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BRUSSELS—The U.S. and the European Union agreed to suspend their trade dispute over government subsidies to Boeing Co. and Airbus SE, significantly easing trade tensions amid a broader effort to improve trans-Atlantic relations. The agreement would suspend for five years tariffs that have been authorized by the World Trade Organization, U.S. Trade Representative Katherine Tai told reporters on Tuesday. Defusing the aircraft trade fight would mark a tangible achievement for his week of European diplomacy. Setting aside trans-Atlantic differences on the aviation dispute allows the allies to jointly focus on China. “Instead of fighting with one of our closest allies, we are finally coming together against a common threat,” Ms. Tai said.
Persons: Katherine Tai, ” Ms, Tai, Ursula von der Leyen, Ms, von der Leyen, Biden, kenzo tribouillard, Donald Trump, Antony Blinken, Gina Raimondo, Trump, WSJ’s Jaden Urbi, George Downs, — Paul Hannon, Daniel Michaels, Andrew Restuccia, Doug Cameron Organizations: European Union, Boeing Co, Airbus, World Trade Organization, . Trade, EU . European, Twitter, Biden, Agence France, Seven, Boeing, Street, EU, U.S, WTO, Delta Air Lines Inc, Ryanair Holdings PLC’s Boeing, MAX, Ryanair Locations: BRUSSELS, The U.S, Brussels, China, Russia, Iran, U.S, Washington, France, Germany, doug.cameron
WASHINGTON — The United States and Europe will announce a new joint technology and trade initiative on Tuesday, part of a wide-reaching effort this week by President Joe Biden to rally European allies and challenge China's rising influence. The U.S.-EU Trade and Technology Council will have three overarching goals: To establish new global trade standards for emerging technology; to promote democratic values online; and to find ways for the United States and the EU to collaborate on cutting edge research and development. On the U.S. side, the trade council will be co-chaired by Secretary of State Antony Blinken, Secretary of Commerce Gina Raimondo and Ambassador Katherine Tai, the U.S. trade representative, said a Biden administration official who briefed reporters and requested anonymity to discuss ongoing negotiations. Other specific goals of the council include:To coordinate standards on new technology like artificial intelligence, quantum computing and biotechnology. Over the past decade, China has made huge public investments in its technology sector.
Persons: Joe Biden, WASHINGTON —, Jake Sullivan, Antony Blinken, Gina Raimondo, Katherine Tai Organizations: NATO, WASHINGTON, EU Trade, Technology, EU, Biden, World Trade Organization Locations: Brussels, Belgium, United States, Europe, U.S, China
Senators urge Commerce chief to identify U.S. technologies China could misuse
  + stars: | 2021-06-15 | by ( ) www.reuters.com sentiment -0.96   time to read: +1 min
U.S. Secretary of Commerce Gina Raimondo speaks during a high speed internet event at the Eisenhower Executive Office Building's South Court Auditorium at the White House in Washington, U.S., June 3, 2021. REUTERS/Evelyn HocksteinWASHINGTON, June 15 (Reuters) - A group of 10 Republican U.S. senators on Tuesday urged Commerce Secretary Gina Raimondo to quickly identify American technologies that could be misused by the Chinese government. The letter led by Senator Tom Cotton and seen by Reuters urged the department to identify "emerging and foundational technologies" as required under a nearly three-year-old law. "We remain concerned that U.S. businesses export sensitive technologies to ostensibly civilian Chinese firms or accept investment from them only for these Chinese firms to promptly hand over this technology to the Chinese military or intelligence services," said the letter. Reporting by David Shepardson Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: Gina Raimondo, Evelyn Hockstein WASHINGTON, Tom Cotton, David Shepardson, Chris Reese Organizations: Eisenhower, White, REUTERS, Republican U.S, Reuters, Thomson Locations: Washington , U.S
Yuan briefly hits 1-week high on Sino-U.S. trade talks
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +2 min
In the spot market, onshore yuan opened at 6.3840 per dollar and rose to a high of 6.38, the strongest level since June 3. By midday, the global dollar index rose to 90.197 from the previous close of 90.14, while the offshore yuan was trading at 6.3822 per dollar. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2% from official midpoint rate it sets each morning. OFFSHORE CNH MARKET Instrument Current Difference from onshore Offshore spot yuan 6.3822 0.05% * Offshore 6.5407 -2.19% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint.
Persons: Wang Wentao, Gina Raimondo, Yi Gang, Pan Gongsheng, Winni Zhou, Andrew Galbraith Organizations: People's Bank of China, Federal Reserve, State Administration of Foreign Exchange, Thomson Locations: SHANGHAI, China, Shanghai
China, Hong Kong stocks rise as investors bet on Sino-U.S. talks
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +2 min
** The CSI300 index was up 1.1% at 5,292.46 points, by the end of the morning session, while the Shanghai Composite Index gained 0.8% to 3,620.72 points. ** The tech-heavy start-up board ChiNext rose 2.7%, while Shanghai’s tech-focused STAR50 index added 1.1%. ** A strong yuan also helps bring more foreign inflows to the country’s equities market, the brokerage added. ** Investors on Thursday purchased 8.8 billion yuan worth of A-shares via the Stock Connect linking mainland and Hong Kong, according to Refinitiv data. ** In Hong Kong, the Hang Seng index added 0.3%, to 28,828.94 points, while the Hong Kong China Enterprises Index gained 0.3%, to 10,737.44.
Persons: Wang Wentao, Gina Raimondo, Joe Biden, Yi Gang, revitalise, Luoyan Liu, Andrew Galbraith, Sherry Jacob, Phillips Organizations: HK, Shanghai, Commerce, U.S . Commerce, TikTok, Trump, Vanho Securities, Hong Kong China Enterprises Locations: Shanghai, China, SHANGHAI, Beijing, Washington, Hong Kong, Hong
Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. REUTERS/Aly SongTop U.S. and Chinese commerce officials spoke by telephone and agreed to promote healthy trade and cooperate over differences, China’s commmerce ministry said on Thursday, the latest high-level exchange as the countries spar over disagreements. Both sides recognise the importance of business exchanges and will keep lines of communication open, the Chinese statement said after Commerce Minister Wang Wentao spoke with U.S. Commerce Secretary Gina Raimondo. "They agreed to promote the healthy development of trade and investment and cooperate in a pragmatic way to handle their differences," the Chinese ministry said. In a Thursday editorial, official China Daily saying in an editorial that the U.S. technology legislation is “really deployment for Cold War.”Our Standards: The Thomson Reuters Trust Principles.
Persons: Aly, China’s commmerce, Wang Wentao, Gina Raimondo, Liu, Janet Yellen, Katherine Tai, Joe Biden Organizations: Bund, REUTERS, Commerce, U.S . Commerce, U.S, Treasury, . Trade, U.S . Senate, Trump, Thomson Locations: Shanghai, China, Beijing, U.S
U.S. commerce chief expressed concerns to Chinese counterpart, Washington says
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -0.89   time to read: +2 min
Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. REUTERS/Aly SongThe Biden administration's top commerce official told her Chinese counterpart Washington is concerned about Beijing's industrial policies, the Commerce Department said on Thursday, the latest high-level exchange as the countries spar over disagreements. China's commerce ministry said separately that the two officialsagreed to keep lines of communication open. Earlier this month, Chinese Vice Premier Liu spoke with U.S. Treasury Secretary Janet Yellen, and late last month he held a similarly "candid" exchange of views with U.S. Trade Representative Katherine Tai. read moreIn a Thursday editorial, official China Daily said the U.S. technology legislation is "really deployment for Cold War."
Persons: Aly Song, Biden, Gina Raimondo's, Wang Wentao, Liu, Janet Yellen, Katherine Tai, Joe Biden Organizations: Bund, REUTERS, Commerce Department, Commerce, Chinese Commerce, U.S, Treasury, . Trade, U.S . Senate, Trump, China Daily, Thomson Locations: Shanghai, China, Washington, Beijing, U.S
President Biden signed an executive order rescinding a ban on TikTok and WeChat. Trump signed a series of executive actions last year targeting the apps, whose parent companies are in China. President Joe Biden on Wednesday signed an executive order revoking former President Donald Trump's attempts to ban TikTok and WeChat in the US. Biden was expected to abandon Trump's plans to ban TikTok when he took office, and Wednesday's executive order confirms as much. Trump first signed an executive order for Bytedance, TikTok's China-based parent company, to find a US buyer in mid-2020.
Persons: Biden, Trump, Joe Biden, Donald Trump's, Gina Raimondo, TikTok, Trump's, Larry Ellison Organizations: Wednesday, Associated Press, The New York Times, White, Trump, Party, Microsoft, Oracle, US Commerce Department, Muslim Locations: China, Oklahoma, TikTok's China, Hong Kong
U.S. Senate set to pass sweeping bill to address China tech threat
  + stars: | 2021-06-08 | by ( David Shepardson | ) www.reuters.com sentiment -0.97   time to read: +2 min
REUTERS/Evelyn HocksteinThe U.S. Senate on Tuesday is set to approve a sweeping package of legislation intended to boost the country's ability to compete with Chinese technology, as Congress increasingly seeks to take a tough line against Beijing. U.S. Commerce Secretary Gina Raimondo has said the funding could result in seven to 10 new U.S. semiconductor plants. Senate Democratic Majority Leader Chuck Schumer, who co-sponsored the legislation, said the United States spends less than 1% of gross domestic product on basic scientific research, less than half of what China does. The bill must also pass the House of Representatives to be sent to the White House for Biden to sign into law. It's not clear what legislation in the House will look like or when they might take it up.
Persons: Evelyn Hockstein The, Joe Biden's, Gina Raimondo, Chuck Schumer, Schumer, Biden, It's, Donald Trump Organizations: U.S, Capitol, REUTERS, Evelyn Hockstein The U.S, Senate, Beijing, Congress, . Commerce, Democratic, White, Washington, Thomson Locations: Washington, China, U.S, United, United States
WASHINGTON (Reuters) -The United States will target China with a new “strike force” to combat unfair trade practices, the Biden administration said on Tuesday, as it rolled out findings of a review of U.S. access to critical products, from semiconductors to electric-vehicle batteries. FILE PHOTO: Chinese and U.S. flags flutter outside the building of an American company in Beijing, China, January 21, 2021. REUTERS/Tingshu WangThe “supply chain trade strike force,” led by the U.S. trade representative, is looking for specific violations that have contributed to a “hollowing out” of supply chains that could be addressed with trade remedies, including toward China, senior administration officials told reporters. “Obviously, a number of Chinese industrial policies have contributed to vulnerable U.S. supply chains,” the official said. Biden has said China will not surpass the United States as a global leader on his watch, and confronting Beijing is one of the few bipartisan issues in an otherwise deeply divided Congress.
Persons: , Biden, Tingshu Wang, Joe Biden, “ We’re, Jared Bernstein, Gina Raimondo, Organizations: WASHINGTON, REUTERS, Department of Commerce, Reuters, United, . Commerce, Commerce Department Locations: United States, China, American, Beijing, U.S,
WASHINGTON (Reuters) - The Justice Department on Monday recovered some $2.3 million in cryptocurrency ransom paid by Colonial Pipeline Co, cracking down on hackers who launched the most disruptive U.S. cyberattack on record. REUTERS/Jonathan Ernst/PoolDeputy Attorney General Lisa Monaco said investigators had seized 63.7 bitcoins, now valued at about $2.3 million, paid by Colonial after last month’s hack of its systems that led to massive shortages at U.S. East Coast gas stations. The Justice Department has “found and recaptured the majority” of the ransom paid by Colonial, Monaco said. Colonial Pipeline had said it paid the hackers nearly $5 million to regain access. The FBI affidavit filed on Monday said that the bureau had tracked the bitcoin through multiple wallets, using the public blockchain and tools.
Persons: Lisa Monaco, Paul Abbate, Northern District of California Stephanie Hinds, Jonathan Ernst, , John Hultquist, Joe Biden, Abbate, Joseph Blount, ” Blount, Gina Raimondo, Biden, Vladimir Putin, Tom Robinson, Robinson, Organizations: WASHINGTON, Justice Department, Colonial Pipeline Co, U.S, Attorney, Northern, Northern District of, REUTERS, Colonial, East, The, Department, FBI, Colonial Pipeline, White, Monaco, Sunday, Investigators Locations: Northern District, Northern District of California, Washington , U.S, East Coast, Monaco, San Francisco, United States, Russia, U.S
A global shortage of semiconductors will continue to strain markets for months to come, Commerce Secretary Gina Raimondo said Monday. "For the next year or so, this will be a daily challenge," Raimondo said on CNBC's "Closing Bell." Raimondo's prediction is rosier than some analysts who believe the shortage or its knock-on effects may still be felt in 2023. "In that regard, you're seeing GM reopening some plants, you're seeing some easing," Raimondo said. "But as you predict, for the next year or so, this will be a daily challenge and we're going to do everything we can to help the private sector get through it."
Persons: Gina Raimondo, Raimondo, Joe Biden's, Biden Organizations: CNBC, China, Capitol Locations: Rhode
Commerce Secretary Gina Raimondo on investment summit, chip shortage
  + stars: | 2021-06-07 | by ( ) www.cnbc.com sentiment -0.97   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerce Secretary Gina Raimondo on investment summit, chip shortageCommerce Secretary Gina Raimondo joins ‘Closing Bell’ to discuss SelectUSA's 2021 Investment Summit, U.S. and China trade relations as well as the global chip shortage.
Persons: Gina Raimondo, Bell Organizations: Email Locations: U.S, China
The Justice Department on Monday recovered some $2.3 million in cryptocurrency ransom paid by Colonial Pipeline Co, cracking down on hackers who launched the most disruptive U.S. cyberattack on record. The Justice Department has "found and recaptured the majority" of the ransom paid by Colonial, Monaco said. Colonial Pipeline had said it paid the hackers nearly $5 million to regain access. Tom Robinson, co-founder of crypto tracking firm Elliptic, said that the bitcoin wallet from which the funds were taken had contained 69.6 bitcoins. The FBI affidavit filed on Monday said that the bureau had tracked the bitcoin through multiple wallets, using the public blockchain and tools.
Persons: Lisa Monaco, John Hultquist, Joe Biden, Paul Abbate, Northern District of California Stephanie Hinds, Jonathan Ernst, Abbate, Joseph Blount, Blount, Gina Raimondo, Biden, Vladimir Putin, Tom Robinson, Robinson Organizations: Department, Colonial Pipeline Co, Colonial, U.S, East, The, FBI, Northern District of, Colonial Pipeline, White, Attorney, Northern, Justice Department, REUTERS, Read, Monaco, Sunday, Investigators, Thomson Locations: East Coast, Monaco, San Francisco, Northern District, Northern District of California, United States, Russia, U.S, Washington , U.S
WASHINGTON (Reuters) -U.S. officials on Sunday ratcheted up pressure on companies and foreign adversaries to fight cybercriminals, and said President Joe Biden is considering all options, including a military response, to counter the growing threat. Raimondo did not detail what those options could look like, but said the topic will be on the agenda when the president meets with Russian President Vladimir Putin this month. The White House plans to use the June 16 summit to deliver a clear message to the Russian leader, officials say. “You shouldn’t be paying ransomware attacks, because it only encourages the bad guys,” she said. Companies should be required to report ransomware attacks, Democratic Senator Mark Warner from Virginia said on Sunday, though he stopped short of saying he supported making such payments illegal.
Persons: cybercriminals, Joe Biden, Biden, Gina Raimondo, Raimondo, Vladimir Putin, “ We’re, ” Raimondo, stoking, Jennifer Granholm, Putin, Pete Buttigieg, , Granholm, Mark Warner Organizations: WASHINGTON, Sunday, U.S . Commerce, Russia, cybercriminals, Energy, CNN, White, Colonial Pipeline, CBS, Companies, Democratic Locations: United States, U.S, Russia, Virginia
Clock is ticking on infrastructure, Biden officials say
  + stars: | 2021-06-06 | by ( ) www.reuters.com + 0.97   time to read: +1 min
Stefani Reynolds/Pool via REUTERSThe Democrat-led U.S. House of Representatives will start the process of preparing an infrastructure bill for a floor vote on Wednesday, with or without Republican support, U.S. Energy Secretary Jennifer Granholm told CNN on Sunday morning. "The president still has hope, Joe Manchin still has hope” for crafting a bipartisan infrastructure bill with Republicans, Granholm said, referring to the Democratic West Virginia senator. "But I will tell you the House will start their markup on Wednesday." President Joe Biden will discuss deal possibilities with the main Republican negotiator on infrastructure, Senator Shelley Moore Capito, also of West Virginia, on Monday for the third time, after rejecting Republicans' latest bill offer on Friday. "The President is leading us to continue to stay at the table," Commerce Secretary Gina Raimondo said on ABC on Sunday.
Persons: Energy Jennifer Granholm, Stefani Reynolds, Jennifer Granholm, Joe Manchin, Granholm, Joe Biden, Shelley Moore Capito, Biden, Gina Raimondo Organizations: Energy, Howard University, Democrat, House, U.S . Energy, CNN, Sunday, Republicans, Democratic West, Republican, ABC, Thomson Locations: Washington , U.S, U.S, Democratic West Virginia, West Virginia
Clock is ticking for Republicans on infrastructure, Biden officials say
  + stars: | 2021-06-06 | by ( ) www.reuters.com sentiment -0.99   time to read: +2 min
"The president still has hope, Joe Manchin still has hope” for crafting a bipartisan infrastructure bill with Republicans, Granholm said, referring to the Democratic West Virginia senator who is seen as a key swing vote. President Joe Biden will discuss deal possibilities with the main Republican negotiator on infrastructure, Senator Shelley Moore Capito, on Monday for the third time, after rejecting Republicans' latest bill offer on Friday. read moreThe Republican offer included just over $300 billion in new spending to fix U.S. roads, bridges, broadband and other public works, the White House said. The Republican offer "did not meet the president's objectives," Transportation Secretary Pete Buttigieg told CBS. Any infrastructure bill sought by Biden must be backed by all Democrats and 10 Republicans, or pass through a process called reconciliation along party lines.
Persons: Energy Jennifer Granholm, Stefani Reynolds, Jennifer Granholm, Joe Manchin, Granholm, Joe Biden, Shelley Moore Capito, Biden, Gina Raimondo, Pete Buttigieg, Buttigieg, Kamala Harris Organizations: Energy, Howard University, REUTERS Democrats, U.S . House, U.S . Energy, CNN, Sunday, Republicans, Democratic West Virginia, Republican, ABC, CBS, Thomson Locations: Washington , U.S, U.S
Slideshow ( 2 images )Biden offered to drop plans to raise corporate tax rates as high as 28% and instead set a minimum 15% tax rate aimed at ensuring all companies pay taxes, sources said. In return, Republicans would have to agree to at least $1 trillion in new infrastructure spending, one source said. Biden’s 15% tax floor seeks to stop large, multinational companies like Amazon.com Inc from paying little to no U.S. taxes. White House spokeswoman Jen Psaki said Biden’s proposal “should be completely acceptable” to Republicans that want to leave 2017 corporate tax cuts in place, she said. The remainder would come from other proposals including ending certain fossil fuel subsidies, a new fee on commercial truck mileage and the 15% minimum corporate tax.
Persons: Joe Biden, Biden, Jen Psaki, , ” Psaki, Gina Raimondo, , ” Biden, Shelley Moore Capito, Mitch McConnell, “ We’re Organizations: WASHINGTON, Republicans, Democratic, Inc, Democrat, Republican, CNN Locations: COVID, Kentucky
Lumber prices have skyrocketed so much that it's causing remodeling nightmares and creating even more sticker shock in the booming housing market. "Steel prices are still in the stratosphere," said Phil Gibbs, director of metals equity research at KeyBanc Capital Markets. Murphy, whose organization opposed the Section 232 steel tariffs from the beginning, argued tariff relief is a way government can help accelerate the recovery while simultaneously easing inflation jitters. 'The tariffs must remain in place'The steel industry, however, is in no rush to say goodbye to the tariffs that have sent steel stocks to moon. "Eliminating the steel tariffs now would undermine the viability of our industry," seven of the leading groups representing the domestic steel industry wrote in a May 19 letter to Biden .
Persons: Joe Biden, Biden, they've, Robert Dietz, Adam Smith, Trump, Phil Gibbs, John Murphy, Murphy, Peter Boockvar, Rob Scott, Scott, It's, Gina Raimondo, Danielle DiMartino Booth, Tom Conway, Jason Brochu Organizations: CNN, National Association of Home Builders, Commerce Department, P Global, KeyBanc, White, US Chamber of Commerce, CNN Business, Bleakley Advisory, Economic, Institute, European Union, Trump, US, Quill Intelligence, United Steelworkers International, US Lumber Coalition Locations: York, Trump, Scottish, China, Canada, America, Cleveland, Europe
Telecom giant AT&T hired an ally of Commerce Secretary Gina Raimondo to lobby officials over President Joe Biden's infrastructure plan. A lobbying registration report shows that AT&T hired Jon Duffy, the president of Rhode Island-based marketing firm Duffy & Shanley, in April. The lobbying report says that AT&T hired Duffy to focus on "issues related to broadband and The American Jobs Plan." "The country's broadband networks rose to the challenge due to policies that promoted private sector investment in multiple technologies and networks. The Commerce Department's National Telecommunications and Information Administration announced earlier this month a $288 million grant program for wide-scale broadband infrastructure.
Persons: Gina Raimondo, Joe Biden's, Jon Duffy, Duffy, Shanley, Dunkin, Raimondo Organizations: Telecom, Rhode Island . Records, American Jobs, Republicans, Discovery, Responsive Politics, Commerce Department, President's, CNBC, Intel, Hallmark, Staples, T, Commerce Department's National Telecommunications and Information Administration Locations: Rhode, Rhode Island, U.S
U.S. Senate Republicans prepare new infrastructure offer
  + stars: | 2021-05-25 | by ( David Morgan | ) www.reuters.com + 0.00   time to read: +4 min
WASHINGTON (Reuters) -U.S. Senate Republicans plan to unveil a counteroffer to President Joe Biden’s $1.7 trillion infrastructure proposal on Thursday, though one of their leaders said on Tuesday the two sides remain far apart. FILE PHOTO: Shelley Capito (R-WV) looks on during a news conference to introduce the Republican infrastructure plan, at the U.S. Capitol in Washington, U.S., April 22, 2021. 3 Senate Republican, John Barrasso, sounded a pessimistic note, telling reporters: “We are now very far apart. “We are waiting to hear back from Republicans on how they would propose to pay for” the infrastructure legislation if they oppose raising taxes, Psaki told reporters. Other members of the Republican infrastructure team are Senators Mike Crapo, Roy Blunt and Pat Toomey.
Persons: Joe Biden’s, Shelley Capito, Erin Scott, Shelley Moore Capito, Biden, John Barrasso, Capito, Pete Buttigieg, Gina Raimondo, we’ve, , Roger Wicker, Jen Psaki, Donald Trump, Psaki, Chuck Schumer, Mike Crapo, Roy Blunt, Pat Toomey Organizations: WASHINGTON, U.S, Republicans, Capitol, REUTERS, Republican, Transportation, Senate Environment, Public, Senate, White House Press, House Locations: Washington , U.S, America’s, U.S
Commerce Secretary Gina Raimondo on Tuesday expressed confidence around the Biden administration's efforts to increase semiconductor manufacturing in the U.S. So, yes, we're going to get it done," she added, describing it as both an economic and national security imperative. Senate Majority Leader Chuck Schumer, D-N.Y, has put together the United States Innovation and Competition Act of 2021 that would allocate $52 billion to support semiconductor manufacturing in the country, among other provisions. "This cannot wait," said Raimondo, who served as governor of Rhode Island before leading the Commerce Department. Raimondo also weighed in on the potential infrastructure proposal a group of Senate Republicans plan to offer as a counter to President Joe Biden's plan.
Persons: Gina Raimondo, Biden, Raimondo, Jim Cramer, Chuck Schumer, Schumer, Joe Biden's Organizations: United States Innovation, Republicans, Commerce Department Locations: U.S, America, Taiwan, Rhode Island, Washington
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerce Secretary Gina Raimondo says she's confident U.S. will boost domestic chip productionCommerce Secretary Gina Raimondo told CNBC's Jim Cramer the U.S. hopes to relocate more chip production to the country, spreading out manufacturing across a number of states.
Persons: Gina Raimondo, she's, CNBC's Jim Cramer Organizations: Email
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerce Secretary Gina Raimondo on expanding U.S. chip production and infrastructure talksIn an interview with "Mad Money" host Jim Cramer, Commerce Secretary Gina Raimondo discusses efforts to expand U.S. semiconductor production and the latest around infrastructure negotiations.
Persons: Gina Raimondo, Jim Cramer Organizations: Email
MANASSAS, Va. (Reuters) - U.S. Commerce Secretary Gina Raimondo said on Monday a proposed $52 billion boost in U.S. government funding for semiconductor production and research could result in seven to 10 new U.S. factories. Oliver Contreras/Pool via REUTERSRaimondo said at an event outside a Micron Technology Inc chip factory that she anticipated the government funding would generate “$150 billion-plus” in investment in chip production and research - including contributions from state and federal governments and private-sector firms. Senator Mark Warner, a Democrat, said at Monday’s event he thought the funds could result in “seven to 10” new fabrication plants. Supporters of funding note the United States had a 37% share of semiconductors and microelectronics production in 1990; today just 12% of semiconductors are manufactured in the United States. “It’s important but I think getting the Chips for America Act passed is essential.”He said China had left the United States no option but to make such investments.
Persons: Gina Raimondo, Oliver Contreras, REUTERS Raimondo, ” Raimondo, , Mark Warner, ” Warner, Chuck Schumer, John Cornyn, ” Cornyn, Organizations: . Commerce, American Jobs, Capitol, Washington , D.C, REUTERS, Micron Technology Inc, Commerce, General Motors Co, Ford Motor Co, Toyota Motor Corp, Commerce Department, Democratic, Reuters, National Semiconductor Technology Center, Packaging Manufacturing, Texas Republican, Republican, America, Ford Motor Locations: Va, Washington ,, America, United States, Texas, China
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