Latest news with #InvestinginAmerica
Nikkei Asia
5 hours ago
- Automotive
- Nikkei Asia
Nvidia CEO Huang replaces Elon Musk as China's bridge to Trump
Nvidia CEO Jensen Huang delivers remarks as U.S. President Donald Trump watches at an "Investing in America" event in Washington on April 30. © Reuters KEN MORIYASU and YIFAN YU WASHINGTON/PALO ALTO, California -- In the summer of 2018, two red Teslas drove into Beijng's Zhongnanhai, the walled-off compound that houses the headquarters of the Chinese Communist Party and the State Council. The Teslas parked in front of the Zi Guang Ge, or Hall of Purple Light, and CEO Elon Musk walked into the two-story pavilion to meet the powerful vice president, Wang Qishan, a close ally to President Xi Jinping.
Yahoo
5 days ago
- Business
- Yahoo
TACO Trump Reverses Decision That Just Happens to Have Cost His ‘Friend' Billions
The U.S. has agreed to let Nvidia sell its advanced H20 computer chips to China just days after President Donald Trump met with the company's chief executive, his 'friend' Jensen Huang. The decision, which the company announced Monday in a blog post, reverses a Commerce Department policy put in place in April that restricted sales of the chip, causing an estimated $5.5 billion in losses, the Associated Press reported. Last week, Huang met with Trump to personally lobby for a reversal, according to the Wall Street Journal. He argued that allowing Nvidia to sell its technology worldwide would result in American companies dominating artificial intelligence instead of Chinese companies. The chips are used in cutting-edge data centers that train AI models and operate AI applications. Doing business in China would allow Nvidia to tap the country's AI talent, Huang reportedly told Trump. He made a similar case to Commerce Secretary Howard Lutnick, according to the Journal. Speaking to reporters in Beijing on Monday, Huang said that half of the world's AI researchers are based in China. Trump had previously described the Taiwan-born businessman, who moved to the U.S. at age 9 and studied electrical engineering at Stanford University, as 'my friend' in Saudi Arabia in May, the Journal reported. Huang was part of a posse of tech leaders—which included Tesla and SpaceX chief Elon Musk and Alphabet chief investment officer Ruth Porat—who accompanied Trump to Saudi Arabia for a Saudi-U.S. business investment forum. The Nvidia chief has generally tried to stay out of politics but was forced to enter the fray thanks to the president's wild pendulum swings on tariff and export control policies, the latter of which Huang called a 'failure' in May, according to the Journal. The president has flip-flopped so much on trade threats that in May Wall Street traders nicknamed him 'TACO' for 'Trump Always Chickens Out.' Huang spoke at the White House in late April during an 'Investing in America' event highlighting domestic manufacturing investments. Nvidia had recently announced that it was working to build its AI supercomputers entirely in the U.S. During his remarks, Huang gushed that without Trump's 'leadership, his policies, his support and very importantly his strong encouragement—and I mean his strong encouragement—frankly manufacturing in the United State wouldn't have accelerated to this pace.' Nvidia has eclipsed Apple, Microsoft and Google to become the most valuable company in the world on the back of the AI boom, and last week became the first company to hit a $4 trillion market valuation.
USA Today
12-07-2025
- Business
- USA Today
NVIDIA CEO Jensen Huang leads world's first $4 trillion company
NVIDIA CEO Jensen Huang leads world's first $4 trillion company NVIDIA CEO Jensen Huang and U.S. President Donald Trump shake hands at an 'Investing in America' event in Washington, D.C., U.S., April 30, 2025. Leah Millis, REUTERS Nvidia founder and CEO Jensen Huang on Friday, July 11, 2025 in Nvidia offices in Washington, D.C. Jack Gruber, USA TODAY A screen displays news on "Nvidia hits $4T market cap" on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 9, 2025. Jeenah Moon, REUTERS Jensen Huang, CEO of Nvidia, is seen on stage next to a small robot during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 11, 2025. Gonzalo Fuentes, REUTERS British Prime Minister Keir Starmer shakes hands with Jensen Huang, CEO of Nvidia, after a panel discussion at London Tech Week, in London, Britain, June 9, 2025. Carl Court, Via REUTERS Jensen Huang, CEO of Nvidia, gestures as he speaks during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 11, 2025. Gonzalo Fuentes, REUTERS
Japan Forward
09-07-2025
- Business
- Japan Forward
Trump's Tariff Blitz: Will Japan Fold or Fight?
President Donald Trump has reignited global trade tensions by unveiling a series of letters on July 7, threatening to impose hefty tariffs on major trading partners, including Japan. The move comes as a 90-day pause on Trump's Reciprocal Tariff Plan, initially announced on April 2, is set to expire this Wednesday. While baseline tariffs of 10% on all imports remain in place, the letters outline much steeper levies unless new trade agreements are reached. A letter addressed to Prime Minister Shigeru Ishiba confirms a blanket 25% tariff on all Japanese exports to the US, effective on August 1. This is in addition to existing sector-specific tariffs already applied to automobiles, auto parts, steel, and aluminum. In the letter, Trump described the US trade deficit with Japan as a "major threat" to the American economy and national security. He warned that any retaliatory measures would be met with proportional escalation: "Whatever the number you choose to raise them by will be added onto the 25% that we charge," he wrote. President Trump's letter to PM Ishiba, dated July 7, addresses the US-Japan trade deficit and announces a 25% tariff on all Japanese exports starting August 1, 2025. Ishiba stated on Tuesday that the announcement was "truly regrettable," but reiterated Tokyo's commitment to ongoing dialogue and the protection of national interests. Japanese trade officials have made several trips to Washington in recent months to seek exemptions through negotiations, but those efforts have so far failed to produce results. Since his first term, Trump has claimed that countries exploit America's vast consumer market, often citing Japan as a prime example. The president argues that Japan's dominant industries, such as automakers and electronics, benefit from access to the American marketplace, while American agricultural and manufactured goods face steep barriers. US President Donald Trump announces details of his administration's latest tariffs at the White House in Washington, DC on April 3. (©Reuters via Kyodo) By rolling out aggressive tariffs, Washington aims to insulate domestic producers from foreign competition and compel Japan to open its market to more US goods. Although a bilateral trade imbalance exists, it only tells part of the story. The US consistently enjoys a trade surplus in services with Japan. Moreover, much of the goods deficit arises from structural economic differences and consumer preferences, rather than Japan's protectionist barriers. For one thing, the US naturally imports more products than other countries as a high-consumption economy. Japanese automakers, in turn, have tailored their vehicles to suit American tastes, often manufacturing them directly in the US. SoftBank CEO Masayoshi Son delivers remarks as President Trump looks on during an "Investing in America" event, Wednesday, April 30, 2025, in the Cross Hall of the White House. (©White House/Joyce N. Boghosian) Japan has also been the largest source of foreign direct investment in the US for five consecutive years since 2019. Corporations like Toyota, SoftBank, and Fujifilm have poured billions into their American operations in recent years, creating tens of thousands of new jobs. These sustained investments help mitigate some of the negative effects typically associated with a trade deficit. Even on rice, Trump's criticism often misses the mark. Under World Trade Organization rules, Japan imports up to 770,000 tons of tariff-free rice annually through a minimum access system. In fiscal 2024, it imported nearly the full amount, with US rice making up 45% of those imports, far more than any other country. The US is Japan's largest export destination. If implemented, 25% tariffs would significantly increase the cost of Japanese goods in the American market, reducing their competitive edge and squeezing profit margins. Analysts project that Trump's proposed policy could decrease Japan's real GDP by as much as 1.8%, disrupt global supply chains, and negatively impact corporate earnings across various sectors. Minister of State for Economic Revitalization Ryosei Akazawa (right) and US Treasury Secretary Scott Bessent shake hands before trade talks in Washington, DC, in May. (Pool photo by Kyodo) The political stakes are equally high. With inflation still weighing on households, the Japanese government remains indecisive on whether to cut or scrap the consumption tax, an issue looming large ahead of a critical Upper House election on July 20. Having already lost its majority in the last Lower House election, Ishiba and his ruling Liberal Democratic Party are walking a tightrope as tariff D-day nears. Despite Trump's accusations of Japan being "spoiled," Tokyo has shown a willingness to compromise under the right circumstances. In 2019, for instance, then-Prime Minister Shinzo Abe signed a limited bilateral trade agreement with Trump, lowering tariffs on American beef, pork, and wheat in exchange for a freeze on higher auto tariffs. First Lady Melania Trump, President Donald Trump, Prime Minister Shinzo Abe, and Akie Abe enjoying a dinner at a robatayaki restaurant in Minato, Tokyo, on May 26, 2019. (©Kyodo) Abe also championed multilateral trade pacts like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which emphasizes rules-based trade and market reciprocity as an alternative to coercive deal-making. Some of Trump's current demands, particularly wider access to Japan's agricultural market, could have been achieved through the original Trans-Pacific Partnership, from which Trump withdrew in 2017 during his first term. Author: Kenji Yoshida
The Star
14-05-2025
- Business
- The Star
Nvidia CEO's net worth nears US$120bil as shares surge on Saudi chip deal
FILE PHOTO: NVIDIA CEO Jensen Huang attends an 'Investing in America' event held by U.S. President Donald Trump in Washington, D.C., U.S., April 30, 2025. REUTERS/Leah Millis/File Photo Nvidia CEO Jensen Huang's personal net worth jumped to around $120 billion on Tuesday, up from $80 billion last year, as a boom in demand for the company's artificial intelligence chips has powered a steep rally in its shares. Nvidia hit $3 trillion in market value after it agreed to sell hundreds of thousands of AI chips in Saudi Arabia with many chips to an AI startup launched by its sovereign wealth fund, in a sign demand for its top-line processors is still booming. The company's shares closed 5.6% higher at $129.93. The deal came as a part of U.S. President Donald Trump's Gulf tour, which he kicked off in Saudi Arabia with plans to visit the UAE later in the week. Huang has played a critical role in making Nvidia one of the world's most valuable companies by positioning the chipmaker as the dominant force in the AI semiconductor industry. The latest boost to his net worth puts him among the world's wealthiest people, but just out of the top ten, according to Forbes' real-time billionaires list. - Reuters
