Haroon Rasheed flipped this story into New•1974d
Nvidia’s AI chips are crucial to technology from smartphones to chatbots. Their production is outsourced to just one company in Taiwan. With growing fears that China may stage an invasion of the island, the U.S. is racing to secure the supply chain. Illustration: Zak Ross
President Joe Biden is expected to call for higher tariffs to combat Chinese practices in the aluminum and steel industries while in Pittsburgh Wednesday at the United Steelworkers headquarters during an economic-focused blitz through the battleground state of Pennsylvania. President Biden will call on the office of the United States Trade Representative to consider tripling tariffs on Chinese steel and aluminum imports; direct work with Mexico to prevent tariff evasion; announce the United States Trade Representative will investigate Chinas trade practices in shipbuilding, maritime and logistics; and maintain support for domestic ownership of U.S. Steel. Chinas policy driven over capacity poses a serious risk to the future of the American steel and aluminum industry. China cannot export its way to recovery. China is simply too big to play by its own rules, said national economic adviser Lael Brainard. While the White House touts President Bidens trade and investment agenda as protective from unfair competition, officials also acknowledge what they view as unfair Chinese trade practices. In manufacturing sectors like steel, China's already producing more than China or the world can easily absorb. China's subsidies and other forms of support lead to exports flooding global markets at artificially low prices, undercutting American steel that is cleaner, Brainard said. SEE MORE: Biden's 2025 budget plan details vision for potential second termSenior administration officials said it was critical to get in front of concerns of a new export surge, though the Trump administration imposed Section 232 tariffs on steel and aluminum imports, in which the Biden administration maintained some. Section 232 imposed 25% tariffs on steel imports, with exemptions for Canada and Mexico.The United States Trade Representative is in the midst of a statutory review of section 301 actions against China, used to increase tariffs with an exclusion process. United States Trade Representative Ambassador Katherine Tai hinted the review could be finished soon. We are making progress and it is my belief we are very close to the conclusion of this review, Tai told lawmakers Tuesday. Following a petition from five labor unions, including the USW, the United States Trade Representative will also start an investigation on ships. Senior administration officials found the petition extensive and raised a number of significant concerns related to Chinas practices. Brainard called the actions a …
Lancashire Police found cocaine stuffed inside blocks of cheese in a £17.2m haul, bodycam footage shows. Officers raided a unit in Blackburn in May 2023 where they discovered some of the class A drugs after cutting open blocks of gouda. Other blocks were found in black bin bags ready to be handed to couriers. It is the force’s biggest-ever haul to date. Saleem Chaudhri, 46, was jailed for 27 and a half years at Preston Crown Court on Friday, 12 April, after admitting conspiring to supply cocaine and money laundering. Co-defendant Rieddul Mohabath, 28, was sentenced to 16 years on Monday after pleading guilty to conspiracy to supply cocaine.
New research, conducted by OnePoll on behalf of the banking app Chime, found that 52% of Americans feel like they only use half of the information they were taught in school… in their adult lives.
Amid a competitive and challenging real estate market, many people are looking into off-market listings. Aarthi Swaminathan, MarketWatch's real estate reporter, shares tips on navigating off-market listings for buyers and sellers.
