Latest news with #Section232
Irish Examiner
7 hours ago
- Business
- Irish Examiner
Irish exports up 47% in first five months of 2025 as US stockpiling drives surge in trade
Irish exports in the first five months of 2025 have grown by almost 47% compared to the same period last year, with the continued stockpiling of goods in the US following US President Donald Trump's 'Liberation Day' tariff announcement underpinning another surge in May. New figures released by the Central Statistics Office (CSO) on Thursday found that the value of goods exports rose to €134.4bn between January and May, up by almost €43bn compared to the same five months of 2024. Meanwhile, exports of medical and pharmaceutical products rose by almost 74% in May, totalling €13.7bn, representing some 59% of total Irish export goods in the month. "This is largely driven by growth in the exports of goods to the US," said CSO statistician Jane Burmanje. May saw exports to the US increase by more than 86% to €10.6bn when compared to the same period last year. "Year-to-date, exports of goods to the US increased by 153% to €70.8bn compared with the same period last year," Ms Burmanje said. The products which accounted for the largest share of exports to the US were chemicals and related products at €9.4bn, miscellaneous manufactured articles at €683.6m and machinery and transport equipment at €320.5m. These products represented 88.8%, 6.5%, and 3% respectively of total exports of goods in May. Meanwhile, goods imports rose by 7.8% between January and May compared with the same period in 2024. Imports of medical and pharmaceutical products increased by 60.6% to €1.9bn in May compared with the same month last year. 'Continued stockpiling' "May figures reflect the 'pause' phase which was in effect at the time, between April and 9th July 2," said Carol Lynch, Head of Customs and International Trade Services at BDO. "At the time, companies were also monitoring Section 232 investigations into, for example, pharmaceuticals and semiconductors, which were excluded from the 10% universal tariff. Therefore, we would expect to see an increase in exports to continue stockpiling." However, Robert Purdue, Head of Dealing (Ireland) at global financial services firm Ebury warns that following a record spike in exports so far this year, the second half of 2025 may not follow suit. "Irish exports have driven a significant increase in trade as punitive tariffs drove a rush to accelerate shipments ahead of President Trump's tariffs. "This suggests 2025 will be a year of two halves with an artificial spike in the first six months of this year likely to be followed by a slump as exporters re-stock and take stock of the new global trade environment. 'New threats of significant tariffs on pharmaceutical products will be hugely concerning for the economy given the critical role this sector plays in Ireland." Trade negotiations between the EU and the US continue, with US President Donald Trump threathening to impose tariffs on pharmaceutical products and semiconductors as soon as 1 August, the latest deadline for the introduction of his 'reciprocal' levies on individual countries.
Economic Times
a day ago
- Business
- Economic Times
Trump to impose pharma tariffs by August 1, semiconductors likely next
At a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Tired of too many ads? Remove Ads WASHINGTON: President Donald Trump said that he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad "reciprocal" rates set for implementation on Aug. 1."Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff," Trump told reporters Tuesday as he returned to Washington after attending an artificial intelligence summit in also said his timeline for implementing tariffs on semiconductors was "similar" and that it was "less complicated" to impose levies on chips, without providing additional a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national any tariffs could immediately impact drugmakers like Eli Lilly & Co., Merck & Co. and Pfizer Inc . that produce drugs overseas - and risks driving up costs for US consumers. So does Trump's plans for semiconductor tariffs, which are expected to hit not only the chips themselves but popular products like Apple Inc. and Samsung Electronic Co Ltd. laptops and smartphones.
Yahoo
a day ago
- Business
- Yahoo
Copper set to face demand and price headwinds in H2, says Citi
-- Copper prices are likely to come under pressure in the second half of 2025 due to a combination of tariff-related inventory unwinds and fading Chinese demand, according to Citi analysts. In a new note, Citi said copper is facing '2H'25 demand and price headwinds from Section 232 and China solar frontloading payback.' The bank forecasts prices falling to $8,800 per tonne over the next three months, citing the expected unwind of excess U.S. imports and a slowdown in China's renewable energy-linked copper usage. May data from Citi's Global Copper End-Use Tracker (GCET) is said to have shown a sharp 16% year-over-year spike in copper consumption, driven by record solar installations in China ahead of a June regulatory change. However, Citi cautioned this was 'anomalous' and expects the solar boost to 'disappear from June data onwards.' 'President Trump's announcement of a planned 50% Section 232 tariff from 1st August should disincentivize incremental shipments of copper to the U.S.,' Citi said. The bank estimates that around 500kt of excess copper imports will have arrived by the end of July, which 'will be sufficient to negate U.S. copper import demand for the rest of 2025.' Citi also warned that broader global manufacturing activity remains sluggish and that tariff headwinds should 'weigh on moderately elevated copper positioning, along with ex-U.S. prices and spreads.' Despite the near-term bearish view, Citi remains constructive over the medium term. 'We remain medium-term copper bulls,' the note said, citing expectations for '$10k/t average in 2026 and $11k/t in 2027,' supported by energy transition demand and a more constructive global growth outlook. Related articles Copper set to face demand and price headwinds in H2, says Citi Victoria's Secret Exposed: The Warning Sign Behind the Stock's 52% Collapse Risks Rising? Smart Money Dodged 46%+ Drawdowns on These High-Flying Names Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Popular AI stock tanks after surprise tariff hit
Popular AI stock tanks after surprise tariff hit originally appeared on TheStreet. AI's future continues to impress, but its supply chain has hit a wall. Tariffs, trade probes, and export bans have been racking up quickly, hitting chipmakers hard. With levies on semiconductors and the potential for even more regulatory shocks, the cost of competing in AI has gone up immensely. 💵💰💰💵 Suddenly, what looked like a straight line to growth now feels more like a minefield. One high-flying AI stock in particular just took a monumental hit, and it never saw it coming. Tariffs are turning up the heat on AI chipmakers The U.S.-China tariff battle has evolved from being purely a political chess match. Recent months have shown that it has become a critical supply chain migraine for the world's largest AI players. Under Section 232 and 301 trade rules, Washington slapped 25% tariffs on chips and semiconductor tools. Beijing responded with 34% duties on U.S. chip exports, resulting rising costs, splintered supply chains, and growing anxiety across the AI ripple effects are already painful. Nvidia had to gulp down a $4.5 billion writedown on its China-bound H20 chips following an April export ban (the situation's flipped on its head now). That's far from being chump change, even for the hottest AI plays on the planet. AMD is in a similar boat, filing for export licenses just to get its MI308 processors back into Chinese data centers. Then there's the equipment side for investors to deal with. U.S. giants like Applied Materials and Lam Research are looking at north of $1 billion in annual hits from 25% tariffs on their chipmaking tools. More AI Stock News: Elon Musk's xAI is already shockingly massive Bank of America drops shocking call on Super Micro stock Cathie Wood drops bold message on Apple, Tesla stock That pressure doesn't just eat into profits; it threatens to effectively slow R&D at a time when next-gen AI hardware is highly in demand. Tariff jitters tank AI stock, despite solid Q2 ASML ( () ) may have delivered a solid quarter, but it fell short of stopping the bleeding after CEO Christophe Fouquet threw cold water on 2026 expectations. ASML quietly became one of the go‑to names for investors looking for pure‑play AI exposure. Its powerful ultraviolet (EUV) lithography machines power the entire semiconductor value chain, etching complex patterns needed in developing advanced AI chips. That said, shares in the Dutch semiconductor giant dropped nearly 9% after management pulled back on its growth forecast. They cited 'increasing uncertainty driven by macro-economic and geopolitical developments.' Fouquet didn't name-drop, but all signs point to President Donald Trump's threatened 30% tariffs on EU imports, and the tension among Washington, Brussels, and a major shift in tone from last November, when ASML called 2026 a massive growth year. Now? 'We cannot confirm it at this stage,' Fouquet said. Q2 results, though, were mostly strong, with ASML posting €7.7 billion in net sales vs. €7.52 billion expected. More impressively, it delivered €2.29 billion in profit vs. €2.04 billion guidance. Nevertheless, the outlook for Q3 fell behind expectations, with a sales forecast between €7.4 billion and €7.9 billion, short of the €8.3 billion Street consensus. To make things even worse, the company reduced its 2025 full-year net sales outlook, targeting 15% growth instead of an earlier €30 billion to €35 billion range. So the broader concern now is tariffs. ASML's U.S. customers, including Intel and TSMC, are exposed to policy shifts, and any move from the White House could throw another wrench into the AI supply chain. With trade talks ongoing, investors will be watching every headline. But for now, ASML's guidance retreat has rattled even the AI stock tanks after surprise tariff hit first appeared on TheStreet on Jul 16, 2025 This story was originally reported by TheStreet on Jul 16, 2025, where it first appeared. 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
Business Recorder
a day ago
- Business
- Business Recorder
Yuan steady as firm midpoint counters dollar strength
SHANGHAI: China's yuan held steady against the dollar on Wednesday, as a firmer-than-expected official midpoint offset the pressure from the U.S. currency's climb to a multi-week high on reduced bets for imminent Federal Reserve rate cuts. The dollar rose against major currencies, hovering near the highest level since June 20, after U.S. inflation suggested tariffs are pushing prices up, dampening expectations for Fed policy easing and driving Treasury yields higher. Prior to the market opening, the People's Bank of China set the midpoint rate at 7.1526 per dollar, 388 pips firmer than a Reuters' estimate, the largest deviation since May 9. The spot yuan is allowed to trade 2% either side of the fixed midpoint each day. The spot yuan opened at 7.1800 per dollar and was last trading at 7.1815 as of 0226 GMT, 5 pips lower than the previous late session close and 0.4% weaker than the midpoint. 'Headline risk remains two-way with U.S.-China trade talks set to intensify in the coming month,' Citi analysts said in a note. U.S. tariff developments have been a key driver of dollar-yuan moves in recent months. China's yuan holds steady amid stimulus hopes after Q2 GDP data The Trump administration's emphasis on national security and strategic priorities is likely to keep U.S.-China relations strained, Citi analysts said, adding that their Washington-based policy experts expect a decision soon on the Section 232 investigation into critical minerals, an area where China dominates global rare earths production. Nvidia's planned resumption of sales of its H20 AI chips to China is part of U.S. negotiations on rare earths, Commerce Secretary Howard Lutnick said on Tuesday, and comes days after its CEO met President Donald Trump. UBS analysts raised their 2025 GDP growth forecast for China to 4.7% and said the yuan may strengthen in the near term. However, they warned that a slowing economy and lingering tariff-related uncertainties could push the dollar-yuan exchange rate to 7.1–7.2 by year-end. China's economy slowed less than expected in the second quarter in a show of resilience against U.S. tariffs. The dollar's six-currency index was 0.015% higher at 98.6. The offshore yuan traded at 7.184 yuan per dollar, down about 0.01% in Asian trade.
