Trump administration accuses China of unfair chip trade practices

The United States will increase tariffs on Chinese semiconductor imports from June 23, 2027, at a rate to be determined at least a month in advance, according to the Office of the US Trade Representative.

However, in the meantime, the initial tariff rate on semiconductor imports from China will be zero for 18 months, according to the filing from the office.

The decision to delay new tariffs for at least 18 months signals that the Trump administration is seeking to cool any trade hostilities between the US and China. Additional tariffs could also become a bargaining chip if future talks break down.

The results of the probe come ahead of a meeting between US President Donald Trump and Chinese leader Xi Jinping expected in Beijing in the coming months. It caps a tumultuous year in which a US-China trade war has at times roiled global stock markets and cast a shadow over the us economy.

It also lands in the midst of an uneasy trade truce between the world’s two largest economies after both ratcheted up tariffs to as high as 14% earlier this year, severely disrupting trade before agreeing to de-escalate the levies.

Reference Sources

1. usnews - US to Impose Tariffs on Chips From China
2. ft - Trump administration accuses China of unfair chip trade practices
3. cnbc - U.S. pushes additional tariffs on Chinese chips to June 2027

Western Intelligence Suspects Russia Is Developing New Weapon to Target Musk's Starlink Satellites

(Source: AP)

Intelligence findings from two NATO nations suggest that Russia is developing a new Anti-Satellite weapon specifically designed to target Elon Musk's Starlink Constellation with destructive orbiting clouds of shrapnel.

The weapon aims to flood Starlink orbits with hundreds of thousands of high-density pellets, potentially disabling multiple satellites at once, but also carries the risk of catastrophic collateral damage to other orbiting systems.

The alleged objective behind this development is to curb Western space superiority, which has played a crucial role in aiding Ukraine on the battlefield.

However, analysts who have not reviewed these specific findings express scepticism, questioning whether such a weapon could be deployed without causing uncontrollable chaos in space.

This chaos would affect not only Western entities but also companies and countries that rely on thousands of orbiting satellites for communications, defense, and other vital needs.

Reference Sources

1. independent - Elon Musk’s Starlink satellites could be targeted by new Russian weapon, Nato suspects
2. huffpost - How Russia Could Attack Elon Musk's Conquering Of Space
3. abc - Starlink in the crosshairs: How Russia could attack Elon Musk's conquering of space
4. washingtontimes - Starlink in the crosshairs: How Russia could attack Musk’s conquering of space
5. usnews - Western Intelligence Suspects Russia Is Developing New Weapon to Target Musk's Starlink Satellites

Gold sets 50th daily record this year on rate-cut bets and risk

Gold and silver have soared this year, smashing consecutive price records as sentiment shook on riskier assets amid fears of an AI bubble and uncertainty over the next Federal Reserve chair.

Gold futures for February delivery rose 0.4% higher at $4,488.20 per ounce, after hitting a record of $4,530.80 per ounce. Spot gold was up 0.95% to $4,488.58 per ounce, while silver futures for March advanced 1.7% and were last seen at $69.74 per ounce, having earlier hit a fresh high of $70.80, while spot silver was last trading at $69.78, up 1.1%. Spot silver crossed $70 for the first time earlier in the session.

The metals have soared this year, smashing consecutive price records as sentiment shook on riskier assets amid fears of an AI bubble. Heightened geopolitical and economic uncertainty has boosted demand for gold and silver, which typically display a degree of independence from movements in stock prices, some analysts told ABC News. Volatility in bond markets and a devaluation of the US dollar, meanwhile, have unsettled alternative assets typically viewed as safe-haven investments.

Reference Sources

1. cnbc - Gold and silver reach fresh highs for second day running — and could keep climbing
2. bangkokpost - Gold sets 50th daily record this year on rate-cut bets and risk
3. abc - Why are gold and silver prices hitting record highs?
4. cnbc - Gold and silver prices soar to new highs as the yellow metal 'reemerges' as a hedge
5. thestarmy - Silver hits record high on rate cut bets

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.  

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