Trump says Fed's Powell will be out in 8 months, calls him a 'numbskull'
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South China Morning Post
23 minutes ago
- South China Morning Post
Trump says Apple investing another US$100 billion in US manufacturing
Apple CEO Tim Cook joined US President Donald Trump at the White House on Wednesday to announce a commitment by the tech company to increase its investment in US manufacturing by an additional US$100 billion over the next four years. Advertisement 'This is a significant step toward the ultimate goal of ensuring that iPhones sold in the United States of America also are made in America,' Trump said at the press conference. 'Today's announcement is one of the largest commitments in what has become among the greatest investment booms in our nation's history.' As part of the Apple announcement, the investments will be about bringing more of its supply chain and advanced manufacturing to the United States as part of an initiative called the American Manufacturing Programme, but it is not a full commitment to build its popular iPhone device domestically. 'This includes new and expanded work with 10 companies across America. They produce components – semiconductor chips included – that are used in Apple products sold all over the world, and we're grateful to the president for his support,' Cook said in a statement announcing the investment. The new manufacturing partners include Corning, Coherent, Applied Materials, Texas Instruments and Broadcom among others. An aerial view of Apple's headquarters in Cupertino, California, in October 2021. Photo: Reuters Apple had previously said it intended to invest US$500 billion domestically, a figure it will now increase to US$600 billion. Trump in recent months has criticised the tech company and Cook for efforts to shift iPhone production to India to avoid the tariffs his Republican administration had planned for China.
South China Morning Post
23 minutes ago
- South China Morning Post
How China used rare earths and the US playbook to turn on the chip tap again
Rare earths are needed for everything from consumer electronics to electric vehicles, wind turbines and fighter jets – and China controls the supply chain. In the third of a four-part series, we look at how Beijing's dominance in the critical minerals is matching up to Washington's lead in artificial intelligence, as well as how they are related. When the US president unveiled his tariffs in April, China knew it had a trump card that had been quietly gaining in value over the decades and that no other country in the world held. Rare earths are essential components in many technologies, from consumer electronics and electric vehicles, through clean energy and aerospace, to medical and defence equipment. They are also used in research and development, including semiconductors. China holds half of the world's reserves of rare earths and most of the global refining capacity. And from 2020 to 2023, 70 per cent of rare earth compounds and metals imported by the United States were from China, according to the US Geological Survey.
South China Morning Post
2 hours ago
- South China Morning Post
Trump open to meeting Putin and Zelensky after discussing it in call with Ukrainian leader
US President Donald Trump is open to meeting with Russian counterpart Vladimir Putin and Ukraine's Volodymyr Zelensky, the White House said on Wednesday. The possibility was discussed in a call between Trump and Zelensky that, according to a senior Ukrainian source, also included Nato Secretary General Mark Rutte and the leaders of Britain, Germany and Finland, after Washington's envoy Steve Witkoff visited Moscow for talks earlier in the day. 'The Russians expressed their desire to meet with President Trump, and the president is open to meeting with both President Putin and President Zelensky,' White House Press Secretary Karoline Leavitt said. The New York Times reported that Trump intended to meet first with Putin, and then to follow that up with a three-way meeting involving the Russian and Ukrainian leaders. Nato and Ukrainian officials did not confirm the report when contacted by Agence France-Presse. Earlier on Wednesday, Trump hailed the meeting between his envoy and Putin as 'highly productive', but US officials said sanctions would still be imposed on Moscow's trading partners.
