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Trump signals semiconductor tariffs within weeks, may reach 300%

The president has repeatedly promised that levies on chips and pharmaceuticals are coming within weeks, but no formal announcements have yet been made

China, US clash over destroyer near Scarborough Shoal amid rising tensions

In a statement, the Chinese military's Southern Theatre Command said the USS Higgins had entered the waters "without approval of the Chinese government" on Wednesday

Nvidia, AMD China revenue deal could be model for others, says Bessent

Asked about reporting that China is urging its companies to avoid the Nvidia H20 processors now allowed for its market, Bessent said "sure, we can discuss that" with the Chinese

S&P 500, Nasdaq near record highs on hopes of Fed rate cut in September

Treasury Secretary Scott Bessent also said he thought an aggressive half-point cut was possible given recent weak employment numbers

Dollar extends losses as Fed rate cut hopes and political pressure grow

The dollar index, measuring the currency against a basket of peers, fell 0.2 per cent to 97.81, its lowest since July 28, extending its 0.5 per cent drop on Tuesday

Donald Trump says gold imports won't be tariffed in reprieve for market

Gold futures traded on New York's Comex and the global benchmark for spot prices in London were little-changed after Trump's post

Explosion at US Steel plant in Pennsylvania leaves 1 dead, dozens hurt

An explosion on Monday at a US Steel plant near Pittsburgh has left dozens wounded and people trapped under the rubble, with emergency workers on site trying to rescue them, officials said. There are no confirmed fatalities at the Clairton Coke Works, said Abigail Gardner, director of communications for Allegheny County. The Allegheny County Emergency Services said a fire at the plant started around 10:51 am and that it has transported five people. The agency did not provide any more details on those people transported and would only say it was an active scene. The plant, a massive industrial facility along the Monongahela River south of Pittsburgh, is considered the largest coking operation in North America and is one of four major US Steel plants in Pennsylvania that employ several thousand workers. In recent years, the Clairton plant has been dogged by concerns about pollution. In 2019, it agreed to settle a 2017 lawsuit for $8.5 million. Under the settlement, the company agreed

Trump says 'we'll see what happens' on August 12 deadline for China tariffs

US Treasury Secretary Scott Bessent has said that Washington has the makings of a deal with China and he was "optimistic" about the path forward

Lithium stocks rally as CATL mine halt raises prospects of tighter supply

In premarket trading, Albemarle Corp jumped nearly 9 per cent, while Chile's Sociedad Quimica y Minera rose 6.5 per cent and Lithium Americas gained nearly 9 per cent

Isro to launch 6,500 kg US-made communication satellite from India

After marking a humble beginning in the Indian space programme with a tiny rocket supplied by the United States, ISRO would launch a 6,500 kg communication satellite built by the US in the next couple of months, the chairman of the space agency, V Narayanan said on Sunday. Following the historic launch of NASA-ISRO Synthetic Aperture Radar (NISAR) mission onboard a GSLV-F16 rocket on July 30, ISRO would be launching another satellite for the United States, he said at an event near Chennai. Narayanan, who is also the secretary of Department of Space, was presented with the honorary degree of Doctor of Science, by the Governor of Maharashtra C P Radhakrishnan, during the 21st Convocation of SRM Institute of Science and Technology at Kattankulathur near Chennai. In his acceptance speech, Narayanan recalled that the ISRO was set up in 1963 and the country was 6-7 years behind advanced countries then. In the same year, a tiny rocket was donated by the United States marking the beginnings

Trump to realise trade policy failure within 6-9 months, says EAC-PM member

Economic Advisory to the Prime Minister (EAC-PM) member Neelkanth Mishra on Friday said in the next 6-9 months US President Donald Trump will figure out that his tariff policy is not working. On August 6, the US announced an additional 25 per cent tariff on all Indian imports, on top of an existing 25 per cent duty, taking the total duty to 50 per cent effective August 27. The White House said the measure responds to India's continued purchase of Russian oil. "It is reasonably clear that in the next 6-9 months, they will figure out that it (tariff policy) is not working," Mishra said while speaking at the Business Today India@100 event. He noted that the US government's decision to announce additional 25 per cent tariff on all Indian imports is an attempt to break away from India. "This (Trump) regime is acting in a way that it is very hard to understand who is taking decisions," Mishra said. The EAC-PM member observed that the Indian economy is unlikely to grow at 9-10 per cent

Trump weighs $30 bn Fannie Mae and Freddie Mac IPO for later this year

Plan could value the government-controlled mortgage giants at some $500 billion or more and would involve selling between 5% and 15% of their stock with an offering expected to raise about $30 billion

US gold bar tariffs spark market turmoil and price surge in New York

Gold futures in New York which are backed by those forms of bullion surged to a record high, as traders, analysts and executives across the industry were left reeling

India's state refiners pause Russian oil buys amid US tariff pressure

Companies including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle

Apple leads global tech rally as Trump spares key chipmakers from tariffs

Trump said the new tariff rate would apply to "all chips and semiconductors coming into the United States," but would not apply to companies that had made a commitment to manufacture in the US

US FDA announces new program to boost domestic drug manufacturing

The program, called FDA PreCheck, aims to streamline review of domestic pharmaceutical manufacturing and eliminate unnecessary regulatory requirements, the FDA said

Trump demands 'conflicted' Intel CEO's resignation over China links

The company pleaded guilty in July to violating US export controls by selling hardware and software to China's National University of Defense Technology

Trump says 'great progress' made in envoy Witkoff's meeting with Putin

Trump says 'great progress' made in envoy Witkoff's meeting with Putin

US to impose secondary Russia sanctions on Friday despite Putin meeting

Witkoff met Putin for around three hours on a last-minute mission to seek a breakthrough in the 3-1/2-year war that began with Russia's full-scale invasion of Ukraine

Trump tariffs may cut India's US-bound exports by up to 50%: GTRI

The tariffs announced by the US are expected to make Indian goods far costlier in the US, with the potential to cut America-bound exports by 4050 per cent, think tank GTRI said on Wednesday. On August 6, Washington announced an additional 25 per cent tariff on all Indian imports, on top of an existing 25 per cent duty, taking the total to 50 per cent from August 27. The White House said the measure responds to India's continued purchase of Russian oil. The move places India among the "most heavily" taxed US trading partners, far above rivals such as China, Vietnam, and Bangladesh, and threatens most of India's USD 86.5 billion in annual exports to America, from textiles to machinery, Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said in 2024, China bought USD 62.6 billion of Russian oil, more than India's USD 52.7 billion, yet faces no such penalties. Washington avoids targeting Beijing because of China's leverage over critical materials such as gallium,