European Gas Holds Below 33 Euros a Megawatt Hour as Markets Eye Trump-Putin Talks
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Yahoo
16 minutes ago
- Yahoo
Intel stock jumps after Trump calls meeting with CEO Lip-Bu Tan 'interesting,' signals more talks ahead
Intel (INTC) stock jumped Monday as CEO Lip-Bu Tan met with President Trump, who had called for Tan's resignation last week. After the meeting, Trump posted to Truth Social saying that he had met with Tan along with Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessent. "The meeting was a very interesting one," the president wrote, adding, "His success and rise is an amazing story." Trump said Tan and his cabinet will "spend time together" and "bring suggestions" to him in the next week, without specifying on the topics to be discussed. Intel stock rose 3.5% on Monday during the day as reports circulated about the meeting. After Trump's post landed Monday evening, Intel continued to rise about 2.3% in after-hours trading. Citing unnamed sources, the Wall Street Journal reported over the weekend that Tan was set to meet with Trump on Monday to explain his personal and professional background and to propose ways that Intel and the government can collaborate. Intel did not respond to Yahoo Finance's questions regarding the reported meeting. Last week, Trump called for Tan's resignation in a Truth Social post minutes after Fox Business covered Republican Sen. Tom Cotton's recent criticism of the CEO over his ties with China. In a letter to Intel, Cotton expressed "concern about the security and integrity of Intel's operations," given Tan's investments in Chinese businesses through his venture capital firm, Walden International. Trump wrote in his post last Thursday, "The CEO of INTEL is highly CONFLICTED and must resign, immediately.' Tan responded by saying reports about his career contained "misinformation." "There has been a lot of misinformation circulating about my past roles ... I want to be absolutely clear: Over 40+ years in the industry, I've built relationships around the world and across our diverse ecosystem — and I have always operated within the highest legal and ethical standards," Tan wrote in a memo to employees. Intel also issued its own statement following Trump's comments, emphasizing its commitment to "advancing US national and economic security interests" and to making investments "aligned with the President's America First agenda," including domestic semiconductor manufacturing. Tan was named Intel's CEO in March, taking over after his predecessor Pat Gelsinger was ousted by the board last year. The company struggled to stem losses in its manufacturing business, regain market share in its legacy computer chip segment, and develop an AI strategy. Investors cheered Tan's appointment, with the stock rising as much as 15% after the news. Wall Street analysts, as well as several current and former executives and employees, saw Tan as the best possibility to succeed in turning around the troubled company. Intel's gain Monday puts shares of the company up nearly 4% this year, lagging chipmakers such as Nvidia (NVDA) and Advanced Micro Devices (AMD), which have added roughly 36% and 47% in 2025, respectively. Intel stock's uptick this year follows a 60% drop in 2024. Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @ Email her at 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
Bloomberg
16 minutes ago
- Bloomberg
Tariffs 101: How They Work and Who's Footing the Bill (So Far)
Never miss an episode. Follow The Big Take daily podcast today. President Trump's so-called reciprocal tariffs have pushed the average US tariff rate to 15%, up from just over 2% last year. But who's actually footing the bill so far?
UPI
17 minutes ago
- UPI
Trump extends China tariff deadline by another 90 days
Aug. 11 (UPI) -- President Donald Trump has signed an executive order, delaying the deadline for the United States to implement higher tariffs on Chinese goods by another 90 days, the White House announced Monday. The order was signed just before midnight, Sunday, hours before the current tariff pause was set to expire. The extension to Nov. 9 follows progress last month in Stockholm, Sweden, during talks between U.S. and Chinese trade negotiators. "We hope that the U.S. will work with China to follow the important consensus reached during the phone call between the two heads of state ... and strive for positive outcomes on the basis of equality, respect and mutual benefit," foreign ministry spokesman, Lin Jian, said in a statement. Last week, U.S. Treasury Secretary Scott Bessent said he, too, was optimistic about "the makings" of a trade deal with China. China is one of the United State's largest trade partners. In June, Trump announced a trade agreement with China over rare earth minerals. Under the deal, China would export rare earth minerals to the United States with both countries reducing their tariffs for 90 days. Rare earth minerals fuel energy sources for mobile devices and electric vehicles. As Trump signed the executive order Sunday night, he called on China to quadruple its purchases of American soybeans to reduce the United States' trade deficit with China. "China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders," Trump wrote in a post on X. "This is a way of substantially reducing China's Trade Deficit with the United States. Rapid service will be provided. Thank you President Xi." Despite ongoing trade threats, China's economy posted second quarter Gross Domestic Product growth at 5.2% last month, according to the National Bureau of Statistics, as exporters took advantage of the Trump administration's pauses in reciprocal tariffs, which were announced April 2. Since the announcement, Trump hit China with tariffs as high as 145%, while China threatened retaliatory tariffs of 125%. During the initial 90-day truce, the United States reduced its China tariffs to 30%, with China dropping its tariffs on U.S. goods to 10%. "We'll see what happens," Trump told reporters at the White House. "They've been dealing quite nicely. The relationship is very good with President Xi and myself." Over the past few weeks, the Trump administration announced trade deals -- to lower tariffs in exchange for larger U.S. investment -- with Japan, South Korea and the European Union.
