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Yahoo
25 minutes ago
- Yahoo
Philippines goods to face 19% tariff, Trump says
The US will levy a 19% tax on imports from the Philippines, US President Donald Trump has announced after meeting with the country's president at the White House. Trump wrote on social media on Tuesday that the new tariff was part of a wider pact, in which the Philippines would remove duties on US goods and the two countries would cooperate militarily. "It was a beautiful visit, and we concluded our Trade Deal," he wrote on social media, offering no further details about the apparent agreement. The plan, which was not confirmed by the Philippines, would leave the country facing a tax even higher than what Trump had threatened when he first announced sweeping global tariffs in April. At the time, Trump said his goal with instituting tariffs was to push countries to drop policies he saw as unfair to the US. His plans set off a flurry of trade talks with countries around the world. He has since announced a handful of deals, including with the UK, China and Indonesia. But the agreements so far have kept in place high tariffs, with key issues unresolved or unconfirmed by both parties. With Trump now threatening a new round of higher duties to go into effect 1 August, some of America's biggest and most important trade partners, including the European Union and Canada, remain in limbo. As hopes for a deal dim, officials in Europe are increasingly rallying around plans for potential retaliation. In Canada on Tuesday, Prime Minister Mark Carney said that "complex negotiations" were continuing but was noncommittal on the prospect of reaching a deal by Trump deadline next week. "We'll see," he told reporters after meeting with premiers in Ontario. "The Americans objectives are multiple, they change over time ... but what is clear is that the Canadian government will not accept a bad agreement. The objective is not to have an agreement at any cost." Trump's tariff plans sparked widespread financial turmoil when he announced them originally in April, putting forward a plan that would leave the US with its highest duties since the early 1900s. He subsequently suspended some of the plan's most aggressive measures, while leaving in place a universal 10% tariff on most goods and separately hitting certain items, such as cars, copper, steel and aluminium, with higher duties. But in recent weeks, as markets have calmed and the US economy held steady, Trump has returned to plans for higher duties, sending letters to countries outlining plans for new tariffs that he says will go into force on 1 August. In a letter to leaders in the Philippines this month, he had said he would charge a 20% tariff on the country's goods. That was up from 17% rate he had threatened in April. In a statement on Wednesday, the Embassy of the Republic of the Philippines said the reduction in the tariff from the most recent rate threatened was "encouraging". "We will continue to find other ways to enhance and deepen our economic partnership," it said. The Philippines is a relatively small trade partner with the US, sending about $14.2bn worth of goods to the America last year. That included car parts, electric machinery, textiles and coconut oil. Meanwhile for companies, the cost of the new tariffs is increasing. General Motors on Tuesday said tariffs had cost it more than $1bn over three months. That followed an earlier disclosure from rival Stellantis, maker of Jeep, which said the measures had cost it €300m (£259.6m, $349.2m). Error while retrieving data Sign in to access your portfolio Error while retrieving data
Fox News
27 minutes ago
- Fox News
China experimenting with brain-computer interfaces in global race for AI dominance: report
China is reportedly working to cognitively merge humans with machines as part of its ongoing efforts to compete in the artificial intelligence race. The communist country is using brain-computer interface (BCI) technology — systems that allow for communication between the brain and an external device — to "augment human cognition and human-machine teaming," The Washington Times reported, citing a presentation from Georgetown experts delivered to U.S. officials. These include invasive, minimally-invasive and non-invasive BCIs, according to The Washington Times. Invasive BCIs involve surgery to implant electrodes into the brain, while non-invasive BCIs use sensors on the scalp to monitor brain activity. Meanwhile, minimally-invasive BCIs involve implanting devices, but they do not penetrate brain tissue, according to a report in the National Library of Medicine. The U.S. has primarily focused on building up language models to develop AI technology. However, China is going against traditional thinking about how to achieve artificial general intelligence (AGI) — a type of AI that has the ability to perform as well as or better than a human being in cognitive tasks, according to William Hannas, lead analyst at Georgetown's Center for Security and Emerging Technology. "There are all kinds of possibilities out there, but if you want human equivalent AI, you're not going to get it just by increasing the parameters [of models]," Hannas told The Washington Times. Hannas, who formerly worked for the CIA, collected Chinese government documents that contained information about the country's AI funding plans for this year and last year. The plans include several brain-inspired AI approaches, The Washington Times reported. Additionally, Chinese state-run media have quoted statements saying the future involves making AI a physical part of humans, according to the Washington Times. In 2018, two technologists working on brain-inspired approaches to AI were also recruited by Chinese officials, they told The Washington Times. China's innovation in artificial intelligence is "accelerating," Michael Kratsios, the director of the White House Office of Science and Technology, told Fox News Digital in April. But he maintained that the United States remains the world's dominant power in AI and the Trump administration's "promote and protect" strategy will solidify that standing. Georgetown's Center for Security and Emerging Technology did not immediately respond to Fox News Digital's request for comment.
Bloomberg
41 minutes ago
- Bloomberg
China State Fund Pumped $28 Billion Into ETFs as Turmoil Raged
Chinese sovereign wealth fund Central Huijin Investment Ltd. pumped around 197.5 billion yuan ($27.6 billion) into exchange-traded funds in the second quarter, pushing back against a stock market rout that followed US President Donald Trump's tariff announcements. The fund stuck with its favorite ETFs tracking broad gauges, with more than half of its flows going into those that follow the benchmark CSI 300 Index. The index, which suffered a one-day loss of around 7% on April 7 as Trump's tariff moves pushed global markets into a tailspin, ultimately ended the quarter higher than it started.
