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Daily Mail
13 minutes ago
- Daily Mail
Trump announces new tariff that could have devastating impact on tech industry
President Donald Trump has said that he will impose a 100% tariff on computer chips, raising the prospect of higher prices for electronics, cars, household appliances and other essential products dependent on the processors powering the digital age. 'We'll be putting a tariff of approximately 100% on chips and semiconductors,' Trump said in the Oval Office while meeting with Apple CEO Tim Cook on Wednesday. 'But if you're building in the United States of America, there's no charge.' The announcement came more than three months after Trump temporarily exempted most electronics from his administration's most onerous tariffs. The Republican president said companies that make computer chips in the US would be spared the import tax. During the Covid-19 pandemic, a shortage of computer chips increased the price of cars and contributed to higher inflation. Investors seemed to interpret the potential tariff exemptions as a positive for Apple and other major tech companies that have been making huge financial commitments to manufacture more chips and other components in the US. Big Tech already has made collective commitments to invest about $1.5 trillion in the US since Trump moved back into the White House in January. That figure includes a $600 billion promise from Apple after the iPhone maker boosted its commitment by tacking another $100 billion on to a previous commitment made in February. Now the question is whether the deal brokered between Cook and Trump will be enough to insulate the millions of iPhones made in China and India from the tariffs that the administration has already imposed and reduce the pressure on the company to raise prices on the new models expected to be unveiled next month. Wall Street certainly seems to think so. Apple's stock price gained 5% in Wednesday regular trading sessions before rising another 3% in extended trading after Trump announced some tech companies won't be hit with the latest tariffs while Cook stood alongside him. The shares of AI chipmaker Nvidia, which also has recently made big commitments to the US, rose slightly in extended trading to add to the $1 trillion gain in market value the Silicon Valley company has made since the start of Trump's second term. The stock price of computer chip pioneer Intel, which has fallen on hard times, also climbed in extended trading. The chip industry's main trade group, the Semiconductor Industry Association, has so far declined to comment on Trump's latest tariffs. Demand for computer chips has been climbing worldwide, with sales increasing 19.6% in the year-ended in June, according to the World Semiconductor Trade Statistics organization. It is not clear how many chips, or from which country, would be impacted by the new levy. Taiwanese chip contract manufacturer TSMC - which makes chips for most U.S. companies - has factories in the country, so its big customers such as Nvidia are not likely to face increased tariff costs. The AI chip giant has itself said it plans to invest hundreds of billions of dollars in US-made chips and electronics over the next four years. 'Large, cash-rich companies that can afford to build in America will be the ones to benefit the most. It´s survival of the biggest,' said Brian Jacobsen, chief economist at investment advisory firm Annex Wealth Management. Trump's tariff threats mark a significant break from existing plans to revive computer chip production in the US that were drawn up during the Biden administration. Since taking over from Biden, Trump has been deploying tariffs to incentivize more domestic production. Essentially, the president is betting that the threat of dramatically higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for mobile phones, TVs and refrigerators. By contrast, the bipartisan CHIPS and Science Act that Biden signed into law in 2022 provided more than $50 billion to support new computer chip plants, fund research and train workers for the industry. The mix of funding support, tax credits and other financial incentives were meant to draw in private investment, a strategy that Trump has vocally opposed. The Commerce Department under Biden last year convinced all five leading-edge semiconductor firms to locate chip factories in the US as part of the program. The department said the US last year produced about 12% of semiconductor chips globally, down from 40% in 1990. Any chip tariffs would likely target China, with whom Washington is still negotiating a trade deal. 'There's so much serious investment in the United States in chip production that much of the sector will be exempt,' said Martin Chorzempa, senior fellow at the Peterson Institute for International Economics. Since chips made in China won't be exempt, chips made by SMIC or Huawei would not be either, Chorzempa said, noting that chips from these companies entering the US market were mostly incorporated into devices assembled in China. 'If these tariffs were applied without a component tariff, it might not make much difference,' he said. Chipmaking nations South Korea and Japan, as well as the European Union, have reached trade deals with the U.S., potentially giving them an advantage. The EU said it agreed to a single 15% tariff rate for the vast majority of EU exports, including cars, chips and pharmaceuticals. South Korea and Japan said separately that U.S. agreed not to give them worse tariff rates than other countries on chips, suggesting a 15% levy as well.
North Wales Chronicle
2 hours ago
- North Wales Chronicle
Trump could meet Putin as soon as next week, White House official says
The official cautioned that a meeting has not been scheduled yet and no location has been determined. The official was not authorised to speak publicly and spoke to The Associated Press on condition of anonymity to discuss internal plans. The White House said Mr Trump was also open to a meeting with both Mr Putin and Ukrainian President Volodymyr Zelensky. A meeting between Mr Putin and Mr Trump would be their first since Mr Trump returned to office this year. It would be a significant milestone in the three-year-old war, though there is no promise such a meeting would lead to the end of the fighting since Russia and Ukraine remain far apart on their demands. News of a potential meeting with Mr Putin, which was first reported by The New York Times, came hours after Mr Trump's special envoy Steve Witkoff met Mr Putin in Moscow. Mr Trump had posted earlier on Truth Social that Mr Witkoff 'had a highly productive meeting' with Mr Putin in which 'great progress was made'. It was not immediately clear if Mr Putin or Mr Zelensky had agreed to any meetings with Mr Trump. Mr Zelensky has been willing to meet face-to-face with Mr Putin to end the conflict, but Russia has repeatedly rejected the idea. Mr Trump has met Mr Zelensky several times this year, including a contentious February meeting in Washington. Though he has not yet met Mr Putin this year, Mr Trump met with him five times during his first term. Mr Trump said earlier on Wednesday that he updated America's allies in Europe and that they will work toward an end to the Russia-Ukraine war 'in the days and weeks to come'. White House press secretary Karoline Leavitt said: 'The Russians expressed their desire to meet with President Trump, and the President is open to meeting with both President Putin and President Zelensky.' Her statement did not address the potential timing of any meeting. Mr Witkoff met Mr Putin days before the White House's deadline for Russia to reach a peace deal with Ukraine or potentially face severe economic penalties that could also hit countries buying its oil. The meeting between Mr Putin and Mr Witkoff lasted about three hours, the Kremlin said. Mr Putin's foreign affairs adviser Yuri Ushakov said Mr Putin and Mr Witkoff had a 'useful and constructive conversation' that focused on the Ukrainian crisis and, in a nod toward improving relations between Washington and Moscow, 'prospects for possible development of strategic co-operation' between the United States and Russia.
BBC News
2 hours ago
- BBC News
Global News Podcast Trump orders India tariff hike to 50% for buying Russian oil
US President Donald Trump has issued an executive order hitting India with an additional 25% tariff over its purchases of Russian oil. That raises the total tariff on Indian imports to the US to 50% - among the highest rates imposed by Washington. India has called the taxes unfair, unjustified and unreasonable. Also: Donald Trump says there's a good chance he will meet President Putin of Russia soon to discuss a ceasefire in Ukraine, and Italy gives final approval for world's longest suspension bridge to Sicily. The Global News Podcast brings you the breaking news you need to hear, as it happens. Listen for the latest headlines and current affairs from around the world. Politics, economics, climate, business, technology, health – we cover it all with expert analysis and insight. Get the news that matters, delivered twice a day on weekdays and daily at weekends, plus special bonus episodes reacting to urgent breaking stories. Follow or subscribe now and never miss a moment. Get in touch: globalpodcast@
