Russia and China to hold joint naval drills in Sea of Japan
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Qatar Tribune
an hour ago
- Qatar Tribune
Trump demands resignation of Intel chief executive Lip-Bu Tan
Trump demands resignation of Intel chief executive Lip-Bu Tan WashingtoncTypeface:> US President Donald Trump is calling for the immediate resignation of Intel chief executive Lip-Bu Tan after a US senator accused the chip manager of being too close to China. Intel only appointed the 65-year-old to the top job in March after a months-long search. Republican Senator Tom Cotton pointed out that Cadence, under his leadership, illegally sold products to a military university in China and passed on technology to a Chinese company. There are also reports that Tan controls 'dozens' of companies in China. Cotton demanded a response from the Intel Board of Directors by mid-August and has now received backing from Trump. (DPA)
Qatar Tribune
an hour ago
- Qatar Tribune
Oil prices stabilise ahead of expected meeting of Trumpwith Putin
ANI New Delhi Oil prices held steady on Thursday, trimming earlier gains after the Kremlin revealed that Russian President Vladimir Putin is set to meet with US President Donald Trump in the coming days, fueling hopes for a potential diplomatic resolution to the Ukraine conflict. Brent crude futures decreased by $0.49 or 0.73 percent, to $67.38 per barrel. West Texas Intermediate (WTI) crude futures fall by $0.46, or 0.71 percent, to $64.81 per barrel. Oil prices steadied on Thursday after sliding around 1 percent the previous day, hitting an eight-week low following remarks by US President Donald Trump suggesting progress in negotiations withMoscow. Kremlin aide Yuri Ushakov confirmed that Trump and Russian President Vladimir Putin are expected to meet in the coming days, marking the first summit between the two leaders since 2021. A White House official had earlier indicated that the meeting could take place as early as next week, although the US is still preparing secondary sanctions, potentially targeting China, to increase pressure on Russia to end the conflictin Ukraine. According to UBS analyst Giovanni Staunovo, oil prices saw modest gains supported by a drop in US crude inventories, stronger Saudi pricing for Asia, and solid crude imports from China in July. However, the news of the possible Trump-Putin summit limitedthose gains. Russia remains the world's second-largest oil producer after the United States. The Energy Information Administration reported on Wednesday that US crude inventories fell by 3 million barrels to 423.7m barrels in the week ending August 1, significantly more than the 591,000-barrel decline forecast by analysts in aReuters poll. China's crude oil imports in July declined by 5.4 percent compared to June but rose 11.5 percent from a year earlier, with analysts anticipating steady refining activity in the short term. Saudi Arabia, the top global oil exporter, raised its official selling prices for crude to Asia for September its second consecutive monthly increase citing limited supply and strong demand. Nevertheless, broader economic uncertainty weighed on oil prices after the US imposed new tariffs on Indian products. On Wednesday, Trump informed an additional 25 percent tariff on Indian goods due to the country's ongoing purchases of Russian oil, with the measure set to take effect on August 28. Trump also signaled the possibility of further tariffs on Chinese imports.
Qatar Tribune
an hour ago
- Qatar Tribune
Higher US levies on dozens of countries come into effect
Agencies Higher US tariffs imposed on dozens of its trading partners came into effect on Thursday, raising the stakes in President Donald Trump's wide-ranging efforts to reshape global trade in favor of Washington. Shortly before the new levies kicked in, Trump separately announced his decision to double Indian tariffs to 50% and hit many semiconductor imports from around the world with a 100% levy. As an executive order signed last week took effect, U.S. duties rose from 10% to levels between 15% and 41% for a list of trading partners. Many imports from economies, including the European Union, Japan and South Korea, now face a 15% tariff, even with deals struck with Washington to avert even steeper levies. But others like India face a 25% duty – to be doubled in three weeks – while Syria, Myanmar and Laos face staggering levels at either 40% or 41%. Switzerland's government, which failed to convince Trump not to impose a stinging 39% tariff, was set to hold an extraordinary meeting later Thursday. Taking to his Truth Social platform just after midnight, Trump posted: 'It's midnight! Billions of dollars in tariffs are now flowing into the United States of America!' The latest tariff wave of 'reciprocal' duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency. On the eve of his latest salvo, the U.S. president doubled planned duties on Indian goods to 50%, citing New Delhi's continued purchase of Russian oil. The new levy – up from 25% now – would take effect in three weeks. The Federation of Indian Export Organisations called the move a 'severe setback for Indian exports, with nearly 55% of our shipments to the U.S. market directly affected.' For New Delhi, one of the main sticking points has been Washington's demand to access India's vast agricultural and dairy market. 'We will not compromise with the interests of our farmers, our dairy sector, our fishermen,' Prime Minister Narendra Modi said Thursday. Trump's order also threatened penalties on other countries that 'directly or indirectly' import Russian oil, a key revenue source for Moscow's war in Ukraine. Washington has already separately imposed tariffs on sector-specific imports such as steel, autos and pharmaceuticals. Trump said Wednesday he also planned an 'approximately 100% tariff' on semiconductor imports, but with 'no charge' for companies investing in the U.S. or committed to doing so. Shares in Taiwanese chip-making giant TSMC surged on Thursday as Taipei said it would be exempt, but some other Asian manufacturers took a beating. Companies and industry groups warn that the new levies will severely hurt smaller American businesses, while economists caution that they could fuel inflation and hit growth. With the dust settling on countries' tariff levels, at least for now, Georgetown University professor Marc Busch expects U.S. businesses to pass along more of the bill to consumers. An earlier 90-day pause in these higher 'reciprocal' tariffs gave importers time to stock up, he said. But although the wait-and-see strategy led businesses to absorb more of the tariff burden initially, inventories are depleting and it is unlikely they will do this indefinitely, he told Agence France-Presse (AFP). 'With back-to-school shopping just weeks away, this will matter politically,' said Busch, an international trade policy expert. The tariffs leave lingering questions for partners that have negotiated deals with Trump recently. Tokyo and Washington, for example, appear at odds over key details of their pact, in particular on when lower levies on Japanese cars will take place. Generally, U.S. auto imports now face a 25% duty under a sector-specific order. Japanese giant Toyota has cut its full-year profit forecast by 14% because of the tariffs. Japan and the U.S. also appear to differ on whether the 'reciprocal' tolls of 15% on other Japanese goods would be on top of existing levies or – like the EU – be capped at that level. China and the U.S., meanwhile, currently have a shaky truce in their standoff, but that is due to expire on Aug. 12. Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup. U.S. tariffs on various Brazilian goods surged from 10% to 50% on Wednesday, but broad exemptions, including for orange juice and civil aircraft, are seen as softening the blow. Still, key products like Brazilian coffee, beef and sugar are hit.
