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Yahoo
16 minutes ago
- Yahoo
Trump tariffs live updates: China urges firms to shun Nvidia chips as Trump signs tariff extension
On Tuesday, reports said that China had told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. Nvidia (NVDA) and AMD (AMD) agreed to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. The New York Times reported that Nvidia CEO Jensen Huang agreed to the arrangement, which is "essentially making the federal government a partner in Nvidia's business in China," at a meeting with President Trump last week. "To call this unusual or unprecedented would be a staggering understatement," Stephen Olson, a former US trade negotiator, told Bloomberg. "What we are seeing is in effect the monetization of US trade policy in which US companies must pay the US government for permission to export. If that's the case, we've entered into a new and dangerous world." The chips include Nvidia's H20 AI accelerator and AMD's MI308 chips, which the Trump administration had previously targeted with export controls. Trump on Monday signed an executive order extending the tariff truce between the US and China for another 90 days, pushing trade negotiations out to the fall. China also announced the extension of the tariff pause on state media. Elsewhere on Monday, Trump said imports of gold (GC=F) to the US would not face a tariff. "Gold will not be Tariffed!" Trump wrote on social media. Gold futures were little changed after Trump's post. Prices for the metal slid on Monday. The White House had said last week that the administration would issue a new policy clarifying whether gold bars would be subject to duties after a US government agency said they would, prompting chaos and confusion in the market. Meanwhile, Trump's latest sweeping "reciprocal" tariffs hit dozens of US trade partners last week. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Trump says, 'Gold will not be Tariffed!' President Trump posted on social media that gold will not be subject to tariffs after a surprise US Customs and Border Protection (CBP) ruling sparked confusion over whether the precious metal faced duties. "A Statement from Donald J. Trump, President of the United States of America: Gold will not be Tariffed!" Trump wrote on Truth Social on Monday afternoon. On Friday, the Financial Times reported that CBP classified Swiss one-kilogram and 100-ounce bars of gold as subject to 39% tariffs recently imposed on Switzerland by the Trump administration. Gold futures (GC=F) declined 2.5% early on Monday as investors awaited clarity from the White House over its trade position on the precious metal amid reports that imports of Swiss gold bars would not be exempt from tariffs. Trump reportedly signs order granting another 90-day extension on harshest China tariffs Yahoo Finance's Ben Werschkul reports: Read more here. China urges firms not to use Nvidia H20 chips in new guidance China has told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. This latest move by China appears to be in response to the deal Nvidia and AMD (AMD) made with the US government over the weekend to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. In recent weeks, Chinese officials warned several firms against using these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies. Bloomberg News reports: Read more here. Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. Small US firms paying Trump tariffs face $202B annual hit Small US businesses are struggling to comply with President Trump's new tariffs. These companies, which are the source of more than half of the country's job creation are also finding it hard to cope with the growing financial strain from higher import costs. Bloomberg News: Read more here. Trump on China extension: We'll see what happens President Trump said China has been "dealing quite nicely" with the US, a possible hint that his administration is preparing to extend the countries' trade truce past a deadline that expires Tuesday. "We'll see what happens," he said during a White House press conference, adding, "They've been dealing quite nicely." The countries have held multiple rounds of trade talks during the 90-day suspension of sky-high tariffs on each other. Both sides have hailed progress in those talks. An extension into the fall could potentially set up a Trump meeting with Chinese leader Xi Jinping, which Trump has suggested could happen before the end of the year. Swiss government to meet pharma firms to discuss US tariffs The Swiss government is due to meet this week with leaders from Swiss pharmaceutical companies Roche and Novartis, which have faced pressure from President Trump to lower their drug prices in the US. The meeting comes as Switzerland aims to negotiate for a lower tariff rate than the 39% rate the Trump administration imposed last week. And should Trump follow through on pharmaceutical tariffs as well, Roche and Novartis are considered to be more exposed, as they have comparatively fewer US manufacturing sites. From Reuters: Read more here. New gold tariffs are in effect. Will Costco gold bars be affected? Gold (GC=F) has been surging all year, and buying gold bars from Costco is just about the easiest way to get your hands on the precious metal — if you're lucky enough to find them in stock. However, the surprising announcement of additional tariffs on gold bars by US Customs and Border Protection (CBP) left many wondering if the duties applied to Costco's gold bars as well. Yahoo Finance's Hal Bundrick reports: Read more here. US consumers to bear brunt of tariff hit: Goldman Goldman Sachs GS) says that President Trump's tariffs are only beginning to raise prices for shoppers, adding more uncertainty to the Treasury market where investors are unsure about how quickly interest rates will be cut. Bloomberg News reports: Read more here. Nvidia, AMD to pay 15% on China AI chip sales in US deal Nvidia (NVDA) and AMD (AMD) have agreed to give 15% of their revenue from AI chip sales in China to the US government. This deal helps them get export licenses but is an unusual step that might worry both companies and Beijing. Nvidia will share 15% of earnings from its H20 AI accelerator in China, while AMD will do the same for its MI308 chip. Bloomberg News reports: Read more here. Why Trump's soybean ask of China is 'highly unlikely' China is the world's largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil). President Trump's statement that he hopes "China will quickly quadruple its soybean orders" would require China to import the vast majority 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 US," Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters. Read more here. US gold futures fall as traders await clarification on tariffs US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. Swiss economy seen weathering Trump's tariff shock for now Bloomberg News reports: Read more here. Commentary: Tariffs are denting profits, and maybe soon your portfolio With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way. Yahoo Finance's Rick Newman reports: Read more here. A 240-year-old Swiss watchmaker's race to beat Trump's tariff deadline It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump's surprise 39% tariff rate on Switzerland went into effect on Thursday. It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland's watch exports. As of April, goods from the country faced a much lower 10% tariff rate. Reuters reports: Read more here. Tariffs are starting to squeeze farmers' profits President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. The US has slapped a 39% tariff on Switzerland, leaving the country's leaders reeling Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Carney is patching up ties with Mexico in face of Trump threats Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Swiss plane maker Pilatus halts business jet deliveries to US over tariffs Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. President Trump posted on social media that gold will not be subject to tariffs after a surprise US Customs and Border Protection (CBP) ruling sparked confusion over whether the precious metal faced duties. "A Statement from Donald J. Trump, President of the United States of America: Gold will not be Tariffed!" Trump wrote on Truth Social on Monday afternoon. On Friday, the Financial Times reported that CBP classified Swiss one-kilogram and 100-ounce bars of gold as subject to 39% tariffs recently imposed on Switzerland by the Trump administration. Gold futures (GC=F) declined 2.5% early on Monday as investors awaited clarity from the White House over its trade position on the precious metal amid reports that imports of Swiss gold bars would not be exempt from tariffs. Yahoo Finance's Ben Werschkul reports: Read more here. China urges firms not to use Nvidia H20 chips in new guidance China has told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. This latest move by China appears to be in response to the deal Nvidia and AMD (AMD) made with the US government over the weekend to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. In recent weeks, Chinese officials warned several firms against using these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies. Bloomberg News reports: Read more here. China has told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. This latest move by China appears to be in response to the deal Nvidia and AMD (AMD) made with the US government over the weekend to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. In recent weeks, Chinese officials warned several firms against using these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies. Bloomberg News reports: Read more here. Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. Small US firms paying Trump tariffs face $202B annual hit Small US businesses are struggling to comply with President Trump's new tariffs. These companies, which are the source of more than half of the country's job creation are also finding it hard to cope with the growing financial strain from higher import costs. Bloomberg News: Read more here. Small US businesses are struggling to comply with President Trump's new tariffs. These companies, which are the source of more than half of the country's job creation are also finding it hard to cope with the growing financial strain from higher import costs. Bloomberg News: Read more here. Trump on China extension: We'll see what happens President Trump said China has been "dealing quite nicely" with the US, a possible hint that his administration is preparing to extend the countries' trade truce past a deadline that expires Tuesday. "We'll see what happens," he said during a White House press conference, adding, "They've been dealing quite nicely." The countries have held multiple rounds of trade talks during the 90-day suspension of sky-high tariffs on each other. Both sides have hailed progress in those talks. An extension into the fall could potentially set up a Trump meeting with Chinese leader Xi Jinping, which Trump has suggested could happen before the end of the year. President Trump said China has been "dealing quite nicely" with the US, a possible hint that his administration is preparing to extend the countries' trade truce past a deadline that expires Tuesday. "We'll see what happens," he said during a White House press conference, adding, "They've been dealing quite nicely." The countries have held multiple rounds of trade talks during the 90-day suspension of sky-high tariffs on each other. Both sides have hailed progress in those talks. An extension into the fall could potentially set up a Trump meeting with Chinese leader Xi Jinping, which Trump has suggested could happen before the end of the year. Swiss government to meet pharma firms to discuss US tariffs The Swiss government is due to meet this week with leaders from Swiss pharmaceutical companies Roche and Novartis, which have faced pressure from President Trump to lower their drug prices in the US. The meeting comes as Switzerland aims to negotiate for a lower tariff rate than the 39% rate the Trump administration imposed last week. And should Trump follow through on pharmaceutical tariffs as well, Roche and Novartis are considered to be more exposed, as they have comparatively fewer US manufacturing sites. From Reuters: Read more here. The Swiss government is due to meet this week with leaders from Swiss pharmaceutical companies Roche and Novartis, which have faced pressure from President Trump to lower their drug prices in the US. The meeting comes as Switzerland aims to negotiate for a lower tariff rate than the 39% rate the Trump administration imposed last week. And should Trump follow through on pharmaceutical tariffs as well, Roche and Novartis are considered to be more exposed, as they have comparatively fewer US manufacturing sites. From Reuters: Read more here. New gold tariffs are in effect. Will Costco gold bars be affected? Gold (GC=F) has been surging all year, and buying gold bars from Costco is just about the easiest way to get your hands on the precious metal — if you're lucky enough to find them in stock. However, the surprising announcement of additional tariffs on gold bars by US Customs and Border Protection (CBP) left many wondering if the duties applied to Costco's gold bars as well. Yahoo Finance's Hal Bundrick reports: Read more here. Gold (GC=F) has been surging all year, and buying gold bars from Costco is just about the easiest way to get your hands on the precious metal — if you're lucky enough to find them in stock. However, the surprising announcement of additional tariffs on gold bars by US Customs and Border Protection (CBP) left many wondering if the duties applied to Costco's gold bars as well. Yahoo Finance's Hal Bundrick reports: Read more here. US consumers to bear brunt of tariff hit: Goldman Goldman Sachs GS) says that President Trump's tariffs are only beginning to raise prices for shoppers, adding more uncertainty to the Treasury market where investors are unsure about how quickly interest rates will be cut. Bloomberg News reports: Read more here. Goldman Sachs GS) says that President Trump's tariffs are only beginning to raise prices for shoppers, adding more uncertainty to the Treasury market where investors are unsure about how quickly interest rates will be cut. Bloomberg News reports: Read more here. Nvidia, AMD to pay 15% on China AI chip sales in US deal Nvidia (NVDA) and AMD (AMD) have agreed to give 15% of their revenue from AI chip sales in China to the US government. This deal helps them get export licenses but is an unusual step that might worry both companies and Beijing. Nvidia will share 15% of earnings from its H20 AI accelerator in China, while AMD will do the same for its MI308 chip. Bloomberg News reports: Read more here. Nvidia (NVDA) and AMD (AMD) have agreed to give 15% of their revenue from AI chip sales in China to the US government. This deal helps them get export licenses but is an unusual step that might worry both companies and Beijing. Nvidia will share 15% of earnings from its H20 AI accelerator in China, while AMD will do the same for its MI308 chip. Bloomberg News reports: Read more here. Why Trump's soybean ask of China is 'highly unlikely' China is the world's largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil). President Trump's statement that he hopes "China will quickly quadruple its soybean orders" would require China to import the vast majority 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 US," Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters. Read more here. China is the world's largest soybean buyer, with nearly a quarter of those purchases coming from the US (and most of the rest coming from Brazil). President Trump's statement that he hopes "China will quickly quadruple its soybean orders" would require China to import the vast majority 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 US," Johnny Xiang, founder of Beijing-based AgRadar Consulting, told Reuters. Read more here. US gold futures fall as traders await clarification on tariffs US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. Swiss economy seen weathering Trump's tariff shock for now Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Commentary: Tariffs are denting profits, and maybe soon your portfolio With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way. Yahoo Finance's Rick Newman reports: Read more here. With over two-thirds of companies having reported earnings, Yahoo Finance found more than four dozen large firms saying tariffs are impacting their businesses in some material way. Yahoo Finance's Rick Newman reports: Read more here. A 240-year-old Swiss watchmaker's race to beat Trump's tariff deadline It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump's surprise 39% tariff rate on Switzerland went into effect on Thursday. It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland's watch exports. As of April, goods from the country faced a much lower 10% tariff rate. Reuters reports: Read more here. It was a chaotic week for the 240-year-old Swiss watch manufacturer DuBois et fils, as the company rushed to ship watches before President Trump's surprise 39% tariff rate on Switzerland went into effect on Thursday. It was a race against time for DuBois CEO Thomas Steinemann and his company to ship five high-end watches to the US before blocking orders on its US website. Overall, the US accounts for 17% of Switzerland's watch exports. As of April, goods from the country faced a much lower 10% tariff rate. Reuters reports: Read more here. Tariffs are starting to squeeze farmers' profits President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. The US has slapped a 39% tariff on Switzerland, leaving the country's leaders reeling Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. Carney is patching up ties with Mexico in face of Trump threats Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Swiss plane maker Pilatus halts business jet deliveries to US over tariffs Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Sign in to access your portfolio
The Hill
17 minutes ago
- The Hill
Trump's DC takeover sends national shock waves
In today's issue: ▪ Trump: Cities beyond DC could see federal policing ▪ US extends China tariff deadline ▪ Democrats allege DOJ, FBI weaponization ▪ Zelensky vies for influence at Trump-Putin summit President Trump is looking beyond the nation's capital to deploy federal crime-fighting muscle and the National Guard to prominent cities run by Democrats, he said on Monday. 'Other cities are hopefully watching,' the president said after declaring a public safety emergency in Washington, D.C. Mayor Muriel Bowser (D) and members of the D.C. City Council in a separate statement disputed Trump's descriptions of out-of-control violent crime while arguing the president's actions are unprecedented and unnecessary. 'I'm going to work every day to make sure it's not a complete disaster. Let me put it that way,' the mayor told reporters on Monday. Senate Minority Leader Chuck Schume r (D-N.Y.) called Trump's scathing crime narrative a 'political ploy.' Maryland Sen. Chris Van Hollen (D) said the president is ' testing the limits of his power.' The Democratic Mayors Association accused Trump of a 'charade,' arguing that 'crime is down in most major cities.' During a lengthy press conference, Trump said the Justice Department is now in charge of the Metropolitan Police Department in the nation's capital and he vowed to deploy 800 National Guard members within a city he called 'dirty, disgusting' and full of 'drugged-out maniacs.' D.C. residents number just 700,000, but the city played host to a record 27 million visitors last year. The president, reprising his longtime narrative that cities and states governed by Democrats are poorly served and in danger, called out Chicago and Los Angeles, while also mentioning New York City, his hometown. All are led by Democratic mayors in states with prominent Democratic governors, several of whom are sizing up potential presidential bids in 2028. Trump says federal crime fighting in Washington could be a model for his administration to take similar action elsewhere. He previously deployed federal troops to Los Angeles in June to bolster immigration enforcement before removing them last month. His decision at the time to ignore California Democratic Gov. Gavin Newsom 's objections to active-duty Marines mobilized on domestic soil is the subject of a federal appeals court trial this week in San Francisco as part of a challenge filed by the state. Newsom, who is term-limited and taking a leadership role for Democrats, has said a race for the White House in 2028 could ' unfold.' sc Trump argues he has the presidential authority to declare public safety emergencies tied to assertions of crime and other hazards that permit him to temporarily empower federal law enforcement to direct and assist city policing. The president, who criticized Democrats in 2020 for backing proposals to defund police in reaction to the murder of George Floyd, says he has broad public support for his crime-fighting moves. In the summer of 2020, Trump deployed more than 5,000 National Guard troops to Washington to crack down on mostly peaceful demonstrators pushing for racial justice and some looters. Democratic candidates largely retreated from antipolice rhetoric by 2022 as unpopular with voters and a political boost to the GOP. Trump favors more arrests in major urban settings and tougher prosecutions while also urging cities to remove homeless encampments on public property. 'This dire public safety crisis stems directly from the abject failures of the city's local leadership. The radical-left City Council adopted no-cash bail,' Trump said Monday, referring to criminal justice reforms in Washington, Illinois and New York City adopted years ago to reduce jail populations among some defendants who would otherwise remain behind bars because they could not afford to post a bond. 'We're going to change no-cash bail. We're going to change the statute and get rid of some of the other things, and we'll count on the Republicans in Congress and Senate to vote,' Trump said. ' We have the majority, so we'll vote.' Washington, however, has a unique and complicated status in the United States as a congressionally established federal district with a thin legal shield for home rule, calling into question the president's assertion that a federal crackdown in the nation's capital can serve as a template for crime fighting in other major cities. 'One of the most important bulwarks against authoritarian rule in the United States is the fact that we have a federalist system with shared sovereignty, so that the president or the federal government generally can't simply take over states,' said Paul Schiff Berman, a former dean of the George Washington University Law School. 'D.C. is not a state. And so it gives the president more leeway. And that's really dangerous,' Berman told The Hill. ▪ The Hill: Extending Trump's 30-day control of the city's police department requires congressional action following the administration's official notification Monday of relevant leaders in Congress. Trump offered no details Monday about tackling the causes of homelessness, drug abuse and violent crimes, particularly gun crimes. Although the president described Washington's public safety condition as an emergency, the city's murder rate fell following a postpandemic spike in 2023. 👉 Check out today's edition of The Movement: 'President Trump's effort to lessen crime in Washington, D.C. and launch a 'beautification' effort is clashing with a long tradition of Republicans criticizing and outright writing off the nation's cities.' Click here to sign up & get it in your inbox. 3 Things to Know Today The president will nominate Heritage Foundation economist E.J. Antoni to lead the Bureau of Labor Statistics. Trump last week ousted the Labor Department's data expert after the government issued a disappointing jobs report. The Trump administration is ' looking at ' reclassifying marijuana as a less dangerous drug, Trump said Monday. How much is the president pocketing off the presidency? An estimated $3.5 billion, according to one detailed tally. Leading the Day CHIPS: The two largest chipmakers in the U.S., Nvidia and AMD, have struck an unusual agreement with the federal government to share some of their revenue from chip sales to China — a deal that experts say raises constitutional questions and may create a new precedent for company trade negotiations. The two firms have agreed to share 15 percent of the revenue generated from selling advanced artificial intelligence (AI) chips to China in order to secure export licenses after a months-long pause, a U.S. official confirmed to The Hill's Julia Shapero. 'I said, 'I want 20 percent if I'm going to approve this for you,'' Trump told reporters Monday during a White House press conference. 'For the country, for our country. I don't want it myself. …. And he said, 'Would you make it 15?' So we negotiate a little deal.' Under the agreement, Nvidia will share 15 percent of its revenue from H20 chip sales to China, while AMD will share the same portion of its MI308 chip sales. The new revenue-sharing agreement comes after Nvidia CEO Jensen Huang met with Trump at the White House last week. Huang has found himself in a tricky situation, balancing Washington's and Beijing's interests as both countries vie for AI dominance. The deal sparked backlash from lawmakers on both sides of the aisle, as well as former trade officials, who questioned its legality. 'It's bizarre in many respects and pretty troubling because Congress didn't have anything to say about this,' Gary Hufbauer, a nonresident senior fellow at the Peterson Institute for International Economics, told The Hill. ' It's just the president's own negotiating with the individual companies. That's not how historically we've done business in this country.' ▪ Bloomberg News: China urged local companies to avoid using Nvidia's H20 processors, complicating the company's attempts to recoup billions in revenue as well as the Trump administration's unprecedented push for a deal. TARIFFS: Trump on Monday extended by 90 days the tariff deadline for China, which was set to take effect today. During the latest negotiations, the U.S. reduced its China tariffs to 30 percent while China lowered its tariffs on U.S. goods to 10 percent and agreed to export rare earth minerals. Monday's extension is the latest example of Trump's changing positions on tariffs, which have made U.S. trade policy unpredictable for many businesses. ▪ NPR: Trump's tariff revenue has skyrocketed. But how big is it, really? ▪ The New York Times: Small businesses brace for the punishing side effects of Trump's tariffs. ▪ Bloomberg News: Gold will not be tariffed, Trump said Monday on social media. COURTS: A federal judge on Monday refused the Justice Department's request to unseal grand jury materials used to charge Ghislaine Maxwell, the longtime accomplice of convicted sex offender Jeffrey Epstein. The Trump administration sought to break the normal secrecy of grand jury proceedings amid mounting public pressure, including from much of the president's political base, to release more files on the case. The judge's rebuke of the government's ask was pointed; for weeks, the White House has faced steady pressure to release more information about Epstein, including from members of the president's base. 'Contrary to the Government's depiction, the Maxwell grand jury testimony is not a matter of significant historical or public interest. Far from it,' U.S. District Judge Paul Engelmayer wrote in his 31-page ruling. 'It consists of garden-variety summary testimony by two law enforcement agents. And the information it contains is already almost entirely a matter of longstanding public record.' When and Where The president has no public schedule. The White House daily press briefing is scheduled at 1 p.m. The House will hold a pro forma session at 9 a.m. and will return to work in Washington on Sept. 2. The Senate will hold a pro forma session at 8 a.m. Economic indicator: The Consumer Price Index for July will be released at 8:30 a.m. It's a closely watched report for inflation. Zoom In GOVERNMENT WEAPONIZATION? Lawmakers and advocates are sounding the alarm over a series of actions taken by the Justice Department and intelligence community that they say are both abuses of power and threats to the traditional independence held by both organizations. The FBI agreed to aid the Texas government last week in tracking down Democratic members of the state Legislature who fled in an effort to block a redistricting plan that would net the GOP five seats in the midterms. The commitment came as the FBI fired a series of agents, including those who had worked on controversial matters related to Trump. Meanwhile, the Justice Department subpoenaed New York Attorney General Letitia James (D) for documents related to court victories against the Trump Organization and the National Rifle Association. The same day, the department tapped Ed Martin to investigate James as well as Sen. Adam Schiff (D-Calif.) on allegations of mortgage fraud. Democrats sent a letter to FBI Director Kash Patel and Attorney General Pam Bondi asking for the legal basis on which the bureau could be involved in tracking down the Texas lawmakers. 'These reports suggest that the FBI is diverting federal law enforcement away from fighting terrorism, drug trafficking, and other federal crimes to instead harass and target Texans' duly elected representatives, and thus raise urgent questions about the legal basis, scale, and appropriateness of federal law enforcement involvement in a state-level political matter,' Reps. Robert Garcia (Calif.) and Jamie Raskin (Md.), the top Democrats on the House Oversight and Judiciary committees, respectively, wrote in a letter also signed by Texas Democratic Reps. Greg Casar and Jasmine Crockett. The group of about 50 Texas Democratic lawmakers remain in several blue states — most in Illinois — to block a quorum in the state Legislature. Texas House Speaker Dustin Burrows (R) reconvened the legislative chamber on Monday but was four members short of reaching the quorum to proceed to redistricting, flood relief and other issues. 'Those runaway Democrats are required to act on that agenda. They're failing to do their duty,' Texas Gov. Greg Abbott (R) told CNN's Jake Tapper on Monday. 'They can remain in hiding for literally years, tying the hands of the state of Texas from performing essential government needs. That cannot be allowed.' BLUE STATES FIGHT BACK: Newsom warned Trump and Republican governors in a Monday letter that if they push forward with their redistricting proposals, he will also implement mid-decade redistricting efforts in his state. In a letter to the president, Newsom said California 'cannot stand idly by' as Texas attempts to create Republican-favored congressional maps. 'If you will not stand down, I will be forced to lead an effort to redraw the maps in California to offset the rigging of maps in red states,' Newsom said. 'But if the other states call off their redistricting efforts, we will happily do the same. And American democracy will be better for it.' The Hill's Julia Mueller breaks down Newsom's possible next steps. ▪ Axios: Former Attorney General Eric Holder will meet virtually with House Democrats this week to discuss how to fight Republicans' mid-decade redistricting. Elsewhere UKRAINE: Ahead of Friday's summit between Trump and Russian President Vladimir Putin, Trump on Monday criticized Ukrainian President Volodymyr Zelensky over the leader's resistance to cede territory to Russia, saying he disagrees 'very, very severely' with Zelensky. 'I get along with Zelensky, but, you know, I disagree with what he's done, very, very severely disagree,' Trump told reporters at the White House, referring to Russia's more than three-year war in Ukraine. 'This is a war that should have never happened.' Zelensky on Monday said intelligence and military officials had briefed him 'on what Putin is counting on and what he is actually preparing for,' as the summit approaches, saying 'this includes military preparations.' 'He is certainly not preparing to cease fire or end the war,' Zelensky said. 'Putin's sole aim is to present a meeting with America as his personal victory and then continue acting as before, putting pressure on Ukraine as before.' Trump has said the meeting with Putin in Alaska will touch on some territorial swapping for 'the betterment of both' countries, a proposal Zelensky on Saturday staunchly opposed. His criticism of the war shifted from Putin to Zelensky and back again. Trump on Monday declared that when he meets with Putin, 'probably in the first two minutes I'll know exactly whether or not a deal can get done,' and insisted he would be ready to walk away from negotiations and continue to let Russia and Ukraine battle it out. Trump says he will call Ukrainian and European leaders ahead of the meeting and suggested there could be another possible meeting down the line involving Ukrainian and Russian leaders. 'It's clear Putin wants a photo with the most influential people on Earth, which is President Trump, and he wants sanctions to be postponed, which he'll probably get,' the European Union's foreign policy chief, Kaja Kallas, told the BBC. 'The question is, what is success for the U.S. in the meeting? If President Zelensky is there, it would be a clear success.' ▪ NPR: What's at stake as Trump prepares to meet Putin in Alaska? ▪ The Hill: Amid the upcoming talks, one of Kyiv's priorities is securing the release of Ukrainian soldiers captured on the battlefield. ▪ CNN: Panic in eastern Ukraine as Trump entertains idea of giving parts of it to Russia. GAZA: Outrage is growing In Israel and abroad over Israeli Prime Minister Benjamin Netanyahu's planned new Gaza offensive, even as Palestinians reported the heaviest bombardments in weeks on Monday. Netanyahu said he expected to complete the new expanded offensive against Hamas 'fairly quickly.' Trump stopped short of directly endorsing Israel's plans in an interview with Axios on Monday, but he said he didn't believe Hamas would release the hostages unless the situation changed. Trump said Israel has to decide what to do next and also whether to allow Hamas to remain in Gaza, but that in his opinion 'they can't stay there.' 'I have one thing to say: Remember October 7, remember October 7,' Trump emphasized, referring to the Hamas attack. An association of Israel air force reserve and retired pilots issued a statement calling for an 'immediate end to the futile war and urgent action to bring the hostages home.' 'The war being waged in Gaza is exacting an unbearable toll from hostages who have languished in captivity for 676 days, is risking our soldiers' lives in vain, is causing unnecessary harm to innumerable innocent civilians, and is degrading Israel's standing in the world to an unprecedented low,' it said on Sunday. ▪ The New York Times: An Israeli airstrike that deliberately killed several Al Jazeera journalists aggravated tensions between Israel and Qatar, which funds the television network and is also a central mediator in Gaza peace talks. ▪ The Hill: Australia will recognize a Palestinian state in September. ▪ The Hill: Secretary of State Marco Rubio condemned the assassination of Colombian senator and presidential hopeful Miguel Uribe Turbay, who died Monday after being shot during a June campaign rally. Opinion The Closer © The Associated Press | Bill Ingalls, NASA And finally … 🌠 Look up! The visibility of the ongoing Perseid meteor shower, considered one of the best shows in space, will peak in the predawn hours into Wednesday, according to experts. Meteor hunters searching for fireballs need a dark sky location to catch a glimpse in optimal conditions of up to 100 shooting stars per hour. 'The average person under dark skies could see somewhere between 40 and 50 Perseids per hour,' said Bill Cooke, lead for NASA's Meteoroid Environments Office. 'Instead, you're probably going to see 10 to 20 per hour or fewer, and that's because we have a bright moon in the sky washing out the fainter meteors.'
New York Post
17 minutes ago
- New York Post
JD Vance says Elon Musk should return to White House — but calls fight with Trump a ‘mistake'
Vice President JD Vance said Elon Musk made a 'mistake' in picking a fight with President Trump — but said he hopes the Tesla honcho will find his way back into the White House. Vance shared his hopes of having the X owner back at 1600 Pennsylvania Ave. by the 2026 midterm elections, and highlighted just how instrumental the billionaire was in Trump's 2024 presidential bid. 'I don't know that he would take my call right now,' Vance told The Gateway Pundit of Musk, saying the tech tycoon has a 'complicated relationship' with the White House. Advertisement 6 Vice President JD Vance said Elon Musk made a 'mistake' in picking a fight with President Trump. The Gateway Pundit 'I kid,' he added. 'I'm sure he would take my call, but honestly, the drama around him and the White House over the last couple of months… my hope is that it just kinda cools down a bit.' 'If you're patriotic, you're not trying to sink your knife in the back of the president, you're not trying to betray the movement, I don't care about these, like, minor, little disagreements,' he said, adding that he is 'pretty big tent about this stuff.' Advertisement Vance also suggested that the SpaceX CEO is in a tough spot as a result of the messy feud. 'My argument to Elon is like, you're not going to be on the left … even if you wanted to be — and he doesn't — they're not going to have you back, that ship has sailed,' he said. 'I really think it's a mistake for him to try to break from the president.' 'My hope is, by the midterms, things are kind of back to normal,' he added. 6 Vance shared his hopes of having the tech tycoon back at 1600 Pennsylvania Ave. by the 2026 midterm elections. AP Advertisement 6 Musk parted ways with the Trump administration at the end of May, with the president saying that the world's richest man 'will always be with us, helping all the way.' Getty Images Musk parted ways with the Trump administration at the end of May, with the president saying that the world's richest man 'will always be with us, helping all the way.' But while his departure initially seemed cordial, the tech boss later raged publicly about the One Big, Beautiful Bill Act, grumbling over its impact on the deficit in particular — which had been Musk's top priority when pulling the strings on the Department of Government Efficiency (DOGE). Musk branded the package as 'pork-filled' and a 'disgusting abomination,' before turning against the president in a dramatic social media storm. Advertisement 6 But while his departure initially seemed cordial, the tech boss later raged publicly about the One Big, Beautiful Bill Act. Getty Images 6 The Post's front cover on June 6, 2025. Despite Musk's attempts to derail the megabill, Republicans pushed it through Congress and Trump signed the landmark bill into law on July 4. As a result, Musk revealed plans to launch a centrist 'America Party' alternative to the two-party system — which Trump immediately labeled 'ridiculous.' 'I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks,' Trump lamented on Truth Social at the time. The duo's so-called breakup was later branded 'very troublesome' by White House chief of staff Susie Wiles during an appearance on 'Pod Force One' last month. Wiles agreed with Post columnist Miranda Devine's contention that Musk 'almost … had a sort of fatherly fixation with Donald Trump that I guess inevitably was going to blow up at some point.' Advertisement 6 Vance suggested that the SpaceX CEO is in a tough spot as a result of the messy feud. The Gateway Pundit 'The president was very, very kind to him, and Elon had so much to offer us,' Wiles said. 'He knew things we didn't know. He knew people and technologies that we didn't know.' 'It was a great thing when it was a great thing, and had a very, I think, a very troublesome ending,' she added.
