US agency approves OpenAI, Google, Anthropic for federal AI vendor list
The move by the General Services Administration, allows the federal government advance adoption of AI tools by making them available for government agencies through a platform with contract terms in place. GSA said approved AI providers "are committed to responsible use and compliance with federal standards."
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CNA
an hour ago
- CNA
Higher US tariffs take effect on dozens of economies
WASHINGTON: Higher US tariffs came into effect for dozens of economies on Thursday (Aug 7), drastically raising the stakes in President Donald Trump's wide-ranging efforts to reshape global trade. As an executive order signed last week by Trump took effect, US duties rose from 10 per cent to levels between 15 per cent and 41 per cent for a list of trading partners. Many products from economies like the European Union, Japan and South Korea now face a 15-per cent tariff, even with deals struck with Washington to avert steeper threatened levies. But others like India face a 25-per cent duty - to be doubled in three weeks - while Syria, Myanmar and Laos face staggering levels at either 40 per cent or 41 per cent. The latest tariff wave of "reciprocal" duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency. But these higher tariffs do not apply to sector-specific imports that are separately targeted, such as steel, autos, pharmaceuticals and chips. Trump said Wednesday he planned a 100-per cent tariff on semiconductors - though Taipei said chipmaking giant TSMC would be exempt as it has US factories. Even so, companies and industry groups warn that the new levies will severely hurt smaller American businesses. Economists caution that they could fuel inflation and weigh on growth in the longer haul. While some experts argue that the effects on prices will be one-off, others believe the jury is still out. With the dust settling on countries' tariff levels, at least for now, Georgetown University professor Marc Busch expects US businesses to pass along more of the bill to consumers. An earlier 90-day pause in these higher "reciprocal" tariffs gave importers time to stock up, he said. But although the wait-and-see strategy led businesses to absorb more of the tariff burden initially, inventories are depleting and it is unlikely they will do this indefinitely, he told AFP. "With back-to-school shopping just weeks away, this will matter politically," said Busch, an international trade policy expert. DEVIL IN THE DETAILS The tariff order taking effect on Thursday also leaves lingering questions for partners that have negotiated deals with Trump recently. Tokyo and Washington, for example, appear at odds over key details of their tariffs pact, such as when lower levies on Japanese cars will take place. Washington has yet to provide a date for reduced auto tariffs to take effect for Japan, the EU and South Korea. Generally, US auto imports now face a 25-per cent duty under a sector-specific order. A White House official told AFP that Japan's 15-per cent tariff stacks atop of existing duties, despite Tokyo's expectations of some concessions. Meanwhile, the EU continues to seek a carveout from tariffs for its key wine industry. In a recent industry letter addressed to Trump, the US Wine Trade Alliance and others urged the sector's exclusion from tariffs, saying: "Wine sales account for up to 60 per cent of gross margins of full-service restaurants." NEW FRONTS Trump is also not letting up in his trade wars. He opened a new front Wednesday by doubling planned duties on Indian goods to 50 per cent, citing New Delhi's continued purchase of Russian oil. But the additional 25-per cent duty would take effect in three weeks. Trump's order for added India duties also threatened penalties on other countries that "directly or indirectly" import Russian oil, a key revenue source for Moscow's war in Ukraine. Existing exemptions still apply, with pharmaceuticals and smartphones excluded for now. And Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup. US tariffs on various Brazilian goods surged from 10 per cent to 50 per cent Wednesday, but broad exemptions including for orange juice and civil aircraft are seen as softening the blow. Still, key products like Brazilian coffee, beef and sugar are hit.
CNA
2 hours ago
- CNA
China's July exports top forecasts amid rush to meet Trump tariff deadline
BEIJING: China's exports beat forecasts in July, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods ahead of a looming deadline later this month. Outbound shipments from the world's second-largest economy rose 7.2 per cent year-on-year in July, customs data showed on Thursday, beating a forecast 5.4 per cent increase in a Reuters poll and June's 5.8 per cent growth. Imports grew 4.1 per cent, following a 1.1 per cent rise in June. Economists had predicted a 1.0 per cent fall. China is facing an Aug 12 deadline to reach a durable tariff agreement with the US administration, after Beijing and Washington reached framework agreements in May and June to reduce non-tariff barriers such as rare earth minerals and technology to avoid further escalating their trade war. Without a deal, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trump said on Tuesday the US was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if the world's two largest economies could come to an agreement. China's July trade surplus narrowed to US$98.24 billion from US$114.77 billion in June. Separate data from the US Commerce Department's Bureau of Economic Analysis on Tuesday showed the US trade gap with China shrank to its lowest in more than 21 years in June. Chinese government advisers are stepping up calls to make the household sector's contribution to broader economic growth a top priority at Beijing's upcoming five-year policy plan, as trade tensions and deflation threaten the outlook. And top leaders have vowed to step up regulation of aggressive price-cutting by Chinese companies that is pushing prices ever lower. But economists warn that reversing the current deflationary slump will be far more difficult than during the last round of supply-side reforms a decade ago, as the downturn now poses a broader threat to employment, which Chinese leaders have emphasised is a core component of social stability. Reaching an agreement with the United States - and with the European Union, which has accused China of producing and selling goods too cheaply - would give Chinese officials more room to advance their reform agenda.
CNA
4 hours ago
- CNA
Trump says he will pick a 'temp' replacement for Fed's Kugler in days
WASHINGTON: US President Donald Trump said on Wednesday (Aug 6) he would likely in the next two to three days nominate a candidate, out of a short-list of three, to serve the remaining months of a soon-to-be-vacant position on the Federal Reserve's Board of Governors, leaving the choice of a permanent replacement for a later date. "We started the interviewing process," Trump told reporters in the Oval Office, saying that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Vice President JD Vance were all involved. "We have some great candidates. It's probably down to three," he said. Fed Governor Adriana Kugler last week unexpectedly announced she was leaving as of this Friday to return to Georgetown University, where she is a tenured professor. Her term had been set to expire on Jan 31, 2026. Kugler's resignation leaves an opening at the seven-member Fed Board led by Chair Jerome Powell, whom Trump has repeatedly criticised for not lowering interest rates. Each Fed governor and five of the 12 Fed bank presidents cast one of 12 votes on interest rates at each of eight meetings a year; at the most recent meeting on Jul 29-30 the vote, with Kugler absent, was 9-2 in favour of leaving the policy rate unchanged. Two candidates whom Trump mentioned on Wednesday - former Fed Governor Kevin Warsh and current National Economic Council director Kevin Hassett - have both said they think Trump is right to push for lower rates. Trump did not identify the third candidate. On Wednesday Trump indicated the current Fed governor search would focus only on finding someone to serve out the remaining months of Kugler's term. "We're probably going to go with a temp and then a permanent, I think," Trump said. "So, the temp is going to be named, I'd say, in the next two, three days, and then we're going to go permanent." It is unclear how quickly a placeholder nominee would get into the position. TRUMP LOOKS TO WALL STREET Members of the Board of Governors are appointed to 14-year terms. Kugler herself, who has served since September 2023, had been appointed to fill the unexpired term of Lael Brainard. All nominees to the Fed require Senate confirmation - including a hearing before the Senate Banking Committee, a vote from that panel advancing the nomination and a series of floor votes before the full Senate, where Democrats have been slowing the pace of approval for Trump appointees. The Senate is currently on recess and doesn't return until Sep 2, when lawmakers will have plenty of competing demands, including a likely fight over a potential government shutdown. There are just four rate-setting meetings remaining in the unexpired portion of Kugler's term, with the first one on Sep 16-17. Trump said again on Wednesday that Bessent was not interested in the Fed job, and said the new governor nominee would have roots in Wall Street. "Essentially, we're all from Wall Street, aren't we?" he said. Trump has long sought to oust Powell, whom he had originally named as the Fed chief during his first term, or at least replace him when his term ends in May. Powell, unlike many of his predecessors at the Fed, does not hold a doctorate in economics, but holds a law degree and had worked as a lawyer and an investment banker in New York.
