Economists See Lower Recession Risk and Stronger Job Growth: WSJ Survey
Economists expect stronger growth and job creation, lower risk of recession and cooler inflation than they did three months ago, according to The Wall Street Journal's quarterly survey of professional forecasters.
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Los Angeles Times
a few seconds ago
- Los Angeles Times
China summons Nvidia over ‘backdoor safety risks' in H20 chips
China's cyberspace regulators on Thursday summoned Nvidia over security concerns that its H20 chips can be tracked and turned off remotely, the Cyberspace Administration of China said on its website. In the meeting, Chinese regulators demanded that the U.S. chip company provide explanations on 'backdoor safety risks' of its H20 chips to be sold in China and submit relevant materials, the office said. 'Cybersecurity is critically important to us. NVIDIA does not have 'backdoors' in our chips that would give anyone a remote way to access or control them,' an Nvidia spokesperson said in a statement to AP. It came just about two weeks after the Trump administration lifted the block on the computing chips and allowed Nvidia to resume sales of H20 chips to the Chinese market. Jensen Huang, chief executive of Nvidia, made the announcement with fanfare when he was in Beijing earlier this month. The latest episode appears to be another turbulence in the tech rivalry between the United States and China, which have left businesses in both countries tussling with governments over market access and national security concerns. Any safety concern by Beijing could jeopardize the sale of H20 chips in China. Citing unnamed U.S. AI experts, the Chinese regulators said Nvidia has developed mature technology to track, locate and remotely disable its computing chips. The regulators summoned Nvidia to 'safeguard the cybersecurity and data security of Chinese users,' in accordance with Chinese laws, the statement said. The statement also referred to a call by U.S. lawmakers to require tracking and locating capabilities on U.S. advanced chips sold overseas. In May, Rep. Bill Huizenga, R.-Michigan, and Rep. Bill Foster, D.-Illinois, introduced the Chip Security Act that would require high-end chips to be equipped with 'security mechanisms' to detect 'smuggling or exploitation.' The bill has not moved through Congress since its introduction. Foster, a trained physicist, then said, 'I know that we have the technical tools to prevent powerful AI technology from getting into the wrong hands.' The U.S. still bans the sale to China of the most advanced chips, which are necessary for developing artificial intelligence. Both countries aim to lead in the artificial intelligence race. The Trump administration in April blocked the sales of H20 chips, which Nvidia developed to specifically comply with U.S. restrictions for exports of AI chips to China. After the ban was lifted, Nvidia expected to sell hundreds of thousands more H20 chips in the Chinese market. But the easing of the ban has raised eyebrows on Capitol Hill. On Monday, a group of top Democratic senators, including Minority Leader Sen. Chuck Schumer, wrote to Commerce Secretary Howard Lutnick to express their 'grave concerns'. While chips like the H20 have differing capabilities than the most advanced chips such as Nvidia's H100, 'they give (China) capabilities that its domestically-developed chipsets cannot,' the senators wrote. Shortly after the ban was lifted, Rep. John Moolenaar, R.-Michigan, who chairs the House Select Committee on China, objected. 'The Commerce Department made the right call in banning the H20. Now it must hold the line,' Moolenaar wrote in a letter to Lutnick. 'We can't let the CCP use American chips to train AI models that will power its military, censor its people, and undercut American innovation,' Moolenaar wrote, referring to the Chinese Communist Party by its acronym. Tang writes for the Associated Press.
Business Insider
2 minutes ago
- Business Insider
The effort to ban congressional stock trading has a Trump problem
Sen. Josh Hawley didn't set out to antagonize the president. Yet that's what happened on Wednesday, when President Donald Trump savaged the Missouri senator as "second-tier" hours after his bill to ban lawmakers, the president, and the vice president from trading stocks cleared a Senate committee. Hawley told BI that he smoothed things over with Trump during a phone call later that evening. "He finished by saying, 'You're totally exonerated, Josh,'" Hawley said. But the dust-up threatens to complicate efforts to ban stock trading in Congress, which have gained steam over the last several years but have yet to reach a floor vote in either the House or the Senate. In this case, Democrats and Republicans in the Senate are at odds over whether the ethics requirements should extend to the executive branch. "Ethics should apply to the president as well as the Congress," Democratic Sen. Gary Peters of Michigan said. "So that's what's in the bill." "There's already ethics laws that he has to follow," Republican Sen. Bernie Moreno of Ohio said, referring to Trump. "I fully support transparency. President Trump does that." The irony is that Hawley's original bill, the cheekily-named PELOSI Act, didn't apply to the president or vice president at all. However, several Republicans were opposed to a stock trading ban on principle, so he had to turn to Democrats for support. They insisted that he modify the bill to be similar to a different bipartisan bill that passed the same committee last summer, which does include the executive branch. "My side wouldn't vote for the PELOSI Act," Hawley said. "And I want to pass a bill." 'He told me he wants a stock trading ban' The bill that passed out of committee would prevent the president, the vice president, and members of Congress from trading stocks immediately upon enactment. Then, by the beginning of their next term, they would have to sell off their stock holdings, along with some other assets. That means the bill would not require Trump to divest from any of his assets, given that he only has one term left. But he would be banned from buying stocks. Trump has long said that he would sign a stock trading ban into law, and earlier on Wednesday, he said he was "conceptually" a fan of Hawley's bill. Then, Hawley said, some of his Republican colleagues in the Senate got to the president. "What he said is that he had a number of people call him and say that the bill had been changed at the last minute to force him to sell Mar-a-Lago and divest all of his assets, which is, of course, totally false," Hawley said. "I said that is absolutely not true at all," Hawley said. "And when we walked through the text of the bill, he was like, 'Oh, OK.'" Hawley also said that Trump didn't mention the fact that the bill would bar him from trading stocks. A White House official declined to comment on Hawley's account of the call, saying they "don't comment on private meetings." "He told me he wants a stock trading ban," Hawley said. "He remains committed to getting a stock trading ban, so we'll work with him to do that." Sen. Rick Scott of Florida, an opponent of the bill who argued that it would "target" Trump, confirmed to BI that he spoke with Trump on Wednesday. But when asked about Hawley's claims, he declined to comment. "I'm not going to talk about a private conversation I had with the president," Scott said. "That's inappropriate." It remains unclear exactly how Trump feels about a stock trading ban that would apply to him, and the White House offered no clarification. Hawley indicated a willingness to change how the bill impacts Trump, saying he just wants to get something passed. But the inclusion of the president remains an issue for Moreno and Scott, who say that they otherwise support a stock trading ban for Congress in principle. "Let's deal with the issue that people are worried about," Scott said. "We don't want people using inside information in Congress to make a profit on stocks like Nancy Pelosi. Why don't we focus on that?" "Instead of actually exposing the corruption, all we're doing is giving the Democrats a weapon to target Trump with," Moreno said. "That's ridiculous."
Forbes
2 minutes ago
- Forbes
How Smart Year-Round Tax Planning Minimizes Your IRS Tax Bill
Why Proactive Tax Planning Matters With sweeping new tax reforms just signed into law, proactive tax planning could be the single biggest factor in reducing your lifetime tax burden. According to Gallup, an increasing number of Americans want to pay less in taxes. Tax planning is a year-round, methodical effort to minimize taxes paid to the IRS and other tax agencies. A Complex and Constantly Changing Tax Landscape The federal tax code is extremely complicated and difficult to understand. Each state (and the District of Columbia) with an income tax has its own tax code. These tax codes change most years and retroactive tax changes have become more frequent. Understanding the One Big Beautiful Bill (OBBB) Congress passed—and President Trump signed into law—One Big Beautiful Bill (OBBB), officially titled An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14 on July 4th, 2025. OBBB makes large and complicated changes to the federal tax code; some of which will affect 2025 income taxes filed in 2026. Overall, these changes will lower federal income taxes for many Americans. Per a study from the Tax Foundation, OBBB will decrease taxes collected by approximately 5 trillion dollars from 2025 – 2034. Who May Lose Under the New Law Potential losers include: • Those who gamble • Those who purchase electric vehicles - the tax credit expires 9/30/2025 • Those who are improving their primary residence in an energy efficient manner; those tax credits end 12/31/2025 Who Stands to Benefit Potential winners include: • Many seniors who are 65 years old or older • Many people compensated by receiving tips, such as hairdressers and wait staff • Many who receive overtime pay • Some people who purchased a new car in 2025 • Certain business owners that purchase a lot of capital equipment • Certain real estate investors • Many companies that do a lot of research and development in the United States Key Tax Planning Strategies for Individuals Basic strategies for individuals include: • Maximizing retirement contributions • Maximizing Health Savings Account contributions if you qualify to contribute • Choosing when to liquidate assets with capital gains • In some cases contributing to other tax-advantaged accounts such as 529 plans • Choosing tax-efficient investments Smart Tax Moves for Businesses For businesses, essential tactics include: • Choosing the correct retirement plan and maximizing it • Ensuring you deduct all business expenses allowed • Choosing when to purchase capital assets and when to depreciate those assets • Ensuring your business utilizes the correct tax entity. For example C Corporation, S Corporation, Partnership, or Sole Proprietorship Final Thoughts: Plan Ahead to Save More The new tax law is changing tax planning significantly and there are many opportunities for tax planning. If you want to pay less in income taxes over your lifetime; work with a qualified advisor to identify which new strategies you can act on before the year ends.
