'Stop your pointless blame game…': China torches US over Russia-Ukraine war at UNSC
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Time of India
44 minutes ago
- Time of India
Trump signs order extending China tariff truce by 90 days, White House official says
US President Donald Trump has signed an executive order extending a tariff truce with China by another 90 days, a White House official said on Monday with only hours to go before US tariffs on Chinese goods were due to snap back to triple-digit rates. The order followed a noncommittal answer by Trump to reporters as to whether he would extend the lower tariff rates a day after he urged Beijing to quadruple its purchases of US soybeans. A tariff truce between Beijing and Washington was set to expire Tuesday at 00.01 ET (04.01 GMT). The order prevents US tariffs on Chinese goods from shooting up to 145%, with Chinese tariffs on US goods set to hit 125%, rates that would have resulted in a virtual trade embargo. "We'll see what happens," Trump has said when asked how he planned to extend the deadline. "They've been dealing quite nicely. The relationship is very good with President Xi and myself. " (This is a Reuters copy)
Time of India
44 minutes ago
- Time of India
In unusual move, US to take cut of AI chips sold to China
1 2 Nvidia and Advanced Micro Devices are expected to pay the US 15% of the money they take in from selling artificial intelligence chips to China, as part of a highly unusual financial agreement with the Trump administration. The deal, which was described by three people familiar with the agreement who spoke anonymously, comes a month after Nvidia received permission to sell a version of its artificial intelligence chips to China. While the Trump administration publicly said a month ago that it was giving the green light to Nvidia to sell an AI chip called H20 to China, it did not actually issue the licenses making those sales possible. The deal could funnel more than $2 billion to the US govt. President Trump confirmed the terms of the unusual arrangement in a Monday press conference while noting that he originally wanted 20% of the sales revenue when Nvidia asked to sell the "obsolete" H20 chip to China. The president credited Nvidia CEO Jensen Huang for negotiating him down to 15%. "So we negotiated a little deal. So he's selling a essentially old chip," Trump said. Last week, Jensen Huang, Nvidia's CEO, met with President Trump at the White House and agreed to give the federal govt its 15% cut, essentially making the federal govt a partner in Nvidia's business in China, said the people familiar with the deal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Independence Day Sale is Live - Check The Sale Luxury Watches Buy Now The commerce department began granting licenses for AI chip sales two days later, these people said. Though Huang has led negotiations with the White House, Nvidia isn't the only company that sells AI chips to China. AMD has an AI chip called the MI308 and in April the Trump govt also banned sales of it to the Chinese. There are few precedents for the commerce department agreeing to grant licenses for exports in exchange for a share of revenue. But the unorthodox payments are consistent with Trump's interventionist role in international deals involving US firms.
NDTV
an hour ago
- NDTV
Trump Extends China Tariff Truce For 90 Days: Report
Washington: US President Donald Trump reportedly signed an order delaying the reimposition of higher tariffs on Chinese goods on Monday, hours before a trade truce between Washington and Beijing was due to expire. The halt on steeper tariffs will be in place for another 90 days, the Wall Street Journal and CNBC reported, citing Trump administration officials. The White House did not respond to queries on the matter. While the United States and China slapped escalating tariffs on each other's products this year, reaching prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them. But their 90-day halt of steeper levies was due to expire Tuesday. Asked about the deadline earlier Monday, Trump said: "We'll see what happens. They've been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself." Trump also touted the tariff revenue his country has collected since his return to the White House, saying "we've been dealing very nicely with China." "We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state," Chinese foreign ministry spokesman Lin Jian said in a statement. He added that Beijing also hopes Washington will "strive for positive outcomes on the basis of equality, respect and mutual benefit." The full text of Trump's latest order has yet to be released. The 90-day extension means the truce is set to expire in early November, according to the Wall Street Journal. - Shaky truce - Even as both countries reached a pact to cool tensions after high level talks in Geneva in May, the de-escalation has been shaky. In June, key economic officials convened in London as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers met again in Stockholm last month. US trade envoy Jamieson Greer said last month that Trump will have the "final call" on any such extension. Trump said in a social media post late Sunday that he hoped China will "quickly quadruple its soybean orders," adding that this would be a way to balance trade with the United States. For now, the extension of a truce means that US tariffs on Chinese goods this year stand at 30 percent. Under their de-escalation, Beijing's corresponding levy on US products stood at 10 percent. Since returning to the presidency in January, Trump has slapped a 10-percent "reciprocal" tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying steeper levels last Thursday for dozens of economies. Major partners like the European Union, Japan and South Korea now see a 15-percent US duty on many products, while the level went as high as 41 percent for Syria. The "reciprocal" tariffs exclude sectors that have been separately targeted, such as steel and aluminum, and those that are being investigated like pharmaceuticals and semiconductors. They are also expected to exclude gold, although a clarification by US customs authorities made public last week caused concern that certain gold bars might still be targeted. Trump on Monday said that gold imports will not face additional tariffs, without providing further details. The US president has taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil. Canada and Mexico come under a different tariff regime.
