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2 minutes ago
- Yahoo
US Explores Location Trackers for AI Chips, Official Says
(Bloomberg) -- The US is exploring ways to equip chips with better location-tracking capabilities, a senior official said, underscoring Washington's effort to curtail the flow of semiconductors made by the likes of Nvidia Corp. to China. PATH Train Service Resumes After Fire at Jersey City Station Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole Seeking Relief From Heat and Smog, Cities Follow the Wind Washington has espoused working with the industry to monitor the movements of the sensitive components, part of a broader plan to curtail smuggling and ensure American technology remains dominant. Last week, Beijing summoned Nvidia representatives to discuss US efforts around location-tracking and other alleged security risks related to its H20 chips. 'There is discussion about potentially the types of software or physical changes you could make to the chips themselves to do better location-tracking,' said Michael Kratsios, one of the architects of a US AI action plan unveiled by Donald Trump last month. 'That is something we explicitly included in the plan,' the White House Office of Science and Technology Policy director told Bloomberg Television on Tuesday. Kratsios, who was in South Korea to attend an APEC Digital and AI Ministerial Meeting, urged the region to adopt US technology, another key pillar in the AI action plan. The government is readying federal financing tools to support AI tech exports to approved allies. 'The next trailblazing breakthroughs will be made with and on American technology, and to fully harness them, you will want America's AI infrastructure already in place,' he told forum delegates on Tuesday. Trump's blueprint has provoked a backlash in Beijing, which for years railed against alleged US surveillance and Washington's efforts to curtail its tech sector. The Chinese government is particularly sensitive to semiconductor sanctions designed to counter Huawei Technologies Co. or rising AI developers such as DeepSeek. Trump officials recently pledged to lift export restrictions on the H20 to China as part of a trade deal they say will secure sales of rare-earth magnets to the US. But Washington is also focused on curtailing the smuggling of chips. Kratsios said during the interview with Bloomberg Television he's not had conversations 'personally' with either Nvidia or Advanced Micro Devices Inc. about exploring location-tracking technology. Last week, Nvidia said it does not have 'backdoors' in its chips. Kratsios also took aim at China's own AI action plan, which involves forming a global organization to devise governance and technology standards. 'We believe each country should set their own destiny on how they think about regulating artificial intelligence,' he told Bloomberg Television. 'The US model, which puts innovation first, will be the most attractive.' --With assistance from Lauren Faith Lau and Debby Wu. (Updates with comments at the forum from the fifth paragraph.) AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Russia's Secret War and the Plot to Kill a German CEO Government Steps Up Campaign Against Business School Diversity What Happens to AI Startups When Their Founders Jump Ship for Big Tech How Podcast-Obsessed Tech Investors Made a New Media Industry ©2025 Bloomberg L.P.
Yahoo
2 minutes ago
- Yahoo
Trump tariffs live updates: India calls Trump's warning ‘unjustified' as EU clarifies 15% US tariff cap
The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The Trump administration has said new tariffs won't hit goods already en route to the US before 12:01am Thursday, per a Bloomberg report. Exemptions include US-Mexico-Canada (USMCA) products and items for aid. But a 40% tariff will target goods rerouted to dodge duties. Meanwhile, India has called out President Trump after he threatened to "substantially raise" tariffs on India exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump alleged on Truth Social. "They don't care how many people in Ukraine are being killed by the Russian War Machine." Trump has trained his ire on both India and China over its purchases of Russian oil. China called the demand a key hurdle in trade talks. Trump signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week. Yahoo Finance's Ben Werschkul has more details on the latest orders. You can see the new rates Trump is set to levy in the graphic below: In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline: Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs. The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, Trump said. Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1. The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ). The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. Berkshire's consumer goods companies feel the sting of Trump's tariffs Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. US has 'makings of a deal' with China, Bessent says Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks sink after Trump's latest tariff blitz Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Trump's 40% penalty for tariff dodging missing key details President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. Berkshire's consumer goods companies feel the sting of Trump's tariffs Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. US has 'makings of a deal' with China, Bessent says Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks sink after Trump's latest tariff blitz Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Trump's 40% penalty for tariff dodging missing key details President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here.
Associated Press
4 minutes ago
- Associated Press
World Intelligent Vehicle Conference 2025 Successfully Concludes
Writing a New Chapter for the Development of Intelligent Vehicles CHONGQING, China, Aug. 5, 2025 /PRNewswire/ -- World Intelligent Vehicle Conference (WIV) 2025 successfully concluded at the Chongqing Yuelai International Conference Center on July 31. Hosted by Asia Digital Group, the two-day event featured one opening ceremony and one main forum, 6 topic forums, and 8 thematic activities. Dozens of intelligent vehicle-related brands and over 100 Chinese and foreign distinguished guests from over 20 countries and regions participated in the WIV 2025, along with tens of thousands of visitors. They explored the worldwide intelligent vehicle development trends, and compared notes on Chinese-foreign automotive cooperation and development experiences. The conference showcased the fruits of intelligent vehicle progress, facilitated the accelerated convergence of worldwide high-end factors to China, and injected new impetus into Chongqing's intelligent mobility industry development. The brilliant minds come together to discuss the future development of intelligent vehicles Efforts need to be made on policy, capital, talent and other sectors in order to propel the advancement of intelligent vehicle-related industries. Achieving high-quality development in the intelligent vehicle industry demands collaborative efforts across all levels and from a wider range of stakeholders. The WIV 2025 received strong support from all sectors across the world. On the government side, a number of senior officials attended the conference, including Fu Baozong, Deputy Director-General of the International Cooperation Center, National Development and Reform Commission, Tu Xingyong, Deputy Director-General of Chongqing Municipal Commission of Economy and Information Technology, and Fabio Schina, Consul General of Italy in Chongqing. Their comprehensive strategic support for the intelligent vehicle industry, which encompasses national policies, local development plans, and international collaborations, reinforces the overall framework of smart mobility development. At the expert level, several distinguished scholars and company executives identified the development trends across the academic, technological, and R&D dimensions and emphasized the current focus of intelligent vehicle development in their addresses and keynote speeches. The speakers included Professor Academician of Chinese Academy of Engineering, Fellow of Royal Academy of Engineering, Founding President of World Electric Vehicle Association, Founder of International Academicians Science & Technology Innovation Centre, and Distinguished Chair Professor of Hong Kong Polytechnic University, Professor Jianwei Zhang, Foreign Academician of Chinese Academy of Engineering, and Zhu Dongfang, President of Asia Digital Group. At the enterprise level, industry leaders from various sectors offered their perspectives on the current situation and prospects for intelligent vehicles, informed by both their specialized expertise and corporate operational realities. The corporate executives included Zhang Xinghai, Chairman and Founder of SERES Group, Wayne Liu, Chairman of PCI Technology Group Co., Ltd., Leng Yan, Executive Vice President of Mercedes-Benz Group China, Frank Meng, Chairman of Qualcomm China, and Wu Xiaoru, President of iFLYTEK Co., Ltd. In his speech, Mr. Leng mentioned that Mercedes-Benz is not only the inventor of automobile, but also a pioneer and sustained innovator in autonomous driving. Mercedes-Benz stands out as the first luxury automaker to mass-produce cars equipped with Highway Pilot Assist. As the world's only automotive company certified for both L3 and L4 autonomous driving, it has also become the first international brand to gain approval for conditional L3 and L4 road testing in Beijing, marking a methodical advancement in intelligent driving technology deployment. Its conditional L3 system is now commercially available in both Germany and the US. During the summit dialogue session of the main forum, focusing on the theme of 'Smart Mobility Powers Dual Circulation', the moderator, Wang Jiping (Antonio Wang), Vice President of IDC China, talked with Kuang-I Shu, Academician of the Russian Academy of Engineering and Chief Scientist of Jiangsu Pulsar Technology Co., Ltd., Ye Shengji, Chief Engineer and Deputy Secretary General of China Association of Automobile Manufacturers, Wang Tan, Co-Founder of XPeng AEROHT, and Yang Hong, Chairman and President of Shenzhen Hangsheng Electronics Co., Ltd. Mr. Kuang-I Shu shared his insight on 6G technology. He highlighted that 6G communication will provide ubiquitous coverage across space, air, sea, and land, making it especially well-suited for high-altitude transmission. With exceptional real-time performance, ultra-low latency, and supreme reliability, it enables direct wireless data transmission without compression. Mr. Ye indicated that the ultimate aim of both China's vehicle-road-cloud integration and the global pursuit of fully implemented single-vehicle intelligence (SVI) is to advance the large-scale industrialization of the automotive industry, specifically within the new energy vehicle (NEV) and intelligent connected vehicle (ICV) segments. Mr. Wang stated that XPeng will deliver the world's first mass-produced flying cars in 2026. While the current definition of low-altitude economy covers airspace below 1,000 meters, there remains a gap between signal coverage and actual flight range. He hopes that combining aerial vehicles, roads, and cloud technology can boost the land aircraft carrier industry's progress. Mr. Yang said that Chinese automakers going global is mandatory, not optional. In today's globalized automotive industry, no single company or country can achieve everything alone. True integration requires an ecosystem approach, emphasizing shared creation and reciprocal benefits over a one-sided incorporation into the global landscape. Collaborative discussions on the evolving landscape of intelligent vehicle technology If we unravel the production chain of an intelligent vehicle—from the motor to the intelligent cockpit—it may involve hundreds of suppliers, thousands of modules, and tens of thousands of parts. The conference focused on key topics in intelligent vehicle development, encompassing a wide array of dimensions and fields. Each of the six topic forums was overflowing with participants immersed in deep discussions. At the topic forum with the theme of 'Towards a Future of Intelligent Mobility Tackling Core Technological Challenges in Intelligent Vehicles', Yang Hong, Chairman and President of Shenzhen Hangsheng Electronics Co., Ltd., delivered a keynote speech titled 'AI-empowered and Ecosystem-supported Electronic Reconstruction and Evolution of Intelligent Vehicles'. Xu Jian, Vice President of PCI Technology Group Co., Ltd., shared his thoughts with the presentation titled 'From Laboratory to Open Roads: Reflections and Explorations on Autonomous Vehicle Safety Testing and Regulation'. Wang Haowei, Global Head of ADAS at JOYNEXT Technology Co., Ltd., elaborated on the idea of 'How CCU supports AI-defined Vehicles'. Jiang Sheng, SVP of NavInfo, discussed the topic of 'AI Infra and Data Closed Loop under the New Paradigm in Intelligent Driving'. Ning Wang, Vice President of Neusoft Reach, gave a speech on 'Vehicle-Cloud Integration Platform Drives the Upgrade of AI-Powered Scenario Experiences'. Kai Yan, Vice President of CARLINX, explained the approach of 'The Hyper Flow Platform Enabling Full-Scenario Application of Vehicle-Cloud Integration at a Faster Pace'. Dr. Erkang Cheng, Nullmax Chief Scientific Officer, presented the solution of 'One Model Decoder-Advancing Autonomous Driving Intelligence'. Sun Jie, Co-Founder & CEO of LightIC Technologies, delivered a keynote titled 'On-chip FMCW Laser Radar - The Compliers and Pioneers of Perception Stringency in Autonomous Driving'. Centered on the topic of 'Critical Tech Innovations Drive Industrial Growth', Chen Zifeng, Chief Editor of Intelligent Vehicles of Pacific Auto, Ning Wang, Vice President of Neusoft Reach, Deng Xing, Product Director of Wuhan Xuanyuan Idrive Technology Co., Ltd., Zhang Lu, Head of Volcano Engine's Intelligent Driving Cloud Solution, and Jason Hu, AI Product Expert of Chongqing TINNOVE Technology Intelligence Ltd., had an in-depth communication. The topic forums with the theme of 'Global Expansion: Seizing Opportunities in International Markets', 'Collaborative Innovation: Driving Cross-Sector Integration', 'Capital Empowerment: Pioneering New Frontiers in Industrial Investment', 'Link the World: Co-Create New Cross-Border Growth' and 'Pilot Projects: Creating Diverse Application Scenarios' attracted many leaders and representatives from government, industry, academia, research, finance, service, and application sectors. The attendees spanned from Electric Vehicle Association Of Malaysia, Association Pour le Développement de la Nouvelle Route de la Soie (ADNRS), IDC, Volcano Engine, North American Auto Professional Association (NAAP), Equal Ocean, Gosuncn Technology Group, CHIPSEA, VANJEE Technology, CICT Connected and Intelligent Technologies, Shanghai Taifang Technology, Volcanics Venture, HYGOAL Capital, HSBC, QuestMobile, World Trade Point Federation, China Brand Institute, China Automotive Engineering Research Institute, Chongqing Liangjiang International Economic Cooperation Center, Meetsocial, MiracoMotor, QCraft, Neolix, UISEE, BJCW, to Auto Planet. They provided multidimensional insights into the development trends of intelligent vehicles from their respective perspectives. Bringing the intelligent vehicle industry to the next level with multi-dimensional support China's auto sector, with 'AI+intelligent driving' as the core driving force, is accelerating the global autonomous driving race. Maintaining this momentum requires both visionary leadership and ongoing critical evaluation. The WIV 2025 featured 8 thematic activities, including Leaders' Roundtable, Chongqing Intelligent Vehicle Closed-Door Think Tank Meeting, Product Launch of Intelligent Vehicle Ecosystem, Resource Matchmaking Conference of Intelligent Vehicle Ecosystem, Intelligent Vehicle Technology Innovation Competition, Business Investigation of Chongqing Intelligent Vehicle Ecosystem, Experience of Chongqing Intelligent Driving, and Exhibition of Sci-Tech Innovation Achievements in Intelligent Vehicle. From brainstorming and strategy discussion to achievement exhibition, followed by resource matchmaking and cooperative communication—this comprehensive platform provides robust support for China's intelligent vehicle industry and Chongqing's intelligent mobility future landscape. At the Chongqing Intelligent Vehicle Closed-Door Think Tank Meeting, the participating panelists and local government officials discussed the approach to vehicle-road-cloud integration under the theme of 'Jointly Drawing up the Blueprint for the Automotive Industry through Government-Enterprise Discussion and by Pooling the Wisdom of the Elites'. During the meeting, Fu Baozong, Deputy Director-General of the International Cooperation Center, National Development and Reform Commission, and Lin Geng, Chief Engineer of Chongqing Municipal Commission of Economy and Information Technology, detailed the national and local governments' work plans for intelligent vehicle development, covering policy direction, development strategies, and overall deployment from both state and local perspectives. Professor Academician of Chinese Academy of Engineering, Fellow of the Royal Academy of Engineering, Founding President of World Electric Vehicle Association, Founder of the International Academicians Science & Technology Innovation Centre, and Distinguished Chair Professor of Hong Kong Polytechnic University, Kuang-I Shu, Academician of the Russian Academy of Engineering and Chief Scientist of Jiangsu Pulsar Technology Co., Ltd., Li Yidong, Dean of the School of Computer Science & Technology at Beijing Jiaotong University, Professor, and Doctoral Supervisor, and Zhu Dongfang, President of Asia Digital Group, proposed future development strategies, informed by their research and the latest intelligent vehicle technologies. Taking a global outlook, Fabio Schina, Consul General of Italy in Chongqing, Dennis Chuah, Chairman of Electric Vehicle Association Malaysia, and Chen Chaozhuo, Director of North American Auto Professional Association and automotive industry overseas expansion consultant, proactively analyzed intelligent vehicle development and proposed strategies to facilitate the international expansion of China's intelligent cars, highlighting the importance of global collaboration for achieving win-win outcomes. Drawing upon their companies' unique strengths, Wang Tan, Co-Founder of XPeng AEROHT, Yang Hong, Chairman and President of Shenzhen Hangsheng Electronics Co., Ltd., Zhu Chuanqin, Chairman of Chongqing VDL Electronics Co., Ltd., Gao Ming, Vice President of Black Sesame Technologies, and Dongsheng Wu, Senior Vice President of Gosuncn Technology Group, discussed the current state and emerging trends in intelligent vehicle development, with the goal of advancing the entire industry during this new phase of growth. During the two-day conference, representatives from various sectors across the world visited Chongqing Yongchuan manufacturing base of Great Wall Motor (GWM) Company Limited, and carried out a detailed on-site investigation at GWM's smart plant through the Business Investigation of Chongqing Intelligent Vehicle Ecosystem. They went to Chang'an Automobile Global Research and Development Center (Liangjiang New Area) and visited the State Key Laboratory of Intelligent Vehicle Safety Technology, gaining firsthand experience with smart manufacturing and technological innovations, and engaging directly with industry experts, technical specialists, and corporate executives to discuss advancements and the future of the sector. Another highlight of the conference is the display of the latest intelligent vehicles made by a host of well-known brands, including Tesla, Yangwang, Denza, Fang Cheng Bao, Li Auto, XPeng, NIO, ONVO, Deepal, Avatr, Wey, Voyah, Leapmotor, and BYD's Dynasty and Ocean series; MiracoMotor, Neolix, and presented their self-driving vehicles; Guangzhou Frontop Digital, Automotive Software Innovation Center (Chongqing), Kernelsoft, World Trade Point Federation (Switzerland) Chongqing Representative Office, Chongqing Automobile Supplies Industry Association, BIZMEDIA Group and other automotive industry chain enterprises also showcased their latest achievements in intelligent vehicle technology at the Exhibition of Sci-Tech Innovation Achievements in Intelligent Vehicle. The WIV 2025 has concluded, but the synergy of technology, capital, and policy driving China's intelligent vehicle revolution is undeniably intensifying. Let's look forward together to a future of intelligent mobility that will reshape the automotive landscape. View original content: SOURCE Asia Digital Group
