Charles Payne: Trump's tariffs will generate trillions in revenue
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 minutes ago
- Yahoo
Why major chip stocks are in the green, despite Trump's 100% tariff threat
President Donald Trump has announced 100% tariffs on imported semiconductor chips, stunning markets. But major Asian chip stocks rallied as firms with US investments are exempt from the tariffs. US tech market gains as investors see relief from potential tariff impacts. President Donald Trump stunned markets Wednesday by announcing 100% tariffs on imported semiconductor chips — but major chip stocks rallied. Taiwanese chip giant TSMC's stock closed 4.9% higher. In South Korea, Samsung Electronics ended 2.5% higher while SK Hynix reversed losses of over 3% in early trade to close 1.4% up. The rebound came as investors digested news that companies investing in US manufacturing would be exempt. TSMC already operates plants in the US, and both South Korean firms have committed to major US investments. The Trump administration has not released specifics on the tariffs, including when they could come. "The good news for companies like Apple is if you're building in the United States or have committed to build, without question, in the United States, there will be no charge," Trump said at the White House where the tech giant announced a fresh $100 billion investment plan. Officials from Taiwan and South Korea later confirmed that their local chipmakers with US ties would be exempt from the full 100% tariff. The US tech market already rallied overnight, with Apple closing 5.1% higher. The Nasdaq 100 closed 1.3% higher while the S&P 500 gained 0.7%. The development "fits Trump's approach of 'open high, negotiate down,'" wrote Phelix Lee, a senior equity analyst at Morningstar, on Thursday. Lee added that the final tariff rate for chipmakers could be closer to Trump's so-called reciprocal tariffs, which would limit inflation, particularly in consumer goods that rely heavily on chips. Trump has already exempted tech products, including smartphones, computers, and chipmaking gear, from tariffs against trading partners that kicked in on Thursday. Despite broader economic uncertainty and tariff tensions, markets have continued to push higher in recent months. The market rally may just reflect "sheer relief, from averting the worst, dressed up as 'risk on,'" wrote Vishnu Varathan, Mizuho's macro research head for Asia excluding Japan, on Thursday. Varathan added that some industries and trade partners are simply too important to be hit with prohibitive tariffs. "To be clear, the specific case of 100% tariffs on semiconductors ought to decimate the US tech sector, given US share of global chip production is now disproportionately small, underpinning huge reliance on imports of chips," he wrote. That dependence could give trade partners leverage. China, for example, could use its dominance in rare earths as a bargaining chip with the Trump administration, he added. On Tuesday, Trump told CNBC that the US is "getting very close to a deal" with China to extend the two countries' trade truce. "We're getting along with China very well," he told the network. Read the original article on Business Insider 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
8 minutes ago
- Yahoo
Carney calls on Métis groups to help change Canada's 'economic trajectory'
OTTAWA — Prime Minister Mark Carney called on Métis leaders Thursday to help transform the economy in response to an increasingly unsteady trade relationship with the United States under President Donald Trump. "We have the opportunity to work together on transformative projects that can help change the economic trajectory of our country to the benefit of all," Carney said to Métis leaders from Ontario, Alberta, Saskatchewan and the N.W.T. gathered in Ottawa for the meeting. "As we build a new Canada, we're going to build it in partnership with Indigenous Peoples, and that's why we're here today." The meeting was called to discuss the Carney government's major projects legislation, which allows cabinet to quickly grant federal approvals for big industrial projects it deems to be in the national interest by sidestepping environmental protections and other legislation. While the legislation was passed quickly in June with the support of the opposition Conservatives, it was widely condemned by Indigenous leaders who said their rights were not respected when the bill was being drafted. They also said they feared that their rights would not be upheld in project approvals and that they wouldn't be adequately consulted. Thursday's meeting with Métis leaders is the last in the series of meetings the prime minister promised after the bill was passed. Carney and his cabinet have met already with First Nations and Inuit leaders. The Manitoba Métis Federation, which represents Red River Métis, turned down an invitation to take part in the meeting Wednesday. It said that inviting the Métis Nation of Ontario undermined the integrity of the gathering and put the government's plans for major projects at risk. The Manitoba Métis Federation says the Métis Nation of Ontario has no basis for existing and does not represent Métis — a point of view shared by some Métis and First Nations that the Métis Nation of Ontario has pushed back against. The Métis Nation British Columbia said it wouldn't be attending the meeting because it was only invited as an online observer. Carney was joined in the meeting by a handful of his ministers, including Indigenous Services Minister Mandy Gull-Masty, Crown-Indigenous Relations Minister Rebecca Alty and Canada-U.S. Trade Minister Dominic LeBlanc. After Carney made brief remarks to attendees, media were escorted out of the room before Métis leaders issued their opening statements. "We are a strong and successful partner and are here to work with you," said Métis Nation of Ontario President Margaret Froh, reads a written copy of her opening remarks shared with The Canadian Press. "Métis communities in Ontario will continue to fight for Canada, while also protecting the lands and waters our communities rely on for their continued survival as distinct Indigenous communities." Métis Nation of Alberta president Andrea Sandmaier struck a similar tone. "To make (major projects) happen, we need a seat at the table — not after decisions are made but from the very beginning, as partners," Sandmaier said in prepared remarks. "That includes clear, respectful consultation with both the federal government and with the province of Alberta." This report by The Canadian Press was first published Aug. 7, 2025. Alessia Passafiume, The Canadian Press
Yahoo
8 minutes ago
- Yahoo
Tim Cook appeals to Trump's love of gold with a 24-karat base for Apple plaque
Apple CEO Tim Cook visited President Donald Trump at the White House on Aug. 6, and brought with him a custom gift that seemed to be tailored to the president's tastes. The two announced Apple's $100 billion in new U.S. investment, an addition to the $500 billion previously announced, as the tech giant tries to protect its products from Trump's steep tariffs. Apple is also set to expand its factories in the U.S. With trembling hands, Cook opened an Apple box he said was made in California, took out a circular plaque with an Apple-shaped cutout in the middle made of glass apparently made in Kentucky, and attributed the design to a former U.S. Marine Corps corporal who now works at Apple. The plaque was set in a 24-karat gold base Cook said was made in Utah. Part of Trump's longstanding "America First" approach to policy is pushing to have more goods made in America. Though Trump has also been gifted a Tesla Cybertruck with a picture of himself on it and a framed copy of his grandfather's German birth certificate, Cook's gift appealed to more than just Trump's preference to have things made in America. Trump adorns his space and the things he makes in gold. More: Donald Trump's White House 'Gold Guy' is a 70-year-old cabinetmaker who lives in Jupiter Gold tweezers, gold sneakers and a gold guy in the White House Trump's affinity for gold predates his time in the Oval Office. Here is a look at some of his golden adornments throughout the years: In 2006, Trump met porn star Stormy Daniels at a golf tournament in Lake Tahoe, as she testified during his hush money trial. She said that she saw a set of apparently golden manicure items like tweezers in his hotel suite. (Trump was found guilty of 34 counts of falsifying business records at that trial.) As a presidential hopeful, he updated his private plane in 2011 to a Boeing 757 and outfitted it with gold-leafed seatbelts and faucets, according to the New York Post. Trump Mobile was announced on the 10-year anniversary of Trump declaring his candidacy in 2015, when he famously rode down the . During his campaign for a second term, Trump sold gold sneakers for $399 and a limited edition . The Trump Organization sells several gold tchotchkes under the "" collection, including chocolate bars, ornaments, coin banks and playing cards that are fashioned like gold bars with Trump's name on them. Trump has brought in his to adorn the Oval Office in the style of his Mar-A-Lago estate, according to the Wall Street Journal. Amid widespread immigration crackdowns and the return of a controversial travel ban, Trump announced a "gold card" visa that offers applicants residency and a path to U.S. citizenship for $5 million paid to the U.S. government. Apple touts additional $100 billion in U.S. investment Cook was one of several tech leaders who attended Trump's inauguration earlier this year. Apple had said in February that it would spend $500 billion in U.S. investments over four years, but the Washington Post reported most of that would cover the regular cost of doing business. The White House announcement brings the total investment figure up to $600 billion. Still, Apple broke ground on a Houston factory to make advanced AI servers earlier this year, and Trump said on Aug. 6 it would invest billions to construct data centers across the country, including in North Carolina, Iowa and Oregon. "I'm proud to say that Apple is leading the creation of an end-to-end silicon supply chain right here in America," Cook said. Trump said the planned 100% tariff on semiconductors and computer chips would not apply to companies that make a commitment to manufacture in the U.S., like Apple. Contributing: Joey Garrison, Swapna Venugopal Ramaswamy, Aysha Bagchi, Lauren Villagran, Marina Pitofsky, Jonathan Limehouse, USA TODAY Kinsey Crowley is the Trump Connect reporter for the USA TODAY Network. Reach her at kcrowley@ Follow her on X and TikTok @kinseycrowley or Bluesky at @ This article originally appeared on USA TODAY: Tim Cook gifts Trump a custom Apple plaque with 24-karat gold base Sign in to access your portfolio
