Author: ALJAZEERA

Trade experts express concern about reported deal linking exports controls to monetary payments.Nvidia and AMD have agreed to give the United States government a share of revenues from chip sales in China as part of a deal to secure export licences for their products, US media have reported.Under the agreement reached with US President Donald Trump’s administration, Nvidia will share 15 percent of revenues from sales of its H20 AI chip, while AMD will pay the same percentage of MI308 chip revenues, multiple outlets reported on Sunday.The unorthodox agreement, which has no known precedent, comes after the Trump administration last month agreed…

Bao, widely regarded as one of China’s best-connected bankers, went missing in 2023 with little explanation.Bao Fan, star dealmaker and founder of boutique investment bank China Renaissance Holdings, has been released more than two years after being detained by Chinese authorities, the Reuters news agency has reported, citing a person with knowledge of the matter.Bao, widely regarded as one of China’s best-connected bankers, was released from detention earlier this week, the person said on Friday, declining to be identified because the information was not public.China Renaissance sent shockwaves through the country’s financial sector in 2023 when it announced it was unable to…

Miran, who currently sits on the White House’s Council of Economic Advisers, has advocated for a far-reaching overhaul of Fed governance.United States President Donald Trump has said he will nominate Stephen Miran, a top economic adviser to the US Federal Reserve’s board of governors, for four months, temporarily filling a vacancy while continuing his search for a longer-term appointment.The president announced his decision on Thursday.Miran, the chair of the White House’s Council of Economic Advisers, would fill a seat vacated by Governor Adriana Kugler, a Biden appointee who is stepping down Friday. Kugler is returning to her tenured professorship at…

The government of President Luiz Inacio Lula da Silva has petitioned the World Trade Organization for consultations to help alleviate the steep tariffs imposed on Brazil by the United States.Sources within the Brazilian government confirmed the petition on Wednesday to news outlets like AFP and The Associated Press, on condition of anonymity.The aim is to seek relief from the 50 percent tariff that US President Donald Trump slapped on Brazilian exports in response to the country’s prosecution of a former far-right president, Jair Bolsonaro.That tariff — the highest Trump has imposed on any country in August — took effect on…

US president says the Treasury secretary wishes to stay in his current role.United States President Donald Trump has ruled out Secretary of the Treasury Scott Bessent as his pick to replace Federal Reserve Chair Jerome Powell.Trump, who has repeatedly criticised Powell for not moving faster to lower interest rates, said on Tuesday that Bessent wished to continue in his current role.“I love Scott, but he wants to stay where he is,” Trump said in an interview with CNBC, adding that Bessent was doing a “great job” and had told him as recently as Monday that he did not want the…

Switzerland says it will try to negotiate its way out of stiff United States tariffs, hours after US President Donald Trump’s administration shocked the European country by announcing plans to impose a 39-percent tariff rate on Swiss goods.The Swiss government said on Friday that it was “disappointed” and would decide how to proceed after Trump unveiled the 39-percent rate, more than double the 15 percent being applied for most European Union imports into the US.The new tariffs, which are set to go into effect on August 7, would prove painful for several key Swiss industries, including manufacturing and watchmaking.The Swiss…

The US president has hurled insults at Fed Chair Jerome Powell, renewing calls for the Federal Reserve to slash interest rates.Washington, DC – United States President Donald Trump has called on the Federal Reserve board to wrest control of the central bank from Chairman Jerome Powell and lower interest rates.In a series of social media posts on Friday, Trump — who has called for lowering interest rates for months — escalated his attacks on Powell, suggesting that the central bank chief should be stripped of his powers.“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW,” Trump wrote.“IF…

The White House has launched an aggressive public relations campaign promoting a narrative of economic strength during the first six months of United States President Donald Trump, with claims of his policies fueling “America’s golden age”.But an Al Jazeera analysis of economic data shows the reality is more mixed.Trump’s claims of his policies boosting the US economy suffered a blow on Friday when the latest jobs report revealed that the country had added a mere 73,000 jobs last month, well below the 115,000 forecasters had expected. The only additions were in the healthcare sector, which added 55,000 jobs, and the…

US President Trump alleged that the data had been manipulated to make him look bad.United States President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported.Trump, in a post on his social media platform on Friday, alleged that the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics (BLS), who was appointed by former President Joe Biden, should be fired. He provided no evidence for the…

United States President Donald Trump’s tariffs are set to come into effect on August 1. They mark a significant escalation in US trade policy, leading to higher prices for consumers and bigger financial hits for companies.Trump had initially postponed “reciprocal tariffs”, which he had announced on April 2, giving countries time to reach trade deals with the US.On Sunday, US Commerce Secretary Howard Lutnick said the August 1 tariffs were a “hard deadline”.What are the August 1 tariffs?Several countries are facing a slew of tariffs on August 1. While the situation remains dynamic, different levies are going to hit countries…