Latest news with #RepublicanNationalCongressionalCommittee
Yahoo
10-04-2025
- Business
- Yahoo
The Biden administration gave TSMC billions to build its semiconductors in the U.S., but Trump says he threatened 100% tariffs and got the company to double down
President Trump said during an event Tuesday that chipmaker TSMC pledged an additional $100 billion to build semiconductors in the U.S. after he threatened the company with tariffs of up to 100%. The company had already pledged $65 billion to make chips in the U.S. and received a $6.6 billion subsidy under the Biden administration that Trump has criticized. Chipmaker TSMC promised to make more semiconductors in the U.S. thanks in part to Biden era incentives, but Trump says the company doubled down after he threatened it with 100% tariffs. President Trump, during a Republican National Congressional Committee event Tuesday, criticized former President Biden's decision to award TSMC $6.6 billion in grants as part of the 2022 CHIPS and Science Act to support semiconductor factories in Phoenix. The move was finalized just before Biden's term ended. TSMC pledged $65 billion in funding from TSMC. In March, TSMC, in conjunction with Trump, announced an additional $100 billion investment to make chips in the U.S. and the president emphasized that the deal was closed without offering stimulus. 'All I did is say, 'If you don't build your plant here, you are going to pay a big tax— 25, maybe 50, maybe 75, maybe 100%,'" Trump said during the event. TSMC declined to comment to Fortune. Trump has previously criticized giving government subsidies to businesses even though he sought to bring TSMC to the country during his first administration. Since returning to the White House, the president has tried to scrap the $52.7 billion CHIPS Act, to the protest of some Republican senators whose states have benefited from the funding. "These chip companies are loaded. They give these companies billions of dollars to build a plant in the United States. They don't build them in the US," Trump said Tuesday. On Wednesday, Trump announced a 90-day pause on the steep 'Liberation Day' tariffs the president instituted last week, replacing them with a 10% base tariff on all countries except for China. Although there was an exemption for semiconductors, the now-paused tariffs put a 32% tax on Taiwan, where most of the world's semiconductors are produced. Still, manufactured chips that are installed in electronics abroad are still subject to the tariffs that apply to the country from which they are exported. Trump has previously threatened other companies, including manufacturer John Deere. On the campaign trail Trump said he would hit the manufacturer with 200% tariffs unless it stopped plans to move some of its production from the Midwest to Mexico. During his first administration, Trump went after General Motors, threatening to cut its federal subsidies after the company said it would close some of its U.S. plants. This story was originally featured on Sign in to access your portfolio
Morocco World
09-04-2025
- Business
- Morocco World
Trump Slaps 104% Total Tariffs on China, Sparking Fresh Clash
Rabat – US President Donald Trump has sparked a new round of controversy and chaos to the global economy after he imposed a fresh wave of tariffs against China and dozens of partners. As part of his larger 'Liberation Day' policies to put tariffs on countries, Trump has officially announced he is going through with his threat to tack on a 50% duty on China, raising the total tariff to 104%. Trump announced on Tuesday at the Republican National Congressional Committee that 104% duties on imports from China will take place shortly after midnight. At the gathering, Trump openly criticized the former administration's economic policies under former President Joe Biden. As a part of his 2024 campaign messaging, the current US president often remarked that the US has not been hard enough on other countries when it comes to global trade policies. 'Now it's our turn to do the ripping,' he said at the dinner, accusing China of 'ripping off' the US 'right and left.' He also accused China of manipulating its currency. 'You got to hand it to them. They're manipulating their currency today as an offset against the tariffs,' he claimed. He further slammed Biden for offering a grant of $6.6 billion to manufacturing giant TSMC, saying: 'If you don't build your plant here, you're going to pay a big tax.' Biden granted TSMC the grant through the 2022 Chips and Sciences Act, seeking to help the company bring some of its most advanced manufacturing to the US. Global response China reacted to US threats and duty announcement, saying that it would take resolute and forceful measures to protect itself. Yesterday, China's Commerce Ministry said it 'firmly opposes' the additional 50% tariffs on its imports, calling it 'a mistake upon a mistake.' Following Trump's decision, economic experts, businesses as well as banking organizations around the world responded, pledging a thorough assessment to analyze the effect Trump's tariffs will have on the economy. Bank of Japan governor Kazuo Ueda told his country's parliament that the bank will be on the watch to monitor the backlash of Trump's move on the Japanese economy. 'Domestic and overseas economic uncertainties have heightened due to US auto and reciprocal tariffs,' he said in a public statement. The new tariffs will further exacerbate concerns as the world's economy has been shaken by broader baseline 10% tariffs that Trump slapped on many countries over the weekend. Last week, Trump announced he would be implementing a unilateral 10% tariff on all imports from various nations, with higher levies on goods from different key partners. The decision prompted remarkable market sell-offs across the world. 'European markets slumped again in early trading on Wednesday morning, as the major indices fell in the UK, Germany, France, and Spain,' the Guardian wrote, noting that the new falls are causing a tumultuous day on Asian markets. European countries are expected to approve the EU's countermeasures against Trump's tariffs, and Canada is also following suit in pushing back. Morocco also received the baseline 10% tariff, notably lower than the 30% the US imposed on Algeria and the 28% on Tunisia. The stock market and global economy is reeling from these new tariffs. S&P 500, a stock market index that tracks the stock performance of 500 leading companies listed on the stock exchanges in the US, reportedly suffered its largest loss since the benchmark's creation in the 1950s. 'It is now nearing a bear market, defined as 20% below its most recent high,' Reuters reported, noting that US treasuries are also affected by the market turmoil. Tags: ChinaEuropean Union
Yahoo
06-03-2025
- Politics
- Yahoo
Hispanic Democrat slams ‘xenophobic' Republican tweet calling him an ‘illegal immigrant'
A Hispanic Democrat from New York slammed the main Republican congressional campaign arm for calling him an 'illegal immigrant.' Rep. Adriano Espaillat, who is the chairman of the Congressional Hispanic Caucus, slammed a tweet from the Republican National Congressional Committee. 'The Republican Party has been invaded by xenophobic feelings and xenophobes,' he told The Independent. 'I think that it furthers explain that any that anybody that doesn't look like them, they consider to be an illegal. So that is tragic.' Espaillat delivered the Spanish response to President Donald Trump's joint address to Congress. Espailliat at one point called Trump's immigration policy a 'reign of terror.' In response, the National Republican Congressional Committee posted a tweet that many considered racist. 'Democrats literally chose an illegal immigrant to give their response to President Trump's address,' a tweet said. 'Predictably, this radical called Trump's presidency a 'reign of terror.' Democrats couldn't be more disconnected from the American people.' Espaillat was born in the Dominican Republic and came to the United States of America as a child, but his family overstayed a tourist visa, a far more common form of illegal immigration than crossing the US-Mexico border without proper documentation. 'My family abided by what the law provided us, which was a pathway to become a legal resident and subsequent, obviously, a US citizen, now a member of Congress,' he said. ' What a great American story. But for them, that's not enough, because they're xenophobes.' The tweet earned bipartisan criticism, with Espaillat's fellow New Yorker, Republican Mike Lawler, criticizing the tweet. '@RepEspaillat and I disagree on many issues, and agree on many others,' Lawler, who is considering a run for governor of New York, tweeted. 'He's been a good friend and a colleague — and more importantly a strong voice for his community and the Latino community, especially his beloved Dominican-American community. This tweet is inappropriate.' New York Gov. Kathy Hochul put it more simply. 'Vile, ignorant, and racist,' she tweeted. The Independent has contacted the Republican National Congressional Committee for comment.
The Independent
06-03-2025
- Politics
- The Independent
Hispanic Democrat slams ‘xenophobic' Republican tweet calling him an ‘illegal immigrant'
A Hispanic Democrat from New York slammed the main Republican congressional campaign arm for calling him an 'illegal immigrant.' Rep. Adriano Espaillat, who is the chairman of the Congressional Hispanic Caucus, slammed a tweet from the Republican National Congressional Committee. 'The Republican Party has been invaded by xenophobic feelings and xenophobes,' he told The Independent. 'I think that it furthers explain that any that anybody that doesn't look like them, they consider to be an illegal. So that is tragic.' Espaillat delivered the Spanish response to President Donald Trump's joint address to Congress. Espailliat at one point called Trump's immigration policy a 'reign of terror.' In response, the National Republican Congressional Committee posted a tweet that many considered racist. 'Democrats literally chose an illegal immigrant to give their response to President Trump's address,' a tweet said. 'Predictably, this radical called Trump's presidency a 'reign of terror.' Democrats couldn't be more disconnected from the American people.' Espaillat was born in the Dominican Republic and came to the United States of America as a child, but his family overstayed a tourist visa, a far more common form of illegal immigration than crossing the US-Mexico border without proper documentation. 'My family abided by what the law provided us, which was a pathway to become a legal resident and subsequent, obviously, a US citizen, now a member of Congress,' he said. ' What a great American story. But for them, that's not enough, because they're xenophobes.' The tweet earned bipartisan criticism, with Espaillat's fellow New Yorker, Republican Mike Lawler, criticizing the tweet. '@RepEspaillat and I disagree on many issues, and agree on many others,' Lawler, who is considering a run for governor of New York, tweeted. 'He's been a good friend and a colleague — and more importantly a strong voice for his community and the Latino community, especially his beloved Dominican-American community. This tweet is inappropriate.' New York Gov. Kathy Hochul put it more simply. 'Vile, ignorant, and racist,' she tweeted.
