Apple Supplier Luxshare to Maintain Vietnam Production Hub to Support U.S. Market
As of Wednesday, Trump has imposed tariffs of more than 100% on Chinese goods, while the rate for Vietnam is 46%.
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Yahoo
15 minutes ago
- Yahoo
Trump says Fed governor Cook 'must resign' as pressure campaign on central bank continues
President Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign as the public pressure on the central bank continues to build. "Cook must resign, now!!!" Trump wrote on his social media platform Truth Social Wednesday morning with a link to a Bloomberg report on a letter sent by Federal Housing Finance Agency head Bill Pulte urging Attorney General Pam Bondi to investigate Cook over a pair of mortgages. Pulte wrote in a letter dated Aug. 15 that Cook, 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.' The President's call for Cook to resign comes as public pressure on the Fed continues amid ongonig changes on the Fed's Board of Governors. Last week, Trump nominated Council of Economic Advisers Chairman Stephen Miran to the Fed board to fill a seat left empty by Adriana Kugler, who stepped down from the board on Aug. 8. Should Cook also step down, Trump would have the opportunity to nominate another Fed governor. The search for a replacement for Fed Chair Jerome Powell, whose term leading the central bank ends in May 2026, also continues in the background with Trump last week saying the field of possible replacements for Powell was "down to 3 or 4" candidates. Trump has repeatedly called on Powell to cut rates more aggressively, coining the nickname "Too Late" for the Fed chair. Trump first appointed Powell to the role in 2017; President Biden renominated Powell as Fed chair in 2021. Powell is also a member of the Fed's Board of Governors, with his term set to expire in 2028; it isn't clear whether Powell will also vacate that post when his term as Fed chair ends next year. Reporting from CNBC, however, suggested up to 11 names are under consideration for Powell's role, including Jefferies chief market strategist David Zervos, who told CNBC Wednesday that the Fed has "never been independent." The mounting discussion around Fed independence and political pressure currently being levied at the central bank comes ahead of the annual Jackson Hole Economic Symposium, which is set to feature Powell's key policy speech of the year on Friday morning. Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer. Click here for in-depth analysis of the latest stock market news and events moving stock prices
Chicago Tribune
16 minutes ago
- Chicago Tribune
President Donald Trump thinks owning a piece of Intel would be a good deal for the US. Here's what to know
SAN FRANCISCO — President Donald Trump wants the U.S. government to own a piece of Intel, less than two weeks after demanding the Silicon Valley pioneer dump the CEO that was hired to turn around the slumping chipmaker. If the goal is realized, the investment would deepen the Trump administration's involvement in the computer industry as the president ramps up the pressure for more U.S. companies to manufacture products domestically instead of relying on overseas suppliers. The Trump administration is in talks to secure a 10% stake in Intel in exchange for converting government grants that were pledged to Intel under President Joe Biden. If the deal is completed, the U.S. government would become one of Intel's largest shareholders and blur the traditional lines separating the public sector and private sector in a country that remains the world's largest economy. In his second term, Trump has been leveraging his power to reprogram the operations of major computer chip companies. The administration is requiring Nvidia and Advanced Micro Devices, two companies whose chips are helping to power the craze around artificial intelligence, to pay a 15% commission on their sales of chips in China in exchange for export licenses. Trump's interest in Intel is also being driven by his desire to boost chip production in the U.S., which has been a focal point of the trade war that he has been waging throughout the world. By lessening the country's dependence on chips manufactured overseas, the president believes the U.S. will be better positioned to maintain its technological lead on China in the race to create artificial intelligence. That's what the president said August 7 in an unequivocal post calling for Intel CEO Lip-Bu Tan to resign less than five months after the Santa Clara, California, company hired him. The demand was triggered by reports raising national security concerns about Tan's past investments in Chinese tech companies while he was a venture capitalist. But Trump backed off after Tan professed his allegiance to the U.S. in a public letter to Intel employees and went to the White House to meet with the president, who applauded the Intel CEO for having an 'amazing story.' The company isn't commenting about the possibility of the U.S. government becoming a major shareholder, but Intel may have little choice because it is currently dealing from a position of weakness. After enjoying decades of growth while its processors powered the personal computer boom, the company fell into a slump after missing the shift to the mobile computing era unleashed by the iPhone's 2007 debut. Intel has fallen even farther behind in recent years during an artificial intelligence craze that has been a boon for Nvidia and AMD. The company lost nearly $19 billion last year and another $3.7 billion in the first six months of this year, prompting Tan to undertake a cost-cutting spree. By the end of this year, Tan expects Intel to have about 75,000 workers, a 25% reduction from the end of last year. Although rare, it's not unprecedented for the U.S. government to become a significant shareholder in a prominent company. One of the most notable instances occurred during the Great Recession in 2008 when the government injected nearly $50 billion into General Motors in return for a roughly 60% stake in the automaker at a time it was on the verge of bankruptcy. The government ended up with a roughly $10 billion loss after it sold its stock in GM. U.S. Commerce Secretary Howard Lutnick told CNBC during a Tuesday interview that the government has no intention of meddling in Intel's business, and will have its hands tied by holding non-voting shares in the company. But some analysts wonder if the Trump administration's financial ties to Intel might prod more companies looking to curry favor with the president to increase their orders for the company's chips. Intel was among the biggest beneficiaries of the Biden administration's CHIPS and Science Act, but it hasn't been able to revive its fortunes while falling behind on construction projects spawned by the program. The company has received about $2.2 billion of the $7.8 billion pledged under the incentives program — money that Lutnick derided as a 'giveaway' that would better serve U.S. taxpayers if it's turned into Intel stock. 'We think America should get the benefit of the bargain,' Lutnick told CNBC. 'It's obvious that it's the right move to make.'
Axios
16 minutes ago
- Axios
Arizonans will see tax cuts from "big, beautiful bill"
Arizonans dodged a big tax hike when Congress passed the "big, beautiful bill," making permanent the tax cuts of President Trump 's first term while adding many more. Why it matters: Tax cuts free up money for folks to spend on other things — which may be dearly needed as wages still haven't caught up with inflation and tariffs threaten to push costs further. By the numbers: Arizonans' average tax cut will be $3,521 in 2026, a bit under the national average of $3,752, per an analysis from the Tax Foundation, a nonpartisan research group that mostly supports lower taxes. But if you're in Maricopa County, the average tax savings will be $4,049, the biggest cuts of any county in the state. The largest average tax cuts will be in Wyoming ($5,375), Washington ($5,372) and Massachusetts ($5,139). Taxpayers in West Virginia ($2,503) and Mississippi ($2,401) will see the smallest average cuts. How it works: The map above compares the tax rate in 2026 to what it would've been had the big bill not passed and the 2017 tax cuts expired. The big bill not only made the 2017 tax cuts permanent, it added new breaks: deductions for tips and overtime income, a cut for seniors and an expanded child care tax cut. These are temporary provisions made permanent for research and development expenses and other provisions. Zoom in: Arizona's smallest average cuts, at an average of $1,994, will go to Apache County residents.
