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Trump plans 100% tariff on computer chips, unless companies build in US
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2025/08/05 20:23
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President Donald Trump said Wednesday that he will impose a 100% tariff on computer chips, raising the specter of higher prices for electronics, autos, household appliances and other essential products dependent on the processors powering the digital age.
“We’ll be putting a tariff of approximately 100% on chips and semiconductors,” Trump said in the Oval Office while meeting with Apple CEO Tim Cook. “But if you’re building in the United States of America, there’s no charge.”
The announcement came more than three months after Trump temporarily exempted most electronics from his administration’s most onerous tariffs.
The Republican president said companies that make computer chips in the U.S. would be spared the import tax. During the COVID-19 pandemic, a shortage of computer chips increased the price of autos and contributed to higher inflation.
Investors seemed to interpret the potential tariff exemptions as a positive for Apple and other major tech companies that have been making huge financial commitments to manufacture more chips and other components in the U.S..
Big Tech already has made collective commitments to invest about $1.5 trillion in the U.S. since Trump moved back into the White House in January. That figure includes a $600 billion promise from Apple after the iPhone maker boosted its commitment by tacking another $100 billion on to a previous commitment made in February.
Now the question is whether the deal brokered between Cook and Trump will be enough to insulate the millions of iPhones made in China and India from the tariffs that the administration has already imposed and reduce the pressure on the company to raise prices on the new models expected to be unveiled next month.
Wall Street certainly seems to think so. After Apple’s stock price gained 5% in Wednesday regular trading sessions, the shares rose by another 3% in extended trading after Trump announced some tech companies won’t be hit with the latest tariffs while Cook stood alongside him.
The shares of AI chipmaker Nvidia, which also has recently made big commitments to the U.S., rose slightly in extended trading to add to the $1 trillion gain in market value the Silicon Valley company has made since the start of Trump’s second administration.
The stock price of computer chip pioneer Intel, which has fallen on hard times, also climbed in extended trading.
Inquiries sent to chip makers Nvidia and Intel were not immediately answered. The chip industry’s main trade group, the Semiconductor Industry Association, declined to comment on Trump’s latest tariffs.
Demand for computer chips has been climbing worldwide, with sales increasing 19.6% in the year-ended in June, according to the World Semiconductor Trade Statistics organization.
Trump’s tariff threats mark a significant break from existing plans to revive computer chip production in the U.S. that were drawn up during the administration of President Joe Biden.
Since taking over from Biden, Trump has been deploying tariffs to incentivize more domestic production. Essentially, the president is betting that the threat of dramatically higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for mobile phones, TVs and refrigerators.
By contrast, the bipartisan CHIPS and Science Act that Biden signed into law in 2022 provided more than $50 billion to support new computer chip plants, fund research and train workers for the industry. The mix of funding support, tax credits and other financial incentives were meant to draw in private investment, a strategy that Trump has vocally opposed. |
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Labor & Employment Law Attorneys in Queens, NY
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2025/06/09 01:01
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Experienced Advocates in Labor and Employment Law
With years of experience representing both employees and employers, our firm has developed a comprehensive understanding of the legal challenges that arise in today’s workplaces. Our labor and employment attorneys provide strategic, personalized representation tailored to your specific circumstances.
We are passionate about protecting the rights of employees. If you’ve faced discrimination, harassment, retaliation, wrongful termination, or any other form of workplace injustice, we are prepared to stand by you and pursue the justice you deserve.
We also advise employers on navigating the complex landscape of labor and employment law. From drafting employment agreements and enforcing non-compete clauses to ensuring compliance and resolving disputes, we offer practical, results-oriented legal support designed to protect your organization.
Our attorneys have successfully represented clients in both the public and private sectors across a wide range of employment matters, including:
-Wrongful termination and layoffs
-Workplace discrimination and harassment
-Promotion and advancement disputes
-Disciplinary actions
-Employment contract and severance negotiations
-Non-compete and confidentiality agreements
-Disability accommodations and related claims
Whether you're an individual seeking justice or a business seeking clarity, we are here to help.
Seo Law Group, PLLC
https://seolawgroup.com |
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Hungary welcomes Netanyahu and announces it’s quitting top war crimes court
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2025/04/05 00:57
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Hungary will start the process to withdraw from the International Criminal Court, an official said Thursday, just as Israeli Prime Minister Benjamin Netanyahu arrived to red carpet treatment in the country’s capital despite an arrest warrant from the world’s only permanent global tribunal for war crimes and genocide.
Prime Minister Viktor Orbán gave the Israeli leader a welcome with full military honors in Budapest’s Castle District. The two close allies stood side by side as a military band played and an elaborate procession of soldiers on horseback and carrying swords and bayoneted rifles marched by.
As the ceremony unfolded, Orbán’s chief of staff, Gergely Gulyás, released a brief statement saying that “the government will initiate the withdrawal procedure” for leaving the court, which could take a year or more to complete. Netanyahu’s visit to Hungary, which is scheduled to last until Sunday, was only his second foreign trip since the ICC issued the warrant against him in November.
The ICC, based in The Hague, Netherlands, said when issuing its warrant that there was reason to believe Netanyahu and former Israeli Defense Minister Yoav Gallant had committed crimes against humanity in connection with the war in Gaza.
The war began when Hamas-led militants attacked southern Israel on Oct. 7, 2023, killing around 1,200 people, mostly civilians, and taking 251 hostages, most of whom have since been released in ceasefire agreements and other deals. Israel rescued eight living hostages and has recovered dozens of bodies.
Israel’s offensive has killed more than 50,000 Palestinians, according to Gaza’s Health Ministry, which doesn’t say whether those killed are civilians or combatants. Israel says it has killed around 20,000 militants, without providing evidence. Israeli military’s response resumed last month, shattering a ceasefire.
After the ICC issued the warrant, Orbán invited Netanyahu to Budapest, and accused the court of “interfering in an ongoing conflict for political purposes.” That invitation was in open defiance of the court’s ruling and contradicted Hungary’s obligations as a signatory to arrest any suspects facing a warrant if they set foot on their soil.
All countries in the 27-member European Union, including Hungary, are signatories, but the court relies on member countries to enforce its rulings. Hungary joined the court in 2001 during Orbán’s first term as prime minister.
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Under threat from Trump, Columbia University agrees to policy changes
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2025/03/21 19:45
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Under threat from the Trump administration, Columbia University agreed to implement a host of policy changes Friday, including overhauling its rules for protests and conducting an immediate review of its Middle Eastern studies department.
The changes, detailed in a letter sent by the university’s interim president, Katrina Armstrong, came one week after the Trump administration ordered the Ivy League school to enact those and other reforms or lose all federal funding, an ultimatum widely criticized in academia as an attack on academic freedom.
In her letter, Armstrong said the university would immediately appoint a senior vice provost to conduct a thorough review of the portfolio of its regional studies programs, “starting immediately with the Middle East.”
Columbia will also revamp its long-standing disciplinary process and bar protests inside academic buildings. Students will not be permitted to wear face masks on campus “for the purposes of concealing one’s identity.” An exception would be made for people wearing them for health reasons.
In an effort to expand “intellectual diversity” within the university, Columbia will also appoint new faculty members to its Institute for Israel and Jewish Studies department. It will also adopt a new definition of antisemitism and expand programming in its Tel Aviv Center, a research hub based in Israel.
The policy changes were largely in line with demands made on the university by the Trump administration, which pulled $400 million in research grants and other federal funding, and had threatened to cut more, over the university’s handling of protests against Israel’s military campaign in Gaza.
The White House has labeled the protests antisemitic, a label rejected by those who participated in the student-led demonstrations.
A message seeking comment was left with a spokesperson for the Education Department. As a “precondition” for restoring funding, federal officials demanded that the university to place its Middle Eastern, South Asian and African Studies Department under “academic receivership for a minimum of five years.”
They also told the university to ban masks on campus, adopt a new definition of antisemitism, abolish its current process for disciplining students and deliver a plan to ”reform undergraduate admissions, international recruiting, and graduate admissions practices.”
Historians had described the order as an unprecedented intrusion on university rights long treated by the Supreme Court as an extension of the First Amendment.
On Friday, freedom of speech advocates immediately decried Columbia’s decision to acquiesce. |
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