
Democrat Warren raises concerns that US tariff deals will favor Big Tech over workers
-Democratic U.S. Senator Elizabeth Warren on Wednesday expressed concern the Trump administration's tariff negotiations would favor big technology firms at the expense of consumers and workers.
In a letter to U.S. Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, Warren said Big Tech has long sought to use trade negotiations to "undermine pro-consumer, pro-competition policies." She asked for details on the officials' interactions with tech industry executives.
WHY IT'S IMPORTANT
Warren has for years argued in favor of stronger regulation on big technology firms.
President Donald Trump has taken a stance favorable to the technology sector, taking aim at foreign governments' regulatory restrictions and digital services taxes aimed at capturing revenue from Meta, Apple, Alphabet's Google, Amazon and other U.S. tech firms.
Trump in February ordered a revival of tariff retaliation probes over digital services taxes, and Greer and Bessent have raised U.S. opposition to digital services taxes as part of trade negotiations.
In her letter, Warren said she was concerned by a list of 10 digital trade grievances against U.S. trading partners posted by USTR on X, including the European Union's Digital Services Act and Digital Markets Act and South Korea's cross-border data flow restrictions.
KEY QUOTE: Warren said that given the industry's large donations, presence at Trump's inauguration and its success in lobbying for temporary tariff exemptions, "I am gravely concerned renegotiated trade deals will be used to advance Big Tech's anti-consumer agenda while doing nothing to promote U.S. manufacturing or help American workers."
Spokespersons for USTR, the Treasury and the Commerce Department did not immediately respond to a request for comment.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
28 minutes ago
- Mint
Indian billionaire Gautam Adani comes under new scrutiny from US prosecutors
Gautam Adani, Asia's second-richest man, is trying to get the Trump administration to drop foreign bribery charges against him. Instead, he is facing a new front in his fight with prosecutors: a probe into whether his companies are buying Iranian petrochemical products. U.S. prosecutors are investigating whether Adani's companies imported Iranian liquefied petroleum gas, or LPG, into India through the company's Mundra port. A Wall Street Journal investigation into tankers that regularly traveled between Mundra and the Persian Gulf found their behavior often exhibited traits seen by ships seeking to evade sanctions. 'Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG," a company spokesman said in a statement. 'Further, we are not aware of any investigation by U.S. authorities on this subject." The expanding scrutiny by the U.S. Attorney's Office in Brooklyn could prove problematic for Adani's rehabilitation effort. President Trump is rolling back enforcement of longstanding laws punishing overseas bribery, but has also taken aim at purchasers of Iranian oil and gas products. 'Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions," Trump wrote on social-media platform Truth Social last month. 'They will not be allowed to do business with the United States of America in any way, shape, or form." Adani is a close ally of Indian Prime Minister Narendra Modi and sits atop a group of infrastructure companies bearing his name that has been integral to India's recent economic growth. The public companies have a valuation around $150 billion, yielding Adani and his family one of the world's largest fortunes. In January 2023, short-selling firm Hindenburg Research published a 33,000-word report alleging the Adani Group had violated Indian securities laws by having Adani family members secretly control swaths of shares through offshore vehicles. The companies' stocks plunged but have recovered some of their losses. In November, the group faced a new headwind when U.S. prosecutors charged Adani with fraud, alleging he orchestrated roughly $250 million in bribes to Indian officials to secure lucrative solar-power supply contracts in India. Adani Group called the short seller's report 'nothing but a lie," and the government allegations against it 'baseless." Adani has hired high-powered legal firms Kirkland & Ellis and Quinn Emanuel, according to lobbying disclosures. Adani's lawyers also met with prosecutors in March in hopes of having the case dropped, according to people familiar with the matter. Six Republican members of Congress have publicly argued Adani's indictment is at odds with Trump's foreign-policy priorities, including a strong trading relationship with India. Trump also issued an executive order 'pausing" prosecutions under the Foreign Corrupt Practices Act. While the case grew out of an FCPA investigation, Adani was charged with conspiracy and securities fraud over alleged bribes, not with violating the act itself. Prosecutors are reviewing the activities of several LPG tankers used to ship cargoes to Adani Enterprises, the people said. The Adani spokesman said that importing LPG has been a small but growing part of the company's business, contributing 1.46% of its $11.7 billion in revenue last fiscal year. A Journal investigation into a group of LPG tankers making journeys between the Adani-run Mundra port and the Persian Gulf since early 2024 found they showcase signs that ship trackers say are typically evidence of ships attempting to obscure their activities. A common tactic includes manipulating the ship's automatic identification system, or AIS, which shares a ship's position, according to Tomer Raanan, a maritime risk analyst at Lloyd's List Intelligence who tracks LPG tankers. One journey in April of last year undertaken by a ship that carried an LPG cargo for Adani, the Panamanian-flagged SMS Bros, demonstrates some of the patterns. The ship was docked at Khor al Zubair in southern Iraq on April 3, 2024, according to its AIS, which the Journal analyzed using Lloyd's List's Seasearcher platform. Satellite images from April 3 don't show the SMS Bros at its reported berth in Iraq. But a satellite did capture images of a ship matching the SMS Bros's characteristics and length docked roughly 315 miles to the southeast at an LPG terminal in Tonbuk, Iran. The ship docked in Tonbuk was the SMS Bros, according to Samir Madani, whose service has indexed more than 9,000 ships from satellite imagery. By April 7, the SMS Bros's AIS data showed it off the coast of the United Arab Emirates. Its data was adjusted at that time to show it riding lower in the water, which would indicate it had taken on cargo. Its AIS data shows that it departed the night of April 8, heading south, and by the following day anchored offshore near Sohar, Oman. On April 10, documents purport that Adani Global PTE contracted the ship to load roughly 11,250 metric tons of LPG at Sohar and ship it to Mundra in India. The ship never appears to have docked in Sohar's port, according to the Journal's analysis of AIS data. From there, the SMS Bros sailed to Mundra, where customs records reviewed by the Journal show that on April 17, Adani Enterprises imported a load matching the cargo described in the shipping documents with a declared value just over $7 million. Purchasers of Iranian oil and gas products often use forged documents from Oman and Iraq, according to several people familiar with the trade. The Adani spokesman said the SMS Bros shipment was handled through a third-party logistics company and documentation identifies the shipment as originating from Sohar. Adani companies check the vessels they contract for red flags but don't own, operate or track vessels and can't comment on the activity of vessels they don't control, he added. 'Whatever the duties of and responsibilities of a bona fide importer are, we have fulfilled those," the spokesman said. The SMS Bros, which changed its name to the Neel last year, has shown other discrepancies. A Bangladeshi port record from last June shows the SMS Bros as importing a load of LPG originating in Iran for an unknown importer, yet its AIS data reports making the same journey to Iraq that it did in April. At several other points over the past year, satellite images don't show the SMS Bros at its reported AIS position, according to Bjorn Bergman, a data analyst who tracks AIS spoofing at the nonprofits Global Fishing Watch and SkyTruth. Three other LPG tankers show some elements of obfuscation while making runs between Adani's Mundra port and the Persian Gulf, according to the Journal's review of their data. One tanker operated by the same company that managed the SMS Bros showed similar signs of spoofing its AIS. That ship was also named on a list of tankers suspected of shipping Iranian oil and gas by a bipartisan group of U.S. senators. The company operating the ships, as well as the captain of the SMS Bros on its April 2024 journey, didn't respond to requests for comment. A third ship appears to have used similar tactics around its trips to Mundra, broadcasting via AIS a stop in Khor al Zubair that can't be seen on simultaneous satellite images of the port. A fourth tanker in the group often making deliveries to Mundra was listed in a 2024 report by the U.S. Energy Department as being involved in the export of Iranian petroleum products. In May, the Journal found that ship was reporting its position on the railroad tracks of the port in Khor al Zubair. Write to Ben Foldy at and Dave Michaels at

Mint
36 minutes ago
- Mint
Elon Musk's Tesla not keen on making in India under EV incentive plan: Minister
New Delhi: American billionaire Elon Musk's Tesla Inc has not shown interest in making in India under the government's scheme to promote the manufacturing of electric passenger cars in India (SPMEPCI), Union minister of heavy industries and steel H.D. Kumaraswamy said on Monday. However, other foreign automakers such as Mercedes-Benz, Skoda-Volkswagen, Hyundai and Kia have expressed interest in making electric vehicles (EV) in India, Kumaraswamy said at a press conference in New Delhi. The minister said these automakers are in discussions with their global parent companies about investing in India's EV manufacturing drive. Announced in March 2024, the SPMEPCI scheme aimed to attract foreign EV makers to set up manufacturing units in India, by reducing the customs duty on completely built-up (CBU) units worth at least $35,000 to 15% from 70%. Also read: E-buses under PM E-drive to be used now for intercity, tourist travel As per the scheme notification, automakers need to invest $500 million, or approximately ₹4,150 crore, in setting up a manufacturing unit in India, to be eligible to import their vehicles at the lower customs duty. New guidelines announced by Kumaraswamy on Monday allows companies to invest in charging infrastructure as well as research and development as a part of the total ₹4,150 crore investment under the scheme to promote manufacturing of electric passenger cars in India. Foreign electric vehicle makers can invest up to 5% of their total investment in electric vehicle charging infrastructure, the minister said. Mint first reported on 20 February that the government was considering a plan to include EV charging infrastructure investments under the overall ₹4,150 crore investment requirement for the scheme. Additionally, investments made towards research and development will also be included under the scheme. Companies that already have plants in India can add a separate manufacturing line for electric vehicles to meet the investment criteria of the scheme, senior government officials told reporters on the sidelines of the press conference. Officials also said dual-use facilities, such as one painting facility used to paint both electric and non-electric vehicles, would be included as investment under the scheme. The aim of the scheme is to increase manufacturing capacity for electric vehicles in India by introducing foreign automakers to Indian markets. Also read: PLI-Auto adds three more firms to roster Despite consistent stakeholder discussions, the ministry of heavy industries had been unable to get electric vehicle makers on board. Bank guarantees worth ₹4,150 crore made under the scheme will be invoked if manufacturers are unable to roll out electric cars within three years, the minister clarified on Monday. The ministry will also notify a revenue target for the automakers who wish to make EVs in India, he said, adding that the portal to apply for the scheme's benefits will open shortly. 'This landmark initiative aligns with India's national goals of achieving Net Zero by 2070, fostering sustainable mobility, driving economic growth, and reducing environmental impact. It is designed to firmly establish India as a premier global destination for automotive manufacturing and innovation," the minister said. Mint reported earlier that the government was open to tweaking the scheme after India had completed negotiating foreign bilateral trade agreements. This had also prompted automakers to shift their attention towards these bilateral agreements, namely the India-US BTA, India-UK FTA and the India-EU FTA, according to a Mint report on 7 May. The rollout of the scheme comes at a time when India's EV import landscape is undergoing rapid change, said Ajay Srivastava, co-founder, Global Trade Research Initiative (GTRI), a trade policy think tank. "The India-UK free trade agreement, already in force, is set to reduce import duties on premium UK-made electric vehicles from over 100% to just 10% over the next few years. Future FTAs with the US and the European Union are also expected to bring similar market access concessions, adding competitive pressure on Indian manufacturers," he said. According to GTRI, any serious investment in India's EV ecosystem must now take into account not just domestic incentives but also the broader impact of India's trade agreements, which are likely to reshape the competitive contours of the sector for years to come. Under the scheme, automakers also have to comply with stringent localization guidelines by achieving 25% domestic value addition in the first three years of operations, and 50% in the first five. Also read: State-run lenders for Gensol's cars dither on what to do next 'This policy also aligns well with India's broader goal of reaching 30% electric vehicle penetration by 2030. It sends a strong signal of intent from the government to support the EV transition, not just through incentives for end-users, but also by creating a more favourable environment for manufacturing and infrastructure development," said Dhiraj Agrawal, chief business officer at Mufin Green Finance. The success of this policy will depend on efficient implementation and complementary support systems such as financing, charging infrastructure and skill development, he added.


Mint
an hour ago
- Mint
Safe-haven rush lifts gold to over one-week peak as trade, geopolitical risks intensify
Trump plans to double steel, aluminum tariffs to 50% Dollar down 0.6% against its rivals Russia-Ukraine tensions escalate ahead of peace talks (Updates prices for EMEA session) June 2 (Reuters) - Gold prices rose to a more than a one-week high on Monday, driven by safe-haven demand as renewed U.S. tariff threats from President Donald Trump and escalating tensions between Russia and Ukraine heightened global trade and geopolitical fears. Spot gold was up 2% at $3,353.29 an ounce, as of 1128 GMT, after hitting its highest level since May 23, earlier in the session. U.S. gold futures rose 1.9% to $3,378.40. The dollar was down 0.6% against its rivals, after Trump said on Friday that he plans to double duties on imported steel and aluminum to 50%, and as Beijing hit back against accusations that it had violated an agreement on critical minerals shipments. A weaker dollar makes bullion more appealing for other currency holders. On Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. "I guess risk-off (sentiment) with Asian equities lower is one factor, the other is rising geopolitical tensions - including the escalation in tensions between Ukraine and Russia - (is) lifting demand for safe haven assets such as gold," said Giovanni Staunovo, UBS analyst. "Ongoing trade tensions between China and the US are an additional supportive factor for gold." On the geopolitical front, Ukraine and Russia ramped up attacks ahead of their second peace talks in Istanbul, including a major Ukrainian strike and a Russian overnight drone assault. In the U.S., Fed Chair Jerome Powell is set to speak later today, while markets also look forward to speeches from several U.S. Federal Reserve officials this week for signals on the monetary policy outlook. Gold, widely regarded as a safe-haven asset during periods of geopolitical and economic uncertainty, typically performs well in a low-interest-rate environment. "The upside (in gold prices) is unlikely to exceed $3,500/oz unless trade tensions escalate further," said Zain Vawda, analyst at MarketPulse by OANDA. Spot silver rose 1% to $33.29 an ounce, platinum was down 1% at $1,045.25 and palladium rose 0.6% to $976.31. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Janane Venkatraman and Shailesh Kuber)