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Stock markets dived Friday following weak US jobs data that raised doubts about the world’s biggest economy as President Donald Trump moves forward with additional tariffs.Major US indices finished down 1.2 percent or more after spending the entire day in the red. Major indices in Asia and Europe also fell, with Paris and Frankfurt losing nearly three percent.The dollar fell sharply against other key currencies while oil prices plunged on fears that a weakening US economy would sap demand.The Labor Department said the US economy added just 73,000 jobs in July, while the unemployment rate rose to 4.2 percent from 4.1 percent. The department also cut the job gains from June and May by nearly 260,000 jobs.”Investors are getting a bit worried that this economy is softening more rapidly than we earlier thought,” said Sam Stovall of CFRA Research.The report comes at a moment when investors had been questioning whether the market was overvalued following a series of records in recent weeks.”There’s a lot of excuses to do some selling. The primary one today is the payrolls data,” said Briefing.com analyst Patrick O’Hare.Following the jobs data, yields on US Treasury bonds fell sharply as markets price in a weaker US growth outlook and expected cuts in Federal Reserve interest rates. “The market thinks the Fed needs to cut rates and will cut rates in September because of the data,” said O’Hare, who also pointed to “disappointing price action” in the market following generally strong earnings from large tech companies. The jobs data came as Trump’s long-telegraphed August 1 tariff deadline arrived.Trump announced late Thursday that dozens of economies, including the European Union, will face new tariff rates of between 10 and 41 percent.However, implementation will be on August 7 rather than Friday as previously announced, the White House said. This gives governments a window to rush to strike bilateral deals with Washington setting more favorable conditions.”The US payrolls data has eclipsed news about the latest tariff rates applied to the world’s economies by Donald Trump, and is now dominating markets,” said Kathleen Brooks, research director at XTB trading group.Some trading partners have reached deals with the United States — including Britain, the European Union, Japan and South Korea. China remains in talks with Washington to extend a fragile truce in place since May that is due to expire on August 12.- Key figures at around 2045 GMT -New York – Dow: DOWN 1.2 percent at 43,588.58 (close)New York – S&P 500: DOWN 1.6 percent at 6,238.01 (close)New York – Nasdaq: DOWN 2.2 percent at 20,650.13 (close)London – FTSE 100: DOWN 0.7 percent at 9,068.58 (close) Paris – CAC 40: DOWN 2.9 percent at 7,546.16 (close)Frankfurt – DAX: DOWN 2.7 percent at 23,425.97 (close)Tokyo – Nikkei 225: DOWN 0.7 percent at 40,799.60 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 24,507.81 (close)Shanghai – Composite: DOWN 0.4 percent at 3,559.95 (close)Euro/dollar: UP at $1.1586 from $1.1415 on ThursdayPound/dollar: UP at $1.3276 from $1.3207Dollar/yen: DOWN at 147.427 yen from 150.75 yenEuro/pound: UP at 87.25pence from 86.42 penceWest Texas Intermediate: DOWN 2.8 percent at $67.33 per barrelBrent North Sea Crude: DOWN 2.8 percent at $69.67 per barrel

Stock markets dived Friday after US President Donald Trump announced tariffs on dozens of trading partners and weak US jobs data fuelled the fall.Wall Street’s Dow Jones index dropped more than 1.2 percent, while Paris and Frankfurt tumbled nearly three percent lower.The dollar gave up earlier gains against key currencies while oil prices plunged on fears that a weakening US economy would sap demand.Trump on Thursday unveiled his latest list of sweeping levies on about 70 economies, taking tariffs to their highest levels since the 1930s as he seeks to reshape global trade to benefit the United States.Hours later, the US Labor Department said the US economy added just 73,000 jobs in July — well below market expectations — while revising down the figures for May and June.”The US payrolls data has eclipsed news about the latest tariff rates applied to the world’s economies by Donald Trump, and is now dominating markets,” said Kathleen Brooks, research director at XTB trading group.Earlier, she noted, tariffs had been “the main theme sucking risk sentiment from financial markets”.Economists have warned that high tariffs — touted by Trump as a way to boost US industry — could fuel inflation in the United States and harm its economy.Data on Friday showed US unemployment ticked up to 4.2 percent from 4.1 percent.”The slowdown in jobs started in early Q2 (second quarter) when reciprocal tariffs were announced” at the start of Trump’s initiative, Fawad Razaqzada, market analyst at City Index and FOREX.com, told AFP in an email.”Companies expecting margins to be squeezed by higher duties probably thought twice about hiring workers in order to keep costs down. So, the US labour market has been losing steam fast, undoubtedly due to tariff concerns.”The US Federal Reserve this week held interest rates unchanged, despite massive political pressure from the White House to cut.”The market now seems to think that two months’ worth of weak labour market data is enough for some rapid rate cuts from the Fed” in the coming months, Brooks said.- Blistering tariff rates -Trump has delayed implementation of the tariffs several times — the latest move pushing them back a week to August 7.Some trading partners have reached deals with the United States — including Britain, the European Union, Japan and South Korea. China remains in talks with Washington to extend a fragile truce in place since May that is due to expire on August 12.For those targeted in the latest round, tariff rates range from 10 percent to 41 percent — including a blistering 35-percent rate on Canada and 39 percent on Switzerland.Tariff uncertainty overshadowed earnings from major tech titans this week.In Frankfurt, “even exceptionally strong earnings from Microsoft are failing to provide a boost to the broader market,” said Jochen Stanzl, Chief Market Analyst at CMC Markets.- Key figures at around 1545 GMT -New York – Dow: DOWN 1.2 percent at 43,594.42 pointsNew York – S&P 500: DOWN 1.4 percent at 6,250.54 New York – Nasdaq: DOWN 1.9 percent at 20,731.65London – FTSE 100: DOWN 0.7 percent at 9,068.58 (close) Paris – CAC 40: DOWN 2.9 percent at 7,546.16 (close)Frankfurt – DAX: DOWN 2.7 percent at 23,425.97 (close)Tokyo – Nikkei 225: DOWN 0.7 percent at 40,799.60 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 24,507.81 (close)Shanghai – Composite: DOWN 0.4 percent at 3,559.95 (close)Euro/dollar: UP at $1.1552 from $1.1421 on ThursdayPound/dollar: UP at $1.3259 from $1.3208Dollar/yen: DOWN at 148.07 yen from 150.68 yenEuro/pound: UP at 87.13 pence from 86.43 penceWest Texas Intermediate: DOWN 2.6 percent at $67.45 per barrelBrent North Sea Crude: DOWN 2.71 percent at $69.76

Nintendo on Friday said quarterly revenue had more than doubled year-on-year thanks to the Switch 2, which became the world’s fastest-selling console after its launch in early June.Pent-up demand for the new gadget from the “Super Mario” gamemaker fuelled fan excitement at the release that saw sold-out pre-orders and midnight store openings.Like the hugely popular original Switch, the Switch 2 is a hybrid console that can be handheld or connected to a television, with a bigger screen and more processing power than its predecessor.It smashed industry records by selling 3.5 million units in its first four days, and Nintendo said Friday that the figure had increased to 5.8 million units by the end of June.”Net sales increased significantly in the first quarter, due mainly to the launch of Nintendo Switch 2,” the Japanese company said as it reported a 132 percent on-year jump in sales for April-June, to 572 billion yen ($3.8 billion).Net profit in the quarter rose 19 percent on-year.However, a challenge for Nintendo will be maintaining a supply of hit games for the new system, gaming industry consultant Serkan Toto told AFP.”There are new games from the Pokemon, Metroid and Kirby franchises coming later this year, but some fans have already started to ask for even more titles,” he said.But “the launch of Switch 2 has surpassed many people’s expectations” and it will be hard for another console to match its strong start, Toto added.”Nintendo should be able to comfortably ride on this momentum through the holidays and into 2026,” he predicted.- ‘Major comeback’ -The company expects to sell 15 million Switch 2 units by the end of March 2026 — a target it left unchanged on Friday.Nathan Naidu of Bloomberg Intelligence said Nintendo was “likely” to hike this number, having already sold 40 percent of the target.The Switch 2 launch positions the company “for a major comeback after four straight years of lacklustre top-line momentum… barring punishing US tariffs that might prompt Nintendo to hike hardware prices”, he wrote Friday.While Nintendo is diversifying into hit movies and theme parks, consoles remain at the core of its business.The original Switch soared in popularity during the pandemic with games such as “Animal Crossing” striking a chord during long lockdowns worldwide.It has sold 153 million units since its 2017 release, making it the third best-selling console of all time after Sony’s PlayStation 2 and the Nintendo DS.The Switch 2, which has new features including controllers that can also be used like a desktop computer mouse, costs $449.99 in the United States — more expensive than a launch price of $299.99 for the original.”Once the hardcore Nintendo fans are tapped out, the company will need to get to the next level by convincing mainstream players to make the jump to Switch 2,” Toto noted.But the postponed launch of the hotly anticipated “Grand Theft Auto VI” (GTA6) by US publisher Rockstar Games from this year to May 2026 will be a boon, he said.”If GTA6 (had) launched this year, it would have sucked almost all the oxygen out of the room and made marketing Switch 2 definitely harder for Nintendo.”

Stock markets fell Friday as Donald Trump announced tariffs on dozens of trading partners ahead of a self-imposed deadline, offsetting strong earnings from tech giants.With hours to go before the US president’s deadline for governments to make toll-averting deals, he unveiled a list of sweeping levies he had decided to impose upon those still in talks.However, he did provide a minor reprieve by saying the measures will take effect next week.Governments around the world have been scrambling to cut agreements with the White House since Trump unveiled his bombshell “Liberation Day” tariffs on April 2, which included 10 percent across the board and then targeted “reciprocal” ones.He then delayed implementation of the reciprocals until July 9, and then August 1, and next week.Some countries reached deals, including Japan, the European Union, Britain and recently South Korea, but most are yet to do so. China remains in talks with Washington to extend a fragile truce in place since May.For those in the crosshairs of the latest outburst, the measures range from 10 percent to 41 percent.Canada was singled out for a 35 percent hit, with Trump hitting out at its failure to deal with cross-border drugs issues and earlier at Ottawa’s plan to recognise a Palestinian state.In Ottawa, Prime Minister Mark Carney said he was “disappointed” by Trump’s decision.Taiwan faces 20 percent “temporary” duties, with its President Lai Ching-te saying there was a possibility of reductions should an agreement be reached, while Cambodia welcomed a 19 percent rate as it was well down from the initial 36 percent initially threatened.The Swiss government said Friday it would negotiate to avoid the 39 percent toll it was hit with, which will potentially hammer its key pharmaceutical industry. The new rate is up from the 31 percent previously threatened.Equities went into retreat at the end of the week as traders contemplated the impact on the global economy.Tokyo, Hong Kong, Sydney, Singapore, Shanghai, Mumbai, Bangkok, Wellington and Taipei were all down.Seoul dived nearly four percent as the South Korean government considers higher taxes on corporations and stock investors to shore up revenue.London, Paris and Frankfurt also fell.There were gains in Manila and Jakarta. “Overall, the tariffs are relatively expected for Asia,” said Lorraine Tan, Morningstar director of equity research in Asia.”The fact that the larger export countries such as Korea and Japan are at 15 percent and the Southeast Asian countries are at 19 percent is a fairly reasonable outcome especially after the initial April 2 shock. Hence we think the markets should shrug this news off.”The losses tracked a sell-off on Washington, where traders’ hopes for a September interest rate cut were dented by data showing the Federal Reserve preferred gauge of inflation rose more than expected last month and topped forecasts.The figures came a day after the central bank appeared guarded about the outlook, even as Trump puts pressure on boss Jerome Powell to reduce borrowing costs.”US interest rate traders have lowered the implied probability for a cut from the Fed in September… and as such, the central position is progressively leaning to the Fed keeping rates on hold in the September (policy) meeting,” Chris Weston of Pepperstone said.The tariff uncertainty overshadowed earnings from major tech titans this week that saw Apple on Thursday post double-digit quarterly revenue growth that beat expectations. And Amazon said quarterly profits jumped 35 percent as key major investments in AI technology pay off, though its outlook for the next three months disappointed.Google, Microsoft and Meta have also posted bumper results for the period.”Massive results seen by Microsoft and Meta further validate the use cases and unprecedented spending trajectory for the AI Revolution on both the enterprise and consumer fronts,” Wedbush tech analyst Dan Ives said in a note to investors.On currency markets the Taiwan dollar spiked above 30 to the greenback for the first time since June, while the yen remained under pressure as the Bank of Japan holds off hiking rates and Fed expectations sink.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.7 percent at 40,799.60 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 24,507.81 (close)Shanghai – Composite: DOWN 0.4 percent at 3,559.95 (close)London – FTSE 100: DOWN 0.7 percent at 9,066.44Euro/dollar: DOWN at $1.1415 from $1.1421 on ThursdayPound/dollar: DOWN at $1.3193 from $1.3208Dollar/yen: DOWN at 150.55 yen from 150.68 yenEuro/pound: UP at 86.54 pence from 86.43 penceWest Texas Intermediate: FLAT at $69.26 per barrelBrent North Sea Crude: FLAT at $71.72New York – Dow: DOWN 0.7 percent at 44,130.98 (close)

President Donald Trump unveiled new tariffs Thursday on nearly 70 countries — including a blistering 35 percent on neighbor Canada — as he seeks to reshape global trade to benefit the US economy.However, in a minor reprieve that opens the door to further negotiations, the White House said the measures will take effect in a week for most countries, not Friday as previously expected.The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports.But the muscular approach has raised fears of inflation and other economic fallout in the world’s biggest economy.Trump raised duties on nearly 70 economies, from a current 10 percent level imposed in April when he unleashed “reciprocal” tariffs citing unfair trade practices.The new, steeper levels listed in an executive order vary by trading partner and go as high as 41 percent.Any goods “transshipped” through other jurisdictions to avoid US duties would be hit with an additional 40-percent tariff, the order said.The American leader separately hiked tariffs on Canadian goods from 25 percent to 35 percent — starting Friday.He had warned of trade consequences for Canada after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.Trump’s order cited Canada’s failure to “cooperate in curbing the ongoing flood of fentanyl and other illicit drugs” as well as its “retaliation” against his measures.Carney said his government was “disappointed” with the hike, citing its efforts to crack down on fentanyl and increase border security.- ‘Tears up’ rule book -Trump gave more time to neighbor and major trading partner Mexico, delaying for 90 days a threat to increase tariffs from 25 percent to 30 percent, after holding talks with President Claudia Sheinbaum.Exemptions remain, however, for a wide range of Canadian and Mexican goods entering the United States under a North American trade pact.With questions hanging over the effectiveness of bilateral trade deals already struck — including with the European Union and Japan — the outcome of Trump’s overall plan remained uncertain.”No doubt about it — the executive order and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since World War II,” said Wendy Cutler, senior vice president of the Asia Society Policy Institute.”Whether our partners can preserve it without the United States is an open question,” she added.Beijing warned that US protectionism “harms the interests of all parties”.”The Chinese side’s opposition to tariffs has been consistent and clear,” foreign ministry spokesman Guo Jiakun said, adding: “There is no winner in a tariff war or trade war.”The elevated duties come after Washington twice postponed their implementation amid a frantic series of negotiations, alongside announcements of new duties and deals with partners.The 79-year-old Republican has made tariffs core to his protectionist brand of hard-right politics. On Thursday, he claimed the US economy had “no chance of survival or success” without levies.- Frantic negotiations -But the latest salvo came amid legal challenges against Trump’s use of emergency economic powers. After a lower court said the president exceeded his authority, the US Court of Appeals heard arguments Thursday in cases against the blanket tariffs targeting different countries.While the president has touted a surge in customs revenues this year, economists warn the duties could fuel inflation.Proponents of his policy argue their impact will be one-off, but analysts are awaiting further data to gauge for more persistent effects.Those who managed to strike deals with Washington to avert steeper threatened levies included Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union.Among other tariff levels adjusted in Trump’s latest order, Switzerland now faces a higher 39 percent duty.The tariff on Taiwanese products was revised down to 20 percent from 32 percent, but its President Lai Ching-te vowed to seek an even lower level.In Southeast Asia, Phnom Penh and Bangkok welcomed news that they each face a 19-percent tariff — down from initial threatened levels of 49 percent on Cambodia and 36 percent on Thailand.Britain also reached a pact with the United States, although it was not originally targeted by higher “reciprocal” tariffs.Notably excluded from the drama was China, which faces an August 12 deadline instead, when duties could bounce back to higher levels.Washington and Beijing at one point brought tit-for-tat tariffs to triple-digit levels, but both countries have agreed to temporarily lower these duties and are working to extend their truce.

Asian markets mostly fell Friday as Donald Trump announced tariffs on dozens of trading partners ahead of a self-imposed deadline, offsetting strong earnings from tech giants.With hours to go before the US president’s deadline for governments to make toll-averting deals, he unveiled a list of sweeping levies he had decided to impose upon those still in talks.However, he did provide a minor reprieve by saying the measures will take effect next Friday.Governments around the world have been scrambling to cut agreements with the White House since Trump unveiled his bombshell “Liberation Day” tariffs on April 2, which included 10 percent across the board and then targeted “reciprocal” ones.He then delayed implementation of the reciprocals until July 9, and then August 1, and next week.Some countries reached deals, including Japan, the European Union, Britain and recently South Korea, but most are yet to do so. China remains in talks with Washington to extend a fragile truce in place since May.For those in the crosshairs of the latest outburst, the measures range from 10 percent to 41 percent.Canada was singled out for a 35 percent hit, with Trump earlier hitting out at its failure to deal cross-border drugs issues and Ottawa’s plan to recognise a Palestinian state.Taiwan faces 20 percent “temporary” duties, with its President Lai Ching-te saying there was a possibility of reductions should an agreement be reached, while Cambodia welcomed a 19 percent rate as it was well down from the initial 36 percent initially threatened.Asian equities mostly fell as they contemplate the impact on the global economy.Tokyo, Hong Kong, Shanghai, Sydney, Wellington and Taipei were all down.Seoul dived more than three percent as the South Korean government considers higher taxes on corporations and stock investors to shore up revenue.There were gains in Singapore, Manila and Jakarta. “Overall, the tariffs are relatively expected for Asia,” said Lorraine Tan, Morningstar director of equity research in Asia.”The fact that the larger export countries such as Korea and Japan are at 15 percent and the Southeast Asian countries are at 19 percent is a fairly reasonable outcome especially after the initial April 2 shock. Hence we think the markets should shrug this news off.”The losses tracked a sell-off on Washington, where traders’ hopes for a September interest rate cut were dented by data showing the Federal Reserve preferred gauge of inflation rose more than expected last month and topped forecasts.The figures came a day after the central bank appeared guarded about the outlook, even as Trump puts pressure on boss Jerome Powell to reduce borrowing costs. “US interest rate traders have lowered the implied probability for a cut from the Fed in September… and as such, the central position is progressively leaning to the Fed keeping rates on hold in the September (policy) meeting,” Chris Weston of Pepperstone said.The tariff uncertainty overshadowed earnings from major tech titans this week that saw Apple on Thursday post double-digit quarterly revenue growth that beat expectations. And Amazon said quarterly profits jumped 35 percent as key major investments in AI technology pay off, though its outlook for the next three months disappointed.Google, Microsoft and Meta have also posted bumper results for the period.”Massive results seen by Microsoft and Meta further validate the use cases and unprecedented spending trajectory for the AI Revolution on both the enterprise and consumer fronts,” Wedbush tech analyst Dan Ives said in a note to investors.On currency markets the Taiwan dollar spiked above 30 to the greenback for the first time since June, while the yen remained under pressure as the Bank of Japan holds off hiking rates and Fed expectations sink.- Key figures at around 0300 GMT -Tokyo – Nikkei 225: DOWN 0.4 percent at 40,9914.66 (break)Hong Kong – Hang Seng Index: FLAT at 24,775.34Shanghai – Composite: FLAT at 3,573.01Euro/dollar: DOWN at $1.1412 from $1.1421 on ThursdayPound/dollar: DOWN at $1.3196 from $1.3208Dollar/yen: UP at 150.78 yen from 150.68 yenEuro/pound: UP at 86.49 pence from 86.43 penceWest Texas Intermediate: DOWN 0.1 percent at $69.26 per barrelBrent North Sea Crude: DOWN 0.1 percent at $71.65New York – Dow: DOWN 0.7 percent at 44,130.98 (close)London – FTSE 100: DOWN 0.1 percent at 9,132.81 (close)

President Donald Trump ordered the reimposition of tariffs on dozens of trading partners Thursday — his cornerstone strategy for reshaping global trade to benefit the US economy.However, in a minor reprieve that opens the door to further negotiations, the White House said these measures will take effect in a week, not Friday as previously expected.The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports.But the muscular approach has raised fears of inflation and other economic fallout in the world’s biggest economy.And with questions hanging over the effectiveness of bilateral trade deals already struck — including with the European Union and Japan — the outcome of Trump’s plan remained uncertain.Trump’s new measures in an executive order raises duties on nearly 70 economies, from a current 10 percent level imposed in April when he unleashed “reciprocal” tariffs citing unfair trade practices.The steeper levels, varying by trading partner, go as high as 41 percent.Trump also adjusted some tariff levels threatened in April, with Switzerland now facing a higher 39 percent duty and Thailand a lower 19 percent rate.The tariff on Taiwanese products was revised down to 20 percent, but its President Lai Ching-te vowed to seek an even lower level.Trump separately hiked tariffs on Canadian goods to 35 percent, though indicating in an NBC interview he was open to further talks. Canada and Mexico face a separate tariff regime. But exemptions remain for imports entering the United States under a North American trade pact.”No doubt about it — the executive order and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since World War II,” said Wendy Cutler, senior vice president of the Asia Society Policy Institute.”Whether our partners can preserve it without the United states is an open question,” she added.- Frantic negotiations -The elevated duties come after Washington twice postponed their implementation amid a frantic series of negotiations, alongside announcements of new duties and deals with partners.Just Thursday, Trump announced he was delaying a tariff hike on Mexican products, keeping levels at 25 percent with existing exemptions. The 90-day postponement followed talks with his counterpart Claudia Sheinbaum.The 79-year-old Republican has made tariffs core to his protectionist brand of hard-right politics. On Thursday, he claimed that the US economy had “no chance of survival or success” without tariffs.But the latest salvo came amid legal challenges against Trump’s use of emergency economic powers. After a lower court said the president exceeded his authority, the US Court of Appeals heard arguments Thursday in cases against Trump’s blanket tariffs targeting different countries.While Trump has touted a surge in customs revenues this year, economists warn the duties could fuel inflation.Proponents of his policy argue their impact will be one-off, but analysts are awaiting further data to gauge for more persistent effects.- China question mark -Those who managed to strike deals with Washington to avert steeper threatened levies were Vietnam, Japan, Indonesia, the Philippines, South Korea and the EU.Britain also reached a pact with the United States, although it was not originally targeted by higher “reciprocal” tariffs.For Canada, transshipped goods to evade its 35 percent duty would face even higher levels, said a White House fact sheet. Its trade ties with Washington faced renewed threat after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.Trump’s latest order however appeared to raise tariffs on several countries not initially targeted in April — to 15 percent — including Ecuador, Ghana and Iceland.Notably excluded from the drama was China, which faces an August 12 deadline instead, when duties could bounce back to higher levels.Washington and Beijing at one point brought tit-for-tat tariffs to triple-digit levels, but both countries have agreed to temporarily lower these duties and are working to extend their truce.

Nvidia chips do not contain “backdoors” allowing remote access, the US tech giant has said, after Beijing summoned company representatives to discuss “serious security issues”.The California-based company is a world-leading producer of AI semiconductors, and this month became the first company to hit $4 trillion in market value.But it has become entangled in trade tensions between China and the United States, and Washington effectively restricts which chips Nvidia can export to China on national security grounds.”Cybersecurity is critically important to us. Nvidia does not have ‘backdoors’ in our chips that would give anyone a remote way to access or control them,” Nvidia said in a statement Thursday.A key issue has been Chinese access to the “H20” — a less powerful version of Nvidia’s AI processing units that the company developed specifically for export to China.Nvidia said this month it would resume H20 sales to China after Washington pledged to remove licensing curbs that had halted exports.But the tech giant still faces obstacles — US lawmakers have proposed plans to require Nvidia and other manufacturers of advanced AI chips to include built-in location tracking capabilities.Beijing’s top internet regulator said Thursday it had summoned Nvidia representatives to discuss recently discovered “serious security issues” involving the H20.The Cyberspace Administration of China said it had asked Nvidia to “explain the security risks of vulnerabilities and backdoors in its H20 chips sold to China and submit relevant supporting materials”.China is aiming to reduce reliance on foreign tech by promoting Huawei’s domestically developed 910C chip as an alternative to the H20, said Jost Wubbeke of the Sinolytics consultancy.”From that perspective, the US decision to allow renewed exports of the H20 to China could be seen as counterproductive, as it might tempt Chinese hyperscalers to revert to the H20, potentially undermining momentum behind the 910C and other domestic alternatives,” he said.Other hurdles to Nvidia’s operations in China are the sputtering economy, beset by a years-long property sector crisis, and heightened trade headwinds under US President Donald Trump.CEO Jensen Huang said during a visit to Beijing this month that the company remained committed to serving local customers, adding that he had been assured during talks with top Chinese officials that the country was “open and stable”.

The clock was counting down Thursday to Donald Trump’s midnight deadline for unleashing fresh tariffs on US imports from dozens of countries — a cornerstone of his economic policy aimed at creating a new world trade order.Even as a US appeals court in Washington heard challenges to the legality of the US president’s strategy, last-gasp negotiations continued with trading partners large and small to secure trade deals and avoid the worst of the sweeping levies.With just hours to go, Trump announced he was extending the deadline for a deal with Mexico — one of the largest US trading partners — by another 90 days, citing the particular complexities of their commercial relationship.White House Press Secretary Karoline Leavitt said Trump would sign an executive order later Thursday to implement his threatened tariffs, but question marks linger over the effectiveness of Trump’s plans — and whether he will really follow through on his most dramatic threats.While Trump has touted a surge in customs revenues this year, economists warn the duties could fuel inflation.Apple chief executive Tim Cook said Thursday US tariffs are expected to cost the iPhone maker $1.1 billion this quarter.Meanwhile, a panel of skeptical US appeals court judges grilled a government lawyer Thursday on the legal basis for Trump’s use of the 1977 International Emergency Economic Powers Act to push his tariff strategy through.Assistant Attorney General Brett Shumate insisted the president enjoyed “broad discretion” in exercising those powers, while a lawyer for the small businesses who brought the case argued that Trump was claiming an authority that “no president has asserted in 200 years.”- Deal or no deal -So far, Washington has announced pacts with Britain, Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union. New rates negotiated were expected to take effect Friday.South Korea squeezed in an agreement on a 15 percent tariff, down from 25 percent that Trump initially threatened.But Trump announced 50 percent tariffs on Brazilian products — although delaying their imposition and allowing key exemptions — as an effort to pressure the country to drop its prosecution of right-wing former president Jair Bolsonaro on coup charges.He also unveiled a 25 percent levy on Indian imports, and warned Canada of trade repercussions for planning to recognize a Palestinian state.And the details of agreements that have been made remain vague.The EU, while having reached a pact, continues seeking a carve-out for its wine industry.Looming over the global economy is also the unresolved trade tussle between the United States and rival China, with the superpowers in talks to maintain a truce after initially imposing triple-digit tariffs on each other.- Canada threat -Washington has yet to strike a deal with neighboring Canada, while Trump said he would maintain 25 percent duties on Mexican imports for now.”We haven’t spoken to Canada today,” Trump said Thursday, adding that Washington has “made a few deals today,” without providing specifics.US-Canada ties came under renewed threat after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.”That will make it very hard for us to make a Trade Deal with them,” Trump warned on social media.Carney said Wednesday that both countries “may not conclude talks by August 1st.”Goods covered by a North American trade pact have been excluded from Trump’s recent tariffs.Although Mexico and Canada were not originally targeted under Trump’s “reciprocal tariff” plan, he had separately threatened them with the same Friday deadline.The tariff hikes due Friday were announced in April when Trump slapped a 10 percent levy on goods from almost all partners — citing unfair trade practices.This rate was set to rise to varying levels for dozens of economies, but Washington twice postponed their implementation.