After Harvard, George Washington University becomes latest battleground in Trump's campus crackdown
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Business Standard
an hour ago
- Business Standard
Nvidia, AMD China revenue deal could be model for others, says Bessent
Treasury Secretary Scott Bessent said the recent deal to allow Nvidia Corp. and Advanced Micro Devices Inc. to resume lower-end AI chip sales to China, on the condition they give the US government a 15 per cent cut of the related revenue, could serve as a model for others. 'I think we could see it in other industries over time,' Bessent said Wednesday in a television interview on Bloomberg Surveillance. 'Right now, this is unique, but now that we have the model and the beta test, why not expand it?' Bessent credited President Donald Trump with the 'very unique solution' of allowing Nvidia to expand in China and become a bellwether for Chinese technology, with the US taxpayer getting 'a share of' the reward. The revenue the Treasury receives from the arrangement will go to pay down debt, he said. 'If we could make a substantial debt' repayment, that would then allow for discussions about a program of sending money to taxpayers, he also said. Asked about reporting that China is urging its companies to avoid the Nvidia H20 processors now allowed for its market, Bessent said 'sure, we can discuss that' with the Chinese. 'But it also tells me that they are worried about the Nvidia chips becoming the standard in China.' China Talks On Tuesday, Bessent said that he'd be meeting again with his Chinese counterparts 'within the next two or three months,' speaking on Fox Business. He dismissed the possibility of China emulating other US trading partners in winning tariff relief in return for boosting investments in the US. When asked if China could make pledges worth billions of dollars like Japan, South Korea and the EU have as part of their trade agreements, Bessent said 'my sense is no because a lot of the buyout or the funds from the buyout are going to go to critical industries that we need to reshore and a lot of those need to be reshored away from China.' Whether the industry was semiconductors, rare-earth magnets, pharmaceuticals or steel, 'my sense is that isn't what will happen,' Bessent said in an interview with Fox Business on Tuesday. Tech and AI have been among the most high profile of areas of competition between the world's two biggest economies. President Donald Trump has extended a pause of higher tariffs on Chinese goods for another 90 days into early November, a move that stabilized trade ties between the world's two largest economies while they try to forge an agreement. Chinese companies in sectors such as electric vehicles have opened factories abroad to access new markets, a move that could also help them skirt US tariffs. He also indicated that Washington wanted to see measures from China over an extended period to stem the flow of chemicals used to make fentanyl before lowering duties Trump put in place over the issue. 'We will need to see months, if not quarters, if not a year, of progress on that before I could imagine those tariffs coming down,' he said.
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Business Standard
an hour ago
- Business Standard
China, US clash over destroyer near Scarborough Shoal amid rising tensions
The Chinese military said on Wednesday it monitored and "drove away" a US destroyer that sailed near the disputed Scarborough Shoal in the South China Sea, while the US Navy said its action was in line with international law. The first known US military operation in at least six years within the shoal's waters came a day after the Philippines accused Chinese vessels of "dangerous manoeuvres and unlawful interference" during a supply mission around the atoll. In a statement, the Chinese military's Southern Theatre Command said the USS Higgins had entered the waters "without approval of the Chinese government" on Wednesday. "The US move seriously violated China's sovereignty and security, severely undermined peace and stability in the South China Sea," it added, vowing to maintain a "high alert at all times". In response, the US Navy's Seventh Fleet said "China's statement about this mission is false", adding that the Higgins had "asserted navigational rights and freedoms" near the Scarborough Shoal "consistent with international law". The operation reflected the US commitment to uphold freedom of navigation and lawful uses of the sea, the Seventh Fleet told Reuters in an emailed statement. "The United States is defending its right to fly, sail and operate wherever international law allows, as USS Higgins did here. Nothing China says otherwise will deter us." China claims almost the entire South China Sea, overlapping the exclusive economic zones of Brunei, Indonesia, Malaysia, the Philippines and Vietnam. Unresolved disputes have festered for years over ownership of various islands and features. The US regularly carries out "freedom of navigation" operations in the South China Sea, challenging what it says are curbs on innocent passage imposed by China and other claimants. The Scarborough Shoal has been a major source of tension in what is a strategic conduit for more than $3 trillion of annual ship-borne commerce. The actions of Chinese vessels in the shoal this week also resulted in a collision of two of them, Manila said, the first such known incident in the area. On Wednesday, the Philippine coast guard said the objective of the two Chinese vessels had been to "completely block" it from getting near Scarborough Shoal. Global Times, a Chinese state media outlet, reported on Wednesday that a Philippine coast guard ship had "conducted highly dangerous manoeuvres on Chinese law enforcement vessels" near the Scarborough Shoal on Monday, citing videos it obtained from an unidentified source. Neither the report nor the video clips published by Global Times showed the collision between Chinese vessels. On Monday, China's coast guard said it had taken "necessary measures" to expel Philippine vessels from the waters. In 2016, an international arbitral tribunal ruled there was no basis in international law for Beijing's claims, based on its historic maps. China does not recognise that decision, however.
India Today
an hour ago
- India Today
India-China border talks to be held next week
Crucial India-China border talks are confirmed for next week at the special representative level. This development coincides with the confirmed visit of Chinese Foreign Minister Wang Yi to India on August 18. Wang Yi is scheduled to hold bilateral talks with Ajit Doval. This marks the first visit by the Chinese foreign minister since the Galwan clashes of June 2020. These diplomatic engagements are occurring just before Prime Minister Modi's visit to China at the end of this month, specifically on August 31st and September 1st for the SCO. These developments indicate that both India and China are taking steps to improve their relationship. As stated, both India and China are ensuring that ties are mended.
