US Explores Location Trackers for AI Chips, Official Says
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
Shopify Q2 Preview: Tariff Noise and GMV Leverage in Focus
Shopify (NASDAQ:SHOP) reports second-quarter 2025 earnings before the open on August 6. Analysts forecast EPS of $0.29 on approximately $2.54 billion in revenue, about 25% YoY growth. Shares are up roughly 92% over the past 12 months and 9% below its 52-week high hit in February 2025. Investor focus remains on GMV, monetization, and merchant exposure to trade friction. Last quarter, total GMV grew 23% to $75 billion. Analysts will look for continued momentum in platform sales, take?rate stability, and revenue per merchant, particularly within Merchant Solutions, where margins are more exposed to cross-border trade costs. Tariffs have become a merchant-level risk. Shopify executives highlighted at Q1 earnings that just 1% of GMV originates from Chinese imports, but cross-border commerce contributed 15% of total GMV. The elimination of the U.S. de minimis exemption for China means merchants now face duties on low-value imports. Shopify has responded with AI-powered tariff guidance tools and expanded duties?collection functionality at checkout to help merchants mitigate cost exposure and friction. AI and international merchant expansion also matter. Shopify continues to roll out AI tools to drive merchant efficiency and boost international cross-border sales. Investors will assess whether Q2 commentary confirms traction in these segments, especially Europe, Managed Markets, and new logistics partnerships, all critical to sustaining profitability as trade friction rises. At a valuation pricing in robust growth, Shopify needs Q2 commentary that reaffirms GMV momentum, merchant loyalty, and the value of its trade?navigation toolkit. Any sign of softening volume or take?rate pressure could signal vulnerability. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 minutes ago
- Yahoo
Starbucks under pressure again as Brazilian tariffs hike coffee costs
Starbucks (SBUX) may soon have to hike prices on its pumpkin spice lattes and bottled Frappuccinos. The coffee giant is facing cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6. Brazil is the largest coffee exporter to the US. Tariffs will increase Starbucks' cost of goods, particularly for its ready-to-drink (RTD) beverages and packaged beans division. Annual costs in the division could increase by 3.5%, resulting in a $0.02 earnings per share impact, according to a note by TD Cowen analyst Andrew Charles. The company's margins are already under pressure. In its latest quarter, operating margin fell sharply to 13.3% from 21% a year ago. Its US same-store sales declined for the sixth consecutive quarter. Revenue in the quarter climbed 4% year over year to $9.5 billion, beating Wall Street's forecast of $9.3 billion. However, adjusted earnings per share of $0.50 fell far short of the expected $0.65. Its stock has traded slightly lower since its earnings report last week. Year to date, Starbucks shares are down 1%, compared to the S&P 500's (^GSPC) 8% advance. Starbucks has said it will keep prices steady at least through fiscal 2025. But CEO Brian Niccol has not ruled out the possibility of raising prices. "We'll be smart about how we go about increasing any of those prices," Niccol said on Yahoo Finance's Opening Bid after the earnings report. Food giants like Keurig Dr Pepper (KDP) and J.M. Smucker (SJM) have already begun issuing higher prices to offset rising coffee expenses. As costs climb, it may become increasingly difficult for Starbucks to hold out. Read more: How to protect your savings against inflation Raising prices comes with its own risks. Michael Gunther, head of research at Consumer Edge, told Yahoo Finance that Starbucks has been losing market share among 18-to-34-year-olds, a demographic especially sensitive to price hikes. The company needs to remain competitive with fast-growing rivals like Luckin Coffee, he noted. To mitigate the impact, Starbucks is expanding its supply chain and investing more in Central American coffee farms, which it began doing late last year. A Starbucks spokesperson confirmed to Yahoo Finance that the company sources its arabica coffee from 30 countries globally. TD Cowen estimates Brazilian beans make up 22% of Starbucks' coffee costs in North America. Tariffs are expected to affect the wider US coffee sector, fueling 15% to 20% price hikes in ground coffee at a retail level, according to Bernstein analyst Danilo Gargiulo. Gargiulo told Yahoo Finance that Starbucks' hedging strategy may serve as a safeguard against tariffs. Hedging allows companies to secure prices in advance and manage future spending, even when market conditions become volatile. A global reorientation is already underway, Gargiulo noted, with US importers pivoting toward alternative suppliers such as Vietnam and Colombia. "There is zero doubt that they [Starbucks] are working hard to figure out how much supply they can shift, but it's a challenging task," Duane Stanford, editor at Beverage Digest, told Yahoo Finance. These sourcing shifts offer only limited protection because restructuring supply chains takes time and capacity is constrained. Other coffee-producing countries like Vietnam also face tariffs, albeit lower than Brazil's. The Trump administration's constant changes further complicate the matter. "The company has to decide how much effort to put into these alternatives without knowing whether the tariffs will remain in place," Stanford said. Francisco Velasquez is a Reporter at Yahoo Finance. He can be reached on LinkedIn and X, or via email at Sign in to access your portfolio
Yahoo
3 minutes ago
- Yahoo
Trump tariffs live updates: Trump says pharma tariffs could go to 250%, threatens EU if it fails on investment pledge
President Trump on Tuesday said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so," as he prepares to add more sectoral duties to his mix of tariffs. "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. Trump also threatened the European Union with increased tariffs if it failed to live up to a pledge to invest some $600 billion in the US. Meanwhile, the world is awaiting Trump's country-specific duties and jockeying ahead of their implementation. India has called out Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. India said it would protect its interest and accused the US of a double standard on trade with Russia. Trump has 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. EU continues to press for tariff exemption on wine, spirits as part of US deal The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month. The WSJ reports: Read more here. Countries push for last-minute deals as Thursday tariff deadline looms Global importers are bracing for President Trump's next tariff deadline on Thursday morning, when the president's tiered approach to tariffs is expected to take effect. Yet some of the details around trade agreements remain fuzzy. Yahoo Finance's Ben Werschkul reports: Read more here. Trump's copper tariffs apply to $15B of products so far President Trump's copper (HG=F) tariffs are due to hit imports valued at more than $15B in 2024, highlighting the potential inflationary impact on American manufacturers. Trump's unveiling of 50% import duties rattled the global copper market last week, because the US president provided a surprise exemption to key forms of wiring metal. But it still leaves significant trade volumes subject to tariffs. Bloomberg News reports: Read more here. Trump threatens EU with increased tariffs if it doesn't meet investment pledge President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US. "A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview. "And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. Trump says pharma duties could go to 250% President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." US tariff on EU goods set at flat 15% 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 EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian 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. Bloomberg News reports: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Mazda forecasts nearly $1B profit hit from US tariffs Reuters reports: Read more here. Diageo warns of $200M tariff hit Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Trump administration posts guidance on tariff rollout 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. 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.' EU continues to press for tariff exemption on wine, spirits as part of US deal The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month. The WSJ reports: Read more here. The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month. The WSJ reports: Read more here. Countries push for last-minute deals as Thursday tariff deadline looms Global importers are bracing for President Trump's next tariff deadline on Thursday morning, when the president's tiered approach to tariffs is expected to take effect. Yet some of the details around trade agreements remain fuzzy. Yahoo Finance's Ben Werschkul reports: Read more here. Global importers are bracing for President Trump's next tariff deadline on Thursday morning, when the president's tiered approach to tariffs is expected to take effect. Yet some of the details around trade agreements remain fuzzy. Yahoo Finance's Ben Werschkul reports: Read more here. Trump's copper tariffs apply to $15B of products so far President Trump's copper (HG=F) tariffs are due to hit imports valued at more than $15B in 2024, highlighting the potential inflationary impact on American manufacturers. Trump's unveiling of 50% import duties rattled the global copper market last week, because the US president provided a surprise exemption to key forms of wiring metal. But it still leaves significant trade volumes subject to tariffs. Bloomberg News reports: Read more here. President Trump's copper (HG=F) tariffs are due to hit imports valued at more than $15B in 2024, highlighting the potential inflationary impact on American manufacturers. Trump's unveiling of 50% import duties rattled the global copper market last week, because the US president provided a surprise exemption to key forms of wiring metal. But it still leaves significant trade volumes subject to tariffs. Bloomberg News reports: Read more here. Trump threatens EU with increased tariffs if it doesn't meet investment pledge President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US. "A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview. "And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US. "A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview. "And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. Trump says pharma duties could go to 250% President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." US tariff on EU goods set at flat 15% 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 EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. 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 EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian 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. Bloomberg News reports: Read more here. India has called out President Trump after he threatened to "substantially raise" tariffs on Indian 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. Bloomberg News reports: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Mazda forecasts nearly $1B profit hit from US tariffs Reuters reports: Read more here. Reuters reports: Read more here. Diageo warns of $200M tariff hit Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Trump administration posts guidance on tariff rollout Bloomberg News reports: Read more here. 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.'
