Trump to sign executive order on reducing prescription drug prices
In a post on Truth Social, Trump said he would sign the executive order on Monday morning.
"They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!" he said.
"I will be instituting a MOST FAVORED NATION'S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World," Trump added.
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Reuters
3 minutes ago
- Reuters
US examines equity stake in chip makers for CHIPS Act cash grants, sources say
WASHINGTON/SAN FRANCISCO, Aug 19 (Reuters) - U.S. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel (INTC.O), opens new tab as well as other chip companies in exchange for grants under the CHIPS Act that was meant to spur factory-building around the country, two sources said. As part of a plan to revive U.S. manufacturing - a key Trump agenda - Lutnick said earlier on Tuesday the U.S. government wants an equity stake in Intel in exchange for cash grants approved by the administration of former President Joe Biden. Now Lutnick wants to expand that plan to other companies, according to a White House official and a person familiar with the situation. The Trump administration has recently made unusual deals with U.S. companies, including allowing AI chip giant Nvidia (NVDA.O), opens new tab to sell its H20 chips to China in exchange for the U.S. government receiving 15% of those sales. The Pentagon is slated to become the largest shareholder in a small mining company to boost output of rare earth magnets. The government's intervention in corporate matters has worried critics who say President Donald Trump's actions create new categories of corporate risk and that a bad bet could mean a hit to taxpayer funds. Much of the funding under the CHIPS Act has not yet been dispersed for companies such as Micron (MU.O), opens new tab, Taiwan Semiconductor Manufacturing Co ( opens new tab, Samsung ( opens new tab and Intel. TSMC and Intel declined comment. Micron, Samsung and the White House did not respond to requests for comment on whether Lutnick is considering more stakes. Speaking to reporters in Taipei on Wednesday and asked whether the U.S. government could take a stake in TSMC, Taiwan Economy Minister Kuo Jyh-huei said his ministry had just heard about it and "needs some time to discuss." The two sources told Reuters on Tuesday that Treasury Secretary Scott Bessent is also involved in the CHIPS Act discussions, but that Lutnick is driving the process. The Commerce Department oversees the $52.7 billion CHIPS Act money. Lutnick has been pushing the equity idea, the sources said, adding that Trump likes the idea. White House Press Secretary Karoline Leavitt confirmed earlier that Lutnick was working on a deal with Intel to take a 10% government stake. "The president wants to put America's needs first, both from a national security and economic perspective, and it's a creative idea that has never been done before," she told reporters. Speaking on CNBC, Lutnick said the U.S. wants a return on its "investment". "We'll get equity in return for that ... instead of just giving grants away," he said. President Donald Trump has previously said he wanted to kill the CHIPS Act program. Lutnick's comments suggested any stake would be non-voting, meaning it would not enable the U.S. government to tell the company how to run its business. His comments came a day after SoftBank Group (9984.T), opens new tab agreed to invest $2 billion in Intel, which has struggled to compete after years of management blunders. "The Biden administration literally was giving Intel money for free and giving TSMC money for free, and all these companies just giving the money for free, and Donald Trump turned it into saying, 'Hey, we want equity for the money. If we're going to give you the money, we want a piece of the action for the American taxpayer'," Lutnick said.
Reuters
3 minutes ago
- Reuters
Gold hits near 3-week low on stronger dollar, Fed symposium in focus
Aug 20 (Reuters) - Gold prices hit their lower level in nearly three weeks on Wednesday as the dollar firmed, while investors awaited the Federal Reserve's Jackson Hole symposium later this week for clues on the path for monetary policy. Spot gold was down 0.1% at $3,313.51 per ounce, as of 0240 GMT, after reaching its lowest level since August 1. U.S. gold futures for December delivery fell 0.1% to $3,355.50. A stronger dollar and improving risk appetite from recent geopolitical developments are weighing on gold prices, with markets looking out for Fed Chair Jerome Powell's speech in Jackson Hole, OANDA senior market analyst Kelvin Wong said. The U.S. dollar index (.DXY), opens new tab climbed to its highest level in more than a week, making gold less affordable for buyers using other currencies. Powell is due to speak at the Kansas City Federal Reserve's Jackson Hole symposium on Friday and investors are watching for any clues on monetary policy trajectory. Minutes of the Fed's July meeting, due later in the day, are anticipated to offer further insights into the central bank's policy stance. Interest rate futures point to two rate cuts of 25 basis points each this year, with the first one expected in September. Gold typically performs well in a low-interest-rate environment and amid heightened uncertainties. Meanwhile, U.S. President Donald Trumpruled out deploying ground troops to Ukraine on Tuesday but suggested air support could be part of a deal to end Russia's war in the region. Ukrainian President Volodymyr Zelenskiy hailed the White House talks as a "major step forward" towards ending Europe's deadliest conflict in 80 years and setting up a trilateral meeting with Russian President Vladimir Putin and Trump. Elsewhere, spot silver fell 0.3% to $37.26 per ounce, platinum gained 0.2% to $1,308.90 and palladium was down 0.7% to $1,106.83.
Press and Journal
an hour ago
- Press and Journal
Watch: President Donald Trump raises fist as he arrives at Balmedie for crunch talks with Prime Minister Keir Starmer
Donald Trump has touched down in Aberdeenshire – with his children and grandchildren – ahead of crunch talks with Prime Minister Keir Starmer and First Minister John Swinney. The 79-year-old politician raised a fist aloft to gathered media representatives as he stepped off a military helicopter at his Balmedie estate. The US president has been on a four-day trip in Scotland, beginning with a stay at his Turnberry resort where he enjoyed some golf on Saturday. Combining pleasure with business, he met the President of European Commission, Ursula von der Leyen while there and agreed a new trade deal. He is now expected to have 'private engagement' with the prime minister before meeting First Minister John Swinney as well. A highlight of his trip, however, is the opening of the second Trump International Golf Links course, which son Eric previously said would be 'one of the best in the world'. The two leaders arrived at RAF Lossiemouth at around 6pm on Monday, following a busy day at Turnberry. During a press briefing there, President Trump backed North Sea oil and gas following desperate pleas from north-east business leaders for the billionaire's backing. The pair landed at the Moray airbase in Air Force One, and from there boarded the Marine One helicopter to the Menie Estate. The copter touched down on a helipad just yards from MacLeod House, the lodge at the resort named after the US leader's Scottish mum. Bagpipers from Robert Gordon's College in Aberdeen greeted Donald Trump as he arrived in Aberdeenshire shortly before 7pm, with Keir Starmer by his side. Uniformed servicemen saluted the leaders as they stepped off the aircraft, while Mr Trump saluted back before raising a triumphant fist as he greeted onlookers. It came just hours after protestors gathered at Balmedie to demonstrate against the president, with police lining the beach to prevent any from climbing the dunes onto the golf course. As well as official business however, this trip appears to be a family affair for the president as Donald Trump's children and grandchildren were spotted arriving in Aberdeenshire too. Donald Junior was seen stepping off a US helicopter along with Eric and their spouses. The president's grandchildren Tristan and Chloe exchanged high fives with Donald Junior on the lawn. Guests there for the occasion included Scottish golfing great Colin Montgomerie, who is hosting the PGA Seniors Championship at Menie later this week. Aberdeenshire aristocrat and businessman George Aberdeen was on hand too to greet Donald Trump. Mr Aberdeen is the founder and managing partner of Kinrise, a UK real-estate company that works to revitalise historic buildings and bring them back into use. His family has been looking after the Haddo Estate in Tarves for more than 550 years. John Swinney will also join the two leaders at a private dinner on Tuesday night. A Scottish Government spokesman said the dinner would 'provide the First Minister with an opportunity to advance the interests of Scotland to the President of the United States'.
