US expects to result of probe into chip imports in two weeks
Lutnick told reporters after a meeting between U.S. President Donald Trump and European Commission President Ursula von der Leyen that the investigation - which is expected to result in tariffs on chips imports - was one of the "key reasons" the EU sought to negotiate a broader trade agreement that would "resolve all things at one time."
Trump said many companies would be investing in semiconductor manufacturing in the United States, including some from Taiwan and other places, to avoid getting hit by new tariffs.
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Reuters
5 minutes ago
- Reuters
Wall St set for weak start on Trump tariffs, Amazon results, soft payrolls
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The Independent
7 minutes ago
- The Independent
Rare coin seller claims former staff used confidential information to set up rival business
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The Independent
7 minutes ago
- The Independent
Renewables and fossil fuels not ‘either-or', says Reeves after Trump comments
Renewable and non-renewable energy sources are not an 'either-or', Rachel Reeves has said after Donald Trump described North Sea oil as a 'treasure chest'. On a visit to Lossiemouth on the North Sea coast in Moray, the Chancellor described oil and gas as 'incredibly important for the UK and our energy security'. Her appearance in Scotland followed a five-day visit from the US president, who called on the UK Government to 'incentivise the drillers, fast'. Mr Trump wrote on Truth Social: 'North Sea oil is a treasure chest for the United Kingdom. 'The taxes are so high, however, that it makes no sense.' Asked whether she would 'unlock' the 'treasure chest', Ms Reeves told the PA news agency: 'Oil and gas are incredibly important for the UK and our energy security. 'And oil and gas is going to play an important role in our energy mix for decades to come. 'It's why, alongside the private sector, we're investing in carbon capture and storage, which is absolutely essential for supporting energy intensive industries. 'But it's not either-or. 'At the same time, we're investing in clean homegrown energy, including at Berwick Bank in Scotland, which will create thousands of new jobs and power millions of homes. 'And that's what we need to do to make sure that our economy has this energy security that we need, that we bring down bills and bring more good jobs to Scotland.' Berwick Bank in the North Sea has this week received a green light from the Scottish Government. The proposed wind farm, off the coast of East Lothian, could add more than 4.1 gigawatts of capacity, which according to developer SSE Renewables is enough electricity to power more than six million homes annually. But Mr Trump criticised existing wind farms during his visit, when he said: 'When we go to Aberdeen, you'll see some of the ugliest windmills you've ever seen, the height of a 50-storey building.' Gesturing with his hands, he added: 'You can take 1,000 times more energy out of a hole in the ground this big.' Conservative shadow Scottish secretary Andrew Bowie has written to Prime Minister Sir Keir Starmer, calling for a review of policies affecting the oil and gas industry. 'As President Trump has said, the UK's 'very high' tax on oil and gas companies is a deterrent to investment,' he wrote. 'The extension of the energy profits levy (EPL), coupled with uncertainty around future licensing and investment signals, has created a climate of instability that threatens jobs, innovation and the region's economic resilience. 'President Donald Trump's remarks during your visit – calling Aberdeen the 'oil capital of Europe' and urging the UK to 'bring it back' – reflect a sentiment shared by many in the region. 'May I urge you to consider the president's call to 'incentivise' domestic production of hydrocarbons? 'Oil and gas still have a vital role to play in our energy mix and economic future; British people would rather see the UK benefit from domestic exploration and drilling than import more from Norway and Qatar.' The West Aberdeenshire and Kincardine MP added: 'Will you urgently call a meeting in Downing Street to conduct the review in partnership with industry leaders, our world-leading supply chain business, and the local workforce to ensure a coherent and sustainable path forward?'
