions are far from obsolete. David Crisp, a retired NASA scientist who led their development, described the observatories as 'more sensitive and accurate than any other systems in the world,' reported AP, and a 'national asset'. Among their breakthroughs are discovering that the Amazon rainforest now emits more carbon dioxide than it absorbs, and that boreal forests in Canada and Russia are becoming unexpected carbon sinks. The satellites can also detect photosynthesis in plants, which helps monitor droughts and predict food shortages, a factor closely linked to civil unrest and famine. 'This is really critical,' Crisp said. 'We're learning so much about this rapidly changing planet.' The missions remain funded through the end of the current fiscal year on September 30. However, the future remains uncertain. A House bill closely aligns with Trump's request and would eliminate the missions, while a Senate version preserves them. With Congress currently in recess, it's unclear if a final budget will be approved before October 1. Lawmakers may opt for a temporary resolution to maintain current funding. Some congressional Democrats have also warned NASA that terminating missions or withholding appropriated funds could be illegal, according to AP. In a last-ditch effort, Crisp and other scientists are looking to build an international coalition, including partners from Japan and Europe, to keep the ISS-mounted instrument operational. NASA has announced it will accept outside proposals through August 29. However, the free-flying satellite may be de-orbited, causing it to burn up in Earth's atmosphere. According to National Public Radio, NASA personnel have already begun planning for its shutdown. Efforts are also underway to find private or philanthropic funding to keep the satellite running, though Crisp called this a flawed solution. 'It's a really, really bad idea to try and push it off onto private industry or private individuals or private donors,' he said according to AP. 'It just doesn't make sense.' (With inputs from AP, The Mirror US)
The Hindu
13 minutes ago
- The Hindu
Trump plans 100% tariff on computer chips, unless companies build in U.S.
U.S. President Donald Trump said on Wednesday that he will impose a 100% tariff on computer chips, raising the spectre of higher prices for electronics, autos, household appliances and other essential products dependent on the processors powering the digital age. "We will be putting a tariff of approximately 100% on chips and semiconductors," Mr. Trump said in the Oval Office while meeting with Apple CEO Tim Cook. "But if you are building in the United States of America, there is no charge." The announcement came more than three months after Mr. Trump temporarily exempted most electronics from his administration's most onerous tariffs. The Republican president said companies that make computer chips in the U.S. would be spared the import tax. During the COVID-19 pandemic, a shortage of computer chips increased the price of autos and contributed to higher inflation. Investors seemed to interpret the potential tariff exemptions as a positive for Apple and other major tech companies that have been making huge financial commitments to manufacture more chips and other components in the U.S. Big Tech already has made collective commitments to invest about USD 1.5 trillion in the US since Mr. Trump moved back into the White House in January. That figure includes a USD 600 billion promise from Apple after the iPhone maker boosted its commitment by tacking another USD 100 billion on to a previous commitment made in February. Now the question is whether the deal brokered between Mr. Cook and Mr. Trump will be enough to insulate the millions of iPhones made in China and India from the tariffs that the administration has already imposed and reduce the pressure on the company to raise prices on the new models expected to be unveiled next month. Wall Street certainly seems to think so. After Apple's stock price gained 5% in Wednesday regular trading sessions, the shares rose by another 3% in extended trading after Mr. Trump announced some tech companies will not be hit with the latest tariffs while Mr. Cook stood alongside him. The shares of AI chipmaker Nvidia, which also has recently made big commitments to the U.S., rose slightly in extended trading to add to the USD 1 trillion gain in market value the Silicon Valley company has made since the start of Mr. Trump's second administration. The stock price of computer chip pioneer Intel, which has fallen on hard times, also climbed in extended trading. Inquiries sent to chip makers Nvidia and Intel were not immediately answered. The chip industry's main trade group, the Semiconductor Industry Association, declined to comment on Mr. Trump's latest tariffs. Demand for computer chips has been climbing worldwide, with sales increasing 19.6% in the year-ended in June, according to the World Semiconductor Trade Statistics organisation. Mr. Trump's tariff threats mark a significant break from existing plans to revive computer chip production in the U.S. that were drawn up during the administration of President Joe Biden. Since taking over from Mr. Biden, Mr. Trump has been deploying tariffs to incentivise more domestic production. Essentially, the president is betting that the threat of dramatically-higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for mobile phones, TVs and refrigerators. By contrast, the bipartisan CHIPS and Science Act that Mr. Biden signed into law in 2022 provided more than USD 50 billion to support new computer chip plants, fund research and train workers for the industry. The mix of funding support, tax credits and other financial incentives were meant to draw in private investment, a strategy that Mr. Trump has vocally opposed.
