Latest news with #cross-Pacific
Yahoo
30-07-2025
- Business
- Yahoo
South Korea to invest $350 billion in U.S. under new trade agreement, Trump says
-- President Donald Trump announced a broad new trade agreement with South Korea on Wednesday evening, outlining a multibillion-dollar deal spanning energy, infrastructure, and tariff policy. In a statement, Trump said on Truth Social the U.S. had secured 'a Full and Complete Trade Deal with the Republic of Korea,' totaling hundreds of billions in investment and purchases. According to the president, the agreement includes a $350 billion commitment from South Korea toward U.S.-owned and -controlled investments. He further said the funds will be 'selected by myself, as President,' suggesting the administration will have direct discretion over the allocation of capital. South Korea will also purchase $100 billion worth of liquefied natural gas and other U.S. energy products, reflecting a significant increase in cross-Pacific energy trade. Trump stated, 'Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products,' under the new agreement. The White House expects more details about further South Korean investments to be revealed within two weeks during a scheduled bilateral meeting. 'This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting,' Trump said. As part of the trade pact, South Korea has agreed to eliminate barriers to American imports, including automotive and agricultural goods. Trump emphasized that 'South Korea will be completely OPEN TO TRADE with the United States,' pledging open access for 'Cars and Trucks, Agriculture, etc.' A contentious aspect of the agreement appears to be a new tariff structure, with Seoul accepting a 15% tariff on its exports while the U.S. faces no reciprocal duties. 'We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff,' Trump said. The announcement caps off negotiations led by the administration's trade team, following months of tense economic maneuvering between Washington and Seoul. 'I would like to thank the Trade Representatives who came forward today. It was an Honor to meet them,' the president said. Trump also extended congratulations to South Korea's newly elected leader. 'I would also like to congratulate the new President on his Electoral Success,' he added. Related articles South Korea to invest $350 billion in U.S. under new trade agreement, Trump says Surge of 50% since our AI selection, this chip giant still has great potential Apollo economist warns: AI bubble now bigger than 1990s tech mania 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
Time of India
22-07-2025
- Automotive
- Time of India
Silicon shuttle: Is Jensen Huang the new Tim Cook for US-China relations?
CEO of Nvidia Jensen Huang. (AP Photo/Andy Wong) Just days after shaking hands with US President Donald Trump in the Oval Office, Jensen Huang was on stage in Beijing in his signature leather jacket, grinning as he greeted a Chinese audience in fluent Mandarin. On cue from a former Chinese commerce official, he struck an upbeat tone about shared futures and AI breakthroughs. Applause followed. What he didn't say - but what everyone watching understood - was that Nvidia, the company he co-founded and now leads as CEO, had just pulled off a high-stakes diplomatic and commercial coup. The Trump administration, in an abrupt reversal, had approved the sale of Nvidia's H20 chip to China, rescinding a ban that had threatened billions in revenue. TL;DR: Driving the news The Nvidia CEO secured US approval to resume sales of H20 AI chips to China, reversing a previous ban and safeguarding billions in revenue. Huang has become a rare and effective intermediary between Washington and Beijing, using shuttle diplomacy to keep Nvidia in both markets. The US chose to allow sales of less advanced chips to keep Chinese firms dependent on American technology, rather than ceding the market to Huawei. Nvidia's global importance has soared, with its chips powering AI worldwide and the company now valued at over $4 trillion. 'I don't think I changed [Trump's] mind,' Huang said. 'It's my job to inform the president about what I know very well, which is the technology industry, artificial intelligence, the developments of AI around the world'. Why it matters Huang is fast emerging as a reluctant - and remarkably effective - emissary between Washington and Beijing. His cross-Pacific shuttle diplomacy has not only preserved Nvidia's access to a $17 billion Chinese market, but it's also made him the closest figure in today's tech world to Tim Cook's once-coveted role as corporate bridge between the world's two superpowers. But this role comes with exponentially higher stakes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gold Is Surging in 2025 — Smart Traders Are Already In IC Markets Learn More Undo The H20 chip is less powerful than Nvidia's flagship models, but still valuable to Chinese AI firms desperate for access to cutting-edge silicon. When the Trump administration quietly blocked its export this spring, it was a gut punch: Nvidia stood to lose $5.5 billion in potential sales. Huang, normally averse to political trench warfare, sprang into action. He testified before Congress, courted White House officials, and met directly with Trump. According to the New York Times, he argued that banning Nvidia's chip would hand the market to Huawei and other Chinese rivals - undercutting US leadership in AI. Commerce secretary Howard Lutnick later echoed that logic publicly, saying the administration wanted Chinese developers 'addicted to American technology,' even if that meant letting them buy older chips. It was a stunning reversal, and one that underscored Huang's emerging role not just as a CEO, but as a geopolitical actor. 'Huang is obviously on good terms with Trump administration. Yet his chip business is one of the biggest flashpoints between Beijing and Washington,' Feng Chucheng, a founding partner at Hutong Research, told Bloomberg. The big picture Nvidia, now the world's most valuable company at over $4 trillion, is at the heart of a new great power race: AI dominance. Strategic leverage: Its chips fuel generative AI systems worldwide - including those built by Chinese firms that Washington fears could be repurposed for military uses. Tightrope walk: The US wants to stay ahead technologically by curbing China's access to the most advanced semiconductors. But it also doesn't want to push China into full self-reliance - or let Huawei monopolize the world's largest tech market. Enter Huang: Unlike Apple, Nvidia's business isn't deeply embedded in Chinese supply chains. That gives Huang unusual room to maneuver - and to push back. What they're saying 'He's a skillful CEO who… must navigate the China and non-China technology ecosystems,' Kurt Tong, former US consul general in Hong Kong and a partner at the Asia Group, told Bloomberg 'He makes the same argument, even where it is unpopular,' Brad Gerstner, CEO of Altimeter Capital and major Nvidia investor, told the NYT. 'Because he believes… that winning developer mind-share in China and depriving Huawei of a monopoly market is the best way for American AI to win." 'Technology leadership requires big markets,' Huang told reporters in Beijing, noting that China has 'half the world's AI researchers' A reluctant player in a high-stakes game Huang, 62, didn't seek out this role. He has long described himself as an engineer, not a politician. In January, while most of Silicon Valley's elite gathered in Washington for Trump's inauguration, Huang was thousands of miles away, touring Nvidia's Asia operations. That posture - politically agnostic, business-first - worked until his company's chips became central to the US-China tech rivalry. Now, navigating that rivalry is part of his job. Nvidia, which controls more than 90% of the market for advanced AI chips, has become a critical player not just in the global tech economy, but in national security calculus on both sides of the Pacific. Huang's challenge is unlike any faced by his Silicon Valley peers. Apple's Tim Cook rode a decade-long boom by embedding Apple deep into China's supply chain and retail markets. Elon Musk, once treated like a rock star by Beijing, has faded from favor amid his public feuding with Trump and Tesla's slipping China performance. Huang's approach? Strategic ambiguity. Maintain good standing with both Washington and Beijing. Say little. Smile often. Speak Mandarin when needed. Shake the right hands. 'He's obviously on good terms with the Trump administration,' Feng Chucheng, founding partner of Hutong Research, told Bloomberg. 'Yet his chip business is one of the biggest flashpoints between Beijing and Washington. It's possible the two leaders may want such a channel for messaging, but is he willing to?' So far, Huang's actions suggest he's willing - up to a point. Zoom in: The Cook comparison Like Cook during the Trump and Biden years, Huang is operating in a space where national security, trade, and technology policy blur. Cook's era: Apple's China strategy delivered stunning financial results. Between 2012–2022, its profits in Greater China more than tripled. But by 2023: iPhones were banned in Chinese government offices, Huawei roared back, and Cook's access seemed to fade. Now: Apple remains deeply reliant on Chinese suppliers - 4 of its top 20 - while Nvidia's top 20 suppliers include none from China. The Economist notes: 'Mr. Huang is not Mr Cook. He may lack the Alabamian's disarming lilt, but he seems more fluent both in MAGA and in Xi Jinping Thought.' His statements - both in the US and China - are tailored for maximum compatibility: To Trump: 'Manufacturing in the United States wouldn't have accelerated to this pace without the president's strong encouragement.' To Beijing: 'AI research and development must be global, collaborative, and inclusive.' What's next A Trump-Xi summit is widely expected later this year. Behind the scenes, the two sides are weighing broader trade-offs: easing chip controls, expanding rare earth supplies, and potentially extending US-China tech cooperation. The US commerce separtment's move to reapprove Nvidia's H20 chip sales came just as China agreed to supply rare earth magnets to American firms. Trump officials described the maneuver as a way to get Beijing 'addicted to the American technology stack' while keeping US firms in control. Whether intentional or not, Huang helped deliver the talking points - and the outcome. 'We can only influence them, inform them, do our best to provide them with facts,' Huang said modestly. 'And then beyond that is out of our control'. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. 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Epoch Times
09-07-2025
- Epoch Times
Heed the Siren Call of Crockett, the Bay Area Small Town That Time Forgot
By John Metcalfe Bay Area News Group Crockett is a small town with an oversized pull. Its intriguing history threads through the cross-Pacific sugar trade, perilous smelting of precious metals, and strange crimes involving an 'Ocean's Eleven'-style gold heist and intricate networks of underground tunnels.
Miami Herald
03-07-2025
- Entertainment
- Miami Herald
Heed the siren call of Crockett, the Bay Area small town that time forgot
Crockett is a small town with an oversized pull. Its intriguing history threads through the cross-Pacific sugar trade, perilous smelting of precious metals and strange crimes involving an "Ocean's Eleven"-style gold heist and intricate networks of underground tunnels. With charming restaurants and a bustling music scene, it's also a great place to have a day trip. But where to begin? Filling up the caffeine reserves will be Priority No. 1 for many folks. In town, the new Calaca Coffee pours strong java with a Mexican twist. Try a cafe de olla cold brew with cinnamon and piloncillo (raw sugar) or a Xoco latte with cacao and espresso - and if you're feeling naughty, top it off with banana or tres-leches cream. Glommed onto an old church like a retro barnacle, Revival Coffee is a trailer-based operation sporting a bohemian open-air porch with comfy furniture and board games. "Liquid pie" is a good way to describe the coffee. There's a Cherry Jubilee with white chocolate, a Coconut Cream Pie Latte and a Huckleberry Mocha, giving customers the chance to slyly comment to their significant other: "No, you're my huckleberry." The fruit-forward drinks seem cast down from the berry-rich fields of Oregon, and for a breakfast snack there's biscuits and gravy. The sweet offerings around town seem appropriate given its raison d'etre for a long while was sugar. The California and Hawaiian (C&H) Sugar Refining Company celebrates its 120th year in Crockett – whose nickname is "Sugar City" – in 2026. While C&H recently stopped importing from Hawaii, it's still a major player in the market, producing 14% of the cane sugar in the United States. In local vintage shops you'll find its logo emblazoned on Hawaiian shirts, also in timeworn cookbooks with recipes like Hawaiian coconut pudding and frosted grapes on pine boughs. Hungry for more history? Head down to the Crockett Historical Museum, squeezed into a former railroad station by the sugar factory. (Note: it's closed for repairs until July 7.) Inside you'll find treasures like California's last telephone switchboard and a 468-pound taxidermied sturgeon, the largest ever caught in San Pablo Bay. There are informative news articles like one whose headline reads, "UFOs Buzz Crockett Six Say Soberly." That's probably not true – the "soberly" part, as Crockett is a historical hotbed of drinking. Among the 45-plus bars that hung their flag in this tiny community during the last century were Chuck & Henry, Dick & Johnny, Toots and Gully and the by-comparison lonely-sounding Ray's Corner, which poured booze for 103 years until closing in 2004. A train car transporting wine parked in Crockett in 1920, the year Prohibition started. The result was like something out of "28 Days Later" with locals scenting blood in the air. "When the car was discovered on a recent Sunday many of the populace dashed madly to the railroad yards equipped with spigots, garden hose and hand axes," the Los Angeles Herald reported. "The car was entered and some 3000 gallons siphoned into buckets, bottles, kegs, demijohns and all manner of containers." There's fun history to be gleaned here about the old Selby smelting works, once the largest refining company in the West for gold, silver and lead. It was bulldozed in the 1970s, but locals keep it alive sharing memories on the public Crockett-history Facebook page. "When you woke up there was always a layer of gray dust on the porches," recalls one person. Laments another: "(M)y great grandfather fell into a smelting pot I believe never made it home soo sad." Selby was the scene of one of the biggest gold heists in contemporary U.S. history. In 1901, a former worker named Jack Winters spent 6 weeks tunneling through dirt and brick to reach the company's vault and he absconded with half a ton of bullion. He lowered the treasure into the muck of the Carquinez Strait, planning to retrieve it bit by bit. Instead, he was quickly caught and divers recovered the haul, though that doesn't stop fortune-hunters from seeking the gold to this day. A nice way to burn off some calories is to explore Crockett Hills Regional Park. From the staging area, the Crockett Ranch Trail trail leads up a beautifully forested path to a long tunnel under the Cummings Skyway. Pass through this dark orifice and you'll emerge on the other side of the hill with blazing sun and a panoramic visage of the San Francisco Bay that can only be called stunning. The random cow that sometimes grazes here might agree with an appreciative bellow. Cocktail hour approaches, and beckoning hard is surf-and-turf institution The Dead Fish. Named after the owner's nonna - she couldn't always recall the species of sea creatures she cooked, so she called everything "dead fish" - the restaurant offers roasted Dungeness crab and Omaha prime rib in a kitsch-filled compound on the cliff. The views of huge ships passing through the Strait are unbeatable, as are the "Drink-Like-a-Fish" cocktails for only $10. A Crabby Mood Martini or Bloody Shark served in a chilled wine glass? Delightful! Many of Crockett's hidden charms reveal themselves to those wandering with no real purpose. The Epperson Gallery is a spacious showcase for California landscapes and quirky animal sculptures. The Cat Vintage offers antiques and clothing and plans to open a Cat Museum this summer, full of priceless artifacts - to cat lovers, anyway - like feline dolls, trinkets, shirts, staplers and more Garfields than you can shake a pan of lasagna at. Ask nicely and the owner might pull back the curtain on the in-progress museum. Club Tac is a sleepy dive bar with drink specials and a wall of certificates that, upon closer inspection, turn out to be from E Clampus Vitus, a men's-only organization devoted to the history of the Western Gold Rush. Among its purported members were Gene Autry, Ronald Reagan and the famous San Francisco eccentric Emperor Norton. For dinner, The Sicilian serves up traditional Italian plates like penne amatriciana or antipasti with burrata-stracciatella and marinated artichokes. The restaurant may or may not be named in tribute to the eponymous 1987 movie starring local tough-guy actor Aldo Ray. Lucia's Craft Sandwich closes in the afternoon, but if you were fortunate enough to pick something up, they're sizable enough for dinner. It's no exaggeration to say Lucia's is one of the best sandwich shops in the Bay, focused on local produce and top-quality meats. The mortadella with artichokes and fresh ricotta dances between delicate and decadent, and the specials are always worth consideration: a porchetta with orange and fennel-pollen salad, say, or a croque madame with Mornay sauce, squash blossoms and runny egg. Crockett may have had dozens of bars in its history but today is down to a handful, a great one being Toot's Tavern. Said to be the longest continuously operating bar in Contra Costa County, the wood-shrouded watering hole switches from sleepy neighborhood hangout in the afternoon to high-energy music joint at night. Patrons might stumble upon a thrash-metal band, a Van Halen tribute, an electro DJ or a 17-piece jazz ensemble - here, anything's possible. There's also rumored to be a tunnel in Toot's basement that smugglers used during Prohibition to get resupplies from the waterfront. Some locals say it's a myth, but the resident bartender swears it's true. "All of Crockett has tunnels under it," he said on a recent visit. "There were tons of bars during Prohibition and you can see the holes open up by the water. Most are bricked over, and I wouldn't recommend seeking them out. Yeah, it's kind of a weird old town." If you go ... Calaca Coffee: Open 7 a.m.- 2 p.m. at 605 Second Ave., Crockett; Revival Coffee: Open 5 a.m.-5 p.m. Monday-Friday, 6 a.m.-5 p.m. Saturday and 7 a.m.-4 p.m. Sunday at 1 Rolph Park Drive, Crockett; Crockett Historical Museum: Closed until July 7, then open 10 a.m.-3 p.m. Wednesday and Saturday at 900 Loring Ave., Crockett; Crockett Hills Regional Park: Summer hours through August are 8 a.m.-8 p.m. daily at 1300 Crockett Blvd., Crockett; The Dead Fish: Open noon-9:30 daily (last seating 8 p.m.) at 20050 San Pablo Ave., Crockett; Epperson Gallery: Open 11 a.m.-5 p.m. Friday-Sunday at 1400 Pomona St., Crockett; The Cat Vintage: Open noon-6 p.m. Friday, 11 a.m.-6 p.m. Saturday and 11 a.m.-4 p.m. Sunday at 720 2nd Ave., Crockett; The Sicilian: Open 6 p.m.-9 p.m. Thursday-Sunday at 601 2nd Ave., Crockett; Lucia's Craft Sandwich: Open 8 a.m.-3 p.m. Monday-Thursday and 8 a.m.-4 p.m. Friday-Sunday at 611 2nd Ave., Crockett; Toot's Tavern: Open noon-1:30 a.m. daily at 627 2nd Ave., Crockett; ______ Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
South China Morning Post
09-04-2025
- Business
- South China Morning Post
Chinese exporters said to be ditching shipments mid-voyage to avoid crushing Trump tariffs
Amid escalating trade tensions between China and the United States, some Chinese exporters are taking the drastic step of ditching shipments mid-voyage and surrendering containers to shipping companies to avoid crushing tariff costs. Advertisement Industry insiders have dubbed the move 'preparing for the Long March', a grim metaphor for what many see as a prolonged and punishing downturn in cross-Pacific trade. A staff member at a China-listed export company, who requested anonymity, said its US-bound container volume had plummeted from 40 to 50 containers a day to just three to six as a result of the new tariffs on Chinese imports imposed by the second Trump administration. It has increased tariffs by 104 per cent this year, taking the total impost to around 115 per cent. The new tariffs have triggered a backlash from Beijing and sent shock waves through global markets, fuelling fears that a full-scale trade war is about to break out. 'We've halted all shipping plans from the Philippines, Vietnam, Indonesia and Malaysia,' the employee said. 'Every factory order is halted. Anything that hasn't been loaded will be scrapped, and the cargo already at sea is being re-costed.' Advertisement One client had told the company it was abandoning goods already on the water and giving them to the shipping company, as 'no one will buy them after the tariffs are imposed'. The company's leadership had returned to China to manage a flood of order cancellations and had instructed its staff to suspend all container business until tariffs stabilise or alternative markets are secured.
