South Korea, US militaries will stage large-scale drills this month to address North Korean threats
Ulchi Freedom Shield, the second of two large-scale exercises held annually in South Korea , following another set of drills in March , typically involves thousands of troops in computer-simulated command post training and combined field exercises.
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30 minutes ago
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Trump to impose about 100% chip tariff to push US production
US President Donald Trump on Wednesday said the United States will impose "approximately 100%" tariffs on imported semiconductor chips, saying chipmakers could avoid them by investing in US production. Speaking alongside Apple chief executive Tim Cook at a press conference, Trump said companies that are already building facilities in the US or plan to do so would not be affected. He expressed confidence the measure would boost domestic chip manufacturing. However, industry experts note that building such plants often takes years and requires billions of dollars. "Apple is coming back to America," Trump declared, citing the tech giant's investment plans. Just minutes before Trump's remarks, Apple announced another $100 billion US investment, having already pledged $500 billion earlier this year. It now plans to hire 20,000 new employees in the coming years, primarily in research and development. US suppliers such as glassmaker Corning, which produced the first iPhone's specialty glass and operates a plant in Kentucky, are expected to benefit. According to Apple, all iPhones and Apple Watches worldwide will soon feature US-made glass. While Trump has demanded iPhones be made in the US, Cook appeared to have persuaded him otherwise. Most iPhones sold in the US are currently assembled in India, with components manufactured in various countries. Trump acknowledged that many parts were already being produced domestically, even if final assembly takes place abroad. Experts: Significant production shift unlikely Experts remain sceptical about a significant reshoring of Apple's supply chain. Decades of outsourcing have shifted much of the electronics industry's manufacturing base to Asia. Gene Munster, managing partner at Deepwater Asset Management, described the latest announcement as a political deal: "Trump gets the headline, and Cook gets the tariff break," he told US broadcaster CNBC. "I don't see this as any operational change, I see this as yet another stroke of genius from Tim Cook at navigating a pretty unpredictable environment," Munster added. Sweeping tariffs without exemptions for major suppliers would likely drive up electronics prices across the board, as most chips are manufactured in Asia. High-end smartphone processors, including those for iPhones, are predominantly made by Taiwan's TSMC, which has already pledged $165 billion in US investments. 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
34 minutes ago
- Yahoo
Trump Ups Duties on India to 50%, Citing Russian Oil Purchases
Citing its continued purchasing of Russian oil exports, President Donald Trump has made good on his threat to levy additional duties on India, bringing the country's overall tariff rate to 50 percent. The White House on Wednesday released an executive order that pointed to the 'unusual and extraordinary threat' that Russia poses to the United States as a result of the ongoing conflict in Ukraine. 'I determine that it is necessary and appropriate to impose an additional ad valorem duty on imports of articles of India, which is directly or indirectly importing Russian Federation oil,' Trump wrote. More from Sourcing Journal Trump Threatens EU With 35% Tariffs if Trade Bloc Forgoes $600B US Investment 76% of UK Retailers Probing New Export Markets Due to Tariff Turbulence EU Delays Duties on US, While India and China Negotiations are Snarled by Russia Conflict The new ad valorem rate of 25 percent will be stacked upon existing duties, including the 25 percent to be levied upon the country's exports on Thursday under Trump's worldwide 'reciprocal' tariffs. The tariffs announced Wednesday will go into effect in 21 days. Goods that have already been loaded onto vessels bound for the U.S. before that date that arrive before Sept. 17 will not be subject to the new duties. Trump cited Biden-era directive from 2022 as justification for the action. Executive Order 14066 declared a state of emergency and imposed trade and financial sanctions on Russia for its aggression against Ukraine and the inherent threat posed to U.S. interests. Trump extended the executive order for one year in April. About 18 percent of India's exports are bound for the U.S., representing 2 percent of the country's gross domestic product (GDP). Global investment bank UBS estimated that $8 billion worth of exports will be impacted greatly by the duty hike, including apparel, textiles, chemicals and jewelry. U.S. trade with India has been on an upswing in recent years, with data from the Office of the U.S. Trade Representative (USTR) showing bilateral trade amounted to $212.3 billion in 2024, up 8.3 percent ($16.3 billion) from the year prior. Total goods trade amounted to $128.9 billion in 2024, with India's exports to the U.S. accounting for $87.3 billion (up 4.5 percent from 2023). America's goods trade deficit with India increased by 5.9 percent last year, reaching $45.8 billion. There are certain sectors that will likely be saved from the burn of new tariffs, including pharmaceuticals, semiconductors and derived electronic products, like those manufactured by Apple in large volumes at its India-based production campuses. The country faces 50-percent duties on steel and aluminum through a separate, global executive order impacting all export markets. India's Ministry of Foreign Affairs wasted no time in responding to the president's announcement, with an official spokesperson writing, 'The United States has in recent days targeted India's oil imports from Russia. We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India.' 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India and China's relationship appears to be growing cozier despite a longstanding territory dispute over their shared border in the Ladakh region near the Himalayas. A major confrontation took place in June 2020, and a clash occurred again in December 2022. The two nations have taken steps toward compromise in recent years as their economies become ever more intertwined. China is India's second largest trading partner, accounting for $127.7 billion in bilateral trade last year. Both are founding members of the BRICS Alliance, which includes Russia and Brazil—two countries that have recently been at the center of the Trump administration's crosshairs. Just hours after targeting India for its trade relationship with Russia, the president announced that his special envoy, Steve Witkoff, 'just had a highly productive meeting with Russian President Vladimir Putin.' 'Great progress was made! Afterwards, I updated some of our European Allies. Everyone agrees this War must come to a close, and we will work towards that in the days and weeks to come,' Trump Truthed. Sign in to access your portfolio
Yahoo
35 minutes ago
- Yahoo
Trump Threatens EU With 35% Tariffs if Trade Bloc Forgoes $600B US Investment
With just days to go before President Donald Trump's 'reciprocal' duties on dozens of United States trade partners are set to take effect, the Commander in Chief is issuing a stern warning to those that have brokered deals: keep up your end of the bargain—or else. Speaking about two of the more notable deals struck over the course of the past two weeks with Japan and the European Union on CNBC's Squawk Box on Tuesday, Trump reiterated claims that the countries have agreed to funnel billions of dollars of investment into the U.S. market, and threatened the EU with higher duties if it doesn't pay up. More from Sourcing Journal Trump Ups Duties on India to 50%, Citing Russian Oil Purchases 76% of UK Retailers Probing New Export Markets Due to Tariff Turbulence EU Delays Duties on US, While India and China Negotiations are Snarled by Russia Conflict Japan agreed to a $550-billion 'signing bonus,' the president said, calling the funds 'our money to invest as we like.' Likewise, the EU has agreed to invest $600 billion into U.S. industry and purchase $750 billion in American energy, he added. Asked what might happen if the EU doesn't uphold the terms of the deal (for which details remain scant), Trump said he would up duties on the trade bloc to 35 percent. Heated negotiations saw the president threaten Europe with 30-percent duties in July. Last week, those tensions finally cooled, and Trump was able to reach a deal with European Commission president Ursula von der Leyen during a trip to Scotland. Beginning Thursday, European goods will face 15-percent tariffs. According to a White House fact sheet on the 'colossal' deal, Europe will draw down its trade barriers, zeroing out tariffs on U.S. goods and enabling agricultural and industrial products into 27 countries duty free. It isn't immediately evident what the sizable investment promised by the trade bloc will go toward. Trump on Tuesday also threatened Europe with new tariffs on pharmaceuticals that could escalate to 150 percent within the next year and a half, and 250 percent sometime thereafter. 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
