House China Panel Faults Trump's Move to Ease Nvidia AI Chip Sales
'The H20, which is a cost-effective and powerful AI inference chip, far surpasses China's indigenous capability and would therefore provide a substantial increase to China's AI development,' Chairman John Moolenaar, a Michigan Republican, said Friday in a letter to Commerce Secretary Howard Lutnick, whose agency oversees semiconductor export controls. 'We must not allow US companies to sell these vital artificial intelligence assets to Chinese entities.'
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Yahoo
14 minutes ago
- Yahoo
Fed's Goolsbee defends Powell as 'totally honorable guy' amid White House attacks
Chicago Federal Reserve president Austan Goolsbee on Friday expressed support for Jerome Powell and central bank independence when asked about pressure being applied by President Trump, saying the Fed chair is a 'totally honorable guy.' 'I as well as a virtual unanimity of economists believe that central bank independence from political interference is absolutely critical to the operation of the Fed and of the economy,' Goolsbee said in an interview with Yahoo Finance. 'If you just look at places where they do not have independence for the central bank inflation is higher, growth is worse, unemployment and the job market do worse, and everyone knows that.' He added that "it pains me to hear people actively discussing whether the central bank should be independent. There's nothing good can come of discussion like that." His response follows an intense period of pressure from Trump and other White House officials frustrated with Powell's wait-and-see approach to interest rates and his cautionary comments on the possibility of persistent inflation from Trump's tariffs. Trump's allies in recent weeks used another tactic to turn up the pressure on Powell: They invoked a $2.5 billion renovation of the Fed's headquarters as a way to question the chair's management of the institution and whether he told Congress the truth about the project. This past week Trump denied that he was planning to fire Powell imminently, but also left the door open to that possibility. Goolsbee said he is a "big admirer" of Powell and considers him a "totally honorable guy" as well as a "first ballot hall of famer" without addressing any of specific criticism coming from the White House. Goolsbee on Friday also echoed Powell's caution on cutting interest rates, saying that 'we don't know until we know' how inflation will be affected by the 'drip drip' of tariff announcements. Powell has been arguing that more time is needed to know if any of Trump's tariffs push inflation higher this summer. Goolsbee said he is seeing tariffs push up prices on goods, but not spilling over into prices for services, saying that still keeps him in a 'wait and see' mode. A rolling, staggered implementation of tariffs, he noted, makes it more difficult to argue the impact of tariffs will be just be a one-time increase in prices. 'Anything that makes it harder to figure out if we are on a path back to 2% inflation is extending the timetable of when the rate cuts can happen,' said Goolsbee. He declined to say whether he sees rate cuts in the fall months of this year, noting that if there are multiple more months of benign readings on inflation he would feel more comfortable cutting. But if he started to see a ramp up in prices with higher tariff rates, then he said he would have to assess the impact. 'Rates can come down, but we don't know if we're on the path to 2% inflation because we don't know on tariffs on energy prices and geopolitics,' said Goolsbee. 'We're going to have to wait and see what what's happening in the data.' Fed governor Christopher Waller said Thursday he believes the central bank should cut rates at the next policy meeting on July 29-20, as he again argued that any inflation from tariffs would be temporary, underscoring a divide within the central bank. He also hinted he may dissent at the July meeting if his colleagues decide to hold rates steady, which is what investors expect will happen. Odds priced in by traders for a rate cut in September only sit at nearly 60%. Click here for in-depth analysis of the latest stock market news and events moving stock prices 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
14 minutes ago
- Yahoo
Memo on protesters cautioned that authority used to strip visas would face scrutiny
Action memos on pro-Palestinian protesters sent by government officials to Secretary of State Marco Rubio said the authority he used to strip their visas had never before been used and would likely face scrutiny, a government official testified in court Friday. Rubio used what the government says is his authority to find someone deportable "if the Secretary of State has reasonable ground to believe that the alien's presence or activities in the United States would have potentially serious adverse foreign policy consequences for the United States," citing the Immigration and Nationality Act. A section of a government memo that was read in court noted "it is likely that courts will closely scrutinize this determination" because the basis of it could be considered "protected speech." MORE: DHS investigated over 5,000 student protesters listed on doxxing website: Official The contents of the memo were revealed during an ongoing bench trial in which the Trump administration is accused of instituting a constitutionally illegal ideological deportation policy against pro-Palestinian protesters, including Columbia University's Mahmoud Khalil and Mohsen Mahdawi and Tufts University's Rumeysa Ozturk. The lawsuit was filed by the American Association of University Professors and the Middle East Studies Association, which represents hundreds of professors and students across the country. An action memo sent by government officials to the secretary of state proposing Rubio strip Khalil and Yunseo Chung of their visas was cleared by 10 people and departments within 24 hours before it was sent to Rubio, John Armstrong, the senior bureau official in the bureau of consular affairs at the State Department, testified Friday. The White House, Department of Homeland Security, State Department and Department of Defense had over 20 conversations about student protester visa revocations, most of which took place in March, Armstrong testified. Armstrong also testified that he had conversations with people on the Homeland Security Council over the visa revocations, naming Homeland Security Adviser Stephen Miller and his deputy. In a two-page memo from earlier this year outlining why Khalil should be deported, Rubio cited Khalil's alleged role in "antisemitic protests and disruptive activities, which fosters a hostile environment for Jewish students in the United States." Asked about how officials identify what constitutes antisemitism, Armstrong testified Friday that he can't remember receiving "any concrete guidance" as to what can be treated as antisemitic, and also testified that he doesn't know of any of his deputies having received formalized training on what antisemitism is. It's my understanding that "antisemites will try to hide their views and say they are not against Jews, they are just against Israel" -- but "it's a dodge" to hide their antisemitism, Armstrong said. Support for a foreign terrorist organization or terrorist activity is grounds for a visa revocation, Armstrong testified, saying, "Support for Hamas will get your visa revoked." Asked by plaintiffs attorneys, Armstrong also testified that criticizing Zionism, criticizing Israel's actions in Gaza, saying that the actions of the Israeli government are "worse than Hitler," saying "from the river to the sea," calling Israel an apartheid state and calling for an arms embargo could all be considered cause for removal under the executive order combatting antisemitism. MORE: Mahmoud Khalil case: Ordered to show evidence, government asserts Rubio's authority Armstrong, who personally authorized the decision to strip Ozturk of her visa, testified that he based the decision on her actions protesting Tufts' relationship with Israel and her "activities and association" with groups that are "creating a hostile environment for Jewish students." That alleged association was based on an op-ed she co-authored with someone who is part of a student group that supported the call for Tufts to divest and cut ties with Israel -- a proposal that was made by Tufts Students for Justice in Palestine, a group which is now banned from campus. DHS and Homeland Security Investigations found that Ozturk was not part of the activities that resulted in Tufts SJP's ban from Tufts, according to documents read aloud in court by attorneys. Nonetheless, Armstrong maintained that Ozturk had ties to Tufts SJP. Ozturk's visa was revoked under a provision of the Immigration and Nationality Act that allows the government to revoke a visa for any reason, Armstrong testified. On Thursday, Andre Watson, the assistant director for the national security division at Homeland Security, testified that he has made 10 to 15 referrals of student protesters to the Department of State for possible visa revocation since the establishment of the Tiger Team task force looking into student protesters. He said he referred every individual on whom the Homeland Security Investigations task force has filed a report, including Khalil, Ozturk and Mahdawi. After the conclusion of testimony on Thursday, U.S. District Judge William Young informed the parties of definitions he will be relying on while making a decision after the conclusion of the bench trial. "Criticisms of the state of Israel are not antisemitism. They are political speech, protected speech," Young said. Commentary on "conduct of the state of Israel, if it involves war crimes, involves genocide ... is protected speech with respect to our constitution," Young said. While condemning antisemitism and saying the government should discourage antisemitism and hate against any group of people, he said, "Antisemitism ... is not illegal. It is protected under the First Amendment." MORE: Trial challenging administration's deportation of pro-Palestinian scholars gets underway On the pivotal question of whether visa holders and lawful permanent residents have the same First Amendment rights as U.S. citizens, the judge said, "Probably they do." Young also said criticizing the state of Israel "does not constitute pro-Hamas support." After new evidence is entered on Monday, closing arguments will begin in the trial.
TechCrunch
16 minutes ago
- TechCrunch
ServiceNow's acquisition of Moveworks is reportedly being reviewed over antitrust concerns
In Brief ServiceNow's acquisition of enterprise AI startup Moveworks is reportedly drawing regulatory scrutiny. The acquisition is currently under review for antitrust by the U.S. Justice Department, according to Bloomberg, which cited sources familiar with the matter. The probe began in June, Bloomberg reported, and both companies have since received a 'second request' calling for additional information that has to be provided before the deal can move forward. ServiceNow announced it was acquiring Moveworks for $2.85 billion in March. At the time, ServiceNow predicted the deal would close in the second half of 2025. Moveworks declined to comment. TechCrunch has reached out to ServiceNow for more information and will update the article if the company responds.
