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South China Morning Post
31 minutes ago
- South China Morning Post
Trump puts extra 25% tariff on India, escalating Russian oil tensions
US President Donald Trump on Wednesday ordered an additional 25 per cent tariff on Indian goods over New Delhi's continued purchase of Russian oil, a key revenue source for Moscow's war in Ukraine. The tariff, set to take effect in three weeks, comes on top of a separate 25 per cent duty entering into force on Thursday, according to the text of the executive order released by the White House. The order also threatens potential penalties on other countries deemed to be 'directly or indirectly importing Russian Federation oil'. Exemptions remain for items targeted by separate sector-specific duties such as steel and aluminium, and categories that could be hit like pharmaceuticals. Trump has been ramping up pressure on India after signalling fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv, as Russia's devastating invasion of its pro-western neighbour drags on. 02:12 Trump to impose 25% tariff on India from August 1, plus 'penalty' for Russia ties Trump to impose 25% tariff on India from August 1, plus 'penalty' for Russia ties India's national security adviser was in Moscow on Wednesday, media in New Delhi reported, coinciding with a visit by US envoy Steve Witkoff.
South China Morning Post
8 hours ago
- South China Morning Post
‘No kill switches and back doors': Nvidia reasserts security of its AI chips in blog post
Semiconductor giant Nvidia reasserted the security of its AI processors in a blog post on Tuesday, pointing out that inserting weaknesses into chips would 'undermine global digital infrastructure and fracture trust in US technology'. 'There are no back doors in Nvidia chips. No kill switches. No spyware,' the post said. 'That's not how trustworthy systems are built – and never will be.' According to the post written by Nvidia chief security officer David Reber Jnr, graphics processing units (GPUs) from the company, which has been designing chips for more than 30 years, are 'used across industries – from healthcare and finance to scientific research, autonomous systems and AI infrastructure'. 'Embedding back doors and kill switches into chips would be a gift to hackers and hostile actors,' the post said. 'Established law wisely requires companies to fix vulnerabilities – not create them.' Nvidia's blog post reiterated the company's strong denial of alleged security risks in its H20 GPUs, which prompted the Cyberspace Administration of China (CAC) last week to conduct an inquiry into the company. 'Nvidia does not have 'back doors' in our chips that would give anyone a remote way to access or control them,' a company representative said in an email to the South China Morning Post, a day after the CAC summoned the US firm to discuss its security concerns.
South China Morning Post
10 hours ago
- South China Morning Post
Bangladesh's garment sector fears rivals despite US tariff cut
Bangladesh may have won a crucial tariff reprieve from the United States but exporters in the key garment industry remain concerned that they face stiffer competition from regional rivals and higher operating costs. The US this month reduced its tariff on Bangladesh's garments to 20 per cent from an earlier proposed 35 per cent levy – a move seen as key to preserving the country's competitive edge in its biggest export market. Industry leaders and government officials have welcomed the decision, with interim Prime Minister Muhammad Yunus calling it a 'decisive diplomatic victory'. Even with the reduction, the levy on the country's garment exports to the US amounts to 36.5 per cent, including a pre-existing 16.5 per cent tariff, according to Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association. The new tariff applicable to Bangladesh is broadly aligned with those imposed on exporters from Sri Lanka and Pakistan and is potentially higher than the levy for Vietnam 'Yes, the new tariff will give some relief. At the same time, the overall tariffs will still be higher than before, which means our garments will become more expensive for US buyers,' said Abdul Wadud, whose company Winter Group exports knitwear and jumpers globally.
