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Why major chip stocks are in the green, despite Trump's 100% tariff threat
President Donald Trump has announced 100% tariffs on imported semiconductor chips, stunning markets. But major Asian chip stocks rallied as firms with US investments are exempt from the tariffs. US tech market gains as investors see relief from potential tariff impacts. President Donald Trump stunned markets Wednesday by announcing 100% tariffs on imported semiconductor chips — but major chip stocks rallied. Taiwanese chip giant TSMC's stock closed 4.9% higher. In South Korea, Samsung Electronics ended 2.5% higher while SK Hynix reversed losses of over 3% in early trade to close 1.4% up. The rebound came as investors digested news that companies investing in US manufacturing would be exempt. TSMC already operates plants in the US, and both South Korean firms have committed to major US investments. The Trump administration has not released specifics on the tariffs, including when they could come. "The good news for companies like Apple is if you're building in the United States or have committed to build, without question, in the United States, there will be no charge," Trump said at the White House where the tech giant announced a fresh $100 billion investment plan. Officials from Taiwan and South Korea later confirmed that their local chipmakers with US ties would be exempt from the full 100% tariff. The US tech market already rallied overnight, with Apple closing 5.1% higher. The Nasdaq 100 closed 1.3% higher while the S&P 500 gained 0.7%. The development "fits Trump's approach of 'open high, negotiate down,'" wrote Phelix Lee, a senior equity analyst at Morningstar, on Thursday. Lee added that the final tariff rate for chipmakers could be closer to Trump's so-called reciprocal tariffs, which would limit inflation, particularly in consumer goods that rely heavily on chips. Trump has already exempted tech products, including smartphones, computers, and chipmaking gear, from tariffs against trading partners that kicked in on Thursday. Despite broader economic uncertainty and tariff tensions, markets have continued to push higher in recent months. The market rally may just reflect "sheer relief, from averting the worst, dressed up as 'risk on,'" wrote Vishnu Varathan, Mizuho's macro research head for Asia excluding Japan, on Thursday. Varathan added that some industries and trade partners are simply too important to be hit with prohibitive tariffs. "To be clear, the specific case of 100% tariffs on semiconductors ought to decimate the US tech sector, given US share of global chip production is now disproportionately small, underpinning huge reliance on imports of chips," he wrote. That dependence could give trade partners leverage. China, for example, could use its dominance in rare earths as a bargaining chip with the Trump administration, he added. On Tuesday, Trump told CNBC that the US is "getting very close to a deal" with China to extend the two countries' trade truce. "We're getting along with China very well," he told the network. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Exclusive-JPMorgan denied it closed account linked to former Kansas governor on religious grounds, letter shows
By Nupur Anand NEW YORK (Reuters) -JPMorgan Chase denied it closed an account linked to former Kansas Governor Sam Brownback on religious grounds, and did not receive information it requested from him before shutting the account, according to a letter seen by Reuters. Brownback, a Republican who chairs the National Committee for Religious Freedom, claims the bank canceled the group's new account on religious grounds in 2022. He also alleged Chase shuns conservatives and religious groups. President Donald Trump has accused the nation's biggest lenders of discriminating against him and his conservative supporters by denying them banking services, a practice known as "debanking." "We don't discontinue client relationships because of a religious or political affiliation, and we didn't with your account," wrote Larry Thode, a managing director at Chase, in a letter in October 2022. The contents of the letter have not been previously reported. "The information your organization gave to us at account opening triggered our request for additional information. That had nothing to do with any religious affiliation." The bank did not obtain the information before the account was closed because its bankers were not able to connect with Brownback's staff in a timely manner, it said. "We apologize for that," Thode wrote. A spokesman for Brownback said the letter was the first time Chase had discussed regulations including the Bank Secrecy Act and anti-money laundering regulations as a cause for the account being canceled. "They still didn't address why our account was closed just three weeks after opening." Thode did not immediately respond to a request seeking comment. The White House declined to comment on Brownback's case.
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Tim Cook appeals to Trump's love of gold with a 24-karat base for Apple plaque
Apple CEO Tim Cook visited President Donald Trump at the White House on Aug. 6, and brought with him a custom gift that seemed to be tailored to the president's tastes. The two announced Apple's $100 billion in new U.S. investment, an addition to the $500 billion previously announced, as the tech giant tries to protect its products from Trump's steep tariffs. Apple is also set to expand its factories in the U.S. With trembling hands, Cook opened an Apple box he said was made in California, took out a circular plaque with an Apple-shaped cutout in the middle made of glass apparently made in Kentucky, and attributed the design to a former U.S. Marine Corps corporal who now works at Apple. The plaque was set in a 24-karat gold base Cook said was made in Utah. Part of Trump's longstanding "America First" approach to policy is pushing to have more goods made in America. Though Trump has also been gifted a Tesla Cybertruck with a picture of himself on it and a framed copy of his grandfather's German birth certificate, Cook's gift appealed to more than just Trump's preference to have things made in America. Trump adorns his space and the things he makes in gold. More: Donald Trump's White House 'Gold Guy' is a 70-year-old cabinetmaker who lives in Jupiter Gold tweezers, gold sneakers and a gold guy in the White House Trump's affinity for gold predates his time in the Oval Office. Here is a look at some of his golden adornments throughout the years: In 2006, Trump met porn star Stormy Daniels at a golf tournament in Lake Tahoe, as she testified during his hush money trial. She said that she saw a set of apparently golden manicure items like tweezers in his hotel suite. (Trump was found guilty of 34 counts of falsifying business records at that trial.) As a presidential hopeful, he updated his private plane in 2011 to a Boeing 757 and outfitted it with gold-leafed seatbelts and faucets, according to the New York Post. Trump Mobile was announced on the 10-year anniversary of Trump declaring his candidacy in 2015, when he famously rode down the . During his campaign for a second term, Trump sold gold sneakers for $399 and a limited edition . The Trump Organization sells several gold tchotchkes under the "" collection, including chocolate bars, ornaments, coin banks and playing cards that are fashioned like gold bars with Trump's name on them. Trump has brought in his to adorn the Oval Office in the style of his Mar-A-Lago estate, according to the Wall Street Journal. Amid widespread immigration crackdowns and the return of a controversial travel ban, Trump announced a "gold card" visa that offers applicants residency and a path to U.S. citizenship for $5 million paid to the U.S. government. Apple touts additional $100 billion in U.S. investment Cook was one of several tech leaders who attended Trump's inauguration earlier this year. Apple had said in February that it would spend $500 billion in U.S. investments over four years, but the Washington Post reported most of that would cover the regular cost of doing business. The White House announcement brings the total investment figure up to $600 billion. Still, Apple broke ground on a Houston factory to make advanced AI servers earlier this year, and Trump said on Aug. 6 it would invest billions to construct data centers across the country, including in North Carolina, Iowa and Oregon. "I'm proud to say that Apple is leading the creation of an end-to-end silicon supply chain right here in America," Cook said. Trump said the planned 100% tariff on semiconductors and computer chips would not apply to companies that make a commitment to manufacture in the U.S., like Apple. Contributing: Joey Garrison, Swapna Venugopal Ramaswamy, Aysha Bagchi, Lauren Villagran, Marina Pitofsky, Jonathan Limehouse, USA TODAY Kinsey Crowley is the Trump Connect reporter for the USA TODAY Network. Reach her at kcrowley@ Follow her on X and TikTok @kinseycrowley or Bluesky at @ This article originally appeared on USA TODAY: Tim Cook gifts Trump a custom Apple plaque with 24-karat gold base Sign in to access your portfolio
