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☆ UAW wins Democratic senators' support for joint venture battery workers
▼ + stars: | 2023-07-28 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, July 28 (Reuters) - More than half of the Senate's Democrats are backing the United Auto Workers' push for higher wages and benefits for workers at Detroit Three automakers' joint venture battery plants, they said in a letter released on Friday. UAW leaders have sought to secure support from Washington as negotiations opened earlier this month, with UAW President Shawn Fain meeting with lawmakers and President Joe Biden last week. In their letter to the CEOs of the Detroit Three and battery joint ventures, Senate Majority Leader Chuck Schumer joined Senators Sherrod Brown, Ron Wyden, Bernie Sanders, Richard Durbin and others in urging the automakers to embrace the joint venture battery workers before the current contract expires. Stellantis said it respects the UAW's right to organize future hourly employees at its joint venture battery facilities, adding: " The joint venture intends to offer very competitive wages and benefits." Last month, the union chief criticized $9.2 billion federal loan to a Ford/South Korea's SK On joint venture.

Persons: Shawn Fain, Joe Biden, Chuck Schumer, Sherrod Brown, Ron Wyden, Bernie Sanders, Richard Durbin, Ford, Stellantis, Jim Farley, Bill Ford, Biden, Biden's, Fain, David Shepardson, Susan Heavey Organizations: United Auto Workers, Detroit, automakers, General Motors, Ford Motor, Chrysler, UAW, Workers, EVs, SK On, South Korea's SK Innovation, Reuters, Ford, Korea's SK, LG Energy, Thomson Locations: United States, Washington, South, KS, Ohio

Joe Biden, 80, is the oldest U.S. president to ever serve in the White House, and nearly two decades older than the median age of the world's national leaders, 62, Pew Research found. Republican Senator Chuck Grassley of Iowa, 89, Democratic Senator Dianne Feinstein of California, 89, and Vermont Senator Bernie Sanders, 81, are older than McConnell. Many congressional lawmakers are in their 70s, and the median age of the Senate is 65.3, FiveThirtyEight calculated, the oldest ever, versus a median age of 38.8 years in the United States as a whole. Reuters GraphicsBiden's advanced age has raised questions about whether he should stand for a second term. Biden doesn't make the top 10 of the world's oldest currently serving leaders, according to Pew, which in addition to Biya is led by Mahmoud Abbas, president of the Palestinian Authority, at age 87.

Persons: Mitch McConnell's, Joe Biden, Biden, Paul Biya of, Gabriel Boric, Sanna Marin, McConnell, McConnell's, Chuck Grassley, Dianne Feinstein, Bernie Sanders, Donald Trump, Biden doesn't, Biya, Mahmoud Abbas, Steve Holland, Heather Timmons, Cynthia Osterman Organizations: Republican, Pew Research, U.S . Congress, Capitol, Democratic, U.S . Senate, Interparlimentary, Reuters Graphics, Pew, Palestinian Authority, Thomson Locations: U.S, Paul Biya of Cameroon, Chilean, Iowa, California, Vermont, United States, Japan, Italy, Greece

☆ ‘Mr. Blandings’ Is Now 75. What Can His Dream House Tell Us About Ours?
▼ + stars: | 2023-07-28 | by ( Julie Lasky | ) www.nytimes.com time to read: +1 min

This year marks the 75th anniversary of one of the most hair-raising horror films ever to hit the big screen: “Mr. Blandings Builds His Dream House.” Adapted from a popular 1946 novel, it tells the story of Jim and Muriel Blandings (Cary Grant and Myrna Loy), a couple climbing the walls in their cramped Manhattan apartment, who buy an old house in Connecticut that becomes a gateway to misery. Tempers hit the stratosphere. James Sanders, an architect and the author of “Celluloid Skyline: New York and the Movies,” believes the 1948 film maintains its power to trigger anyone who has set out to fix or build a home. Blandings” has earned its place in the cinematic pantheon for another reason.

Persons: Mr, Blandings, Jim, Muriel Blandings, Cary Grant, Myrna Loy, James Sanders, ”, Blandings ” Locations: Manhattan, Connecticut, New York

Persons: Mitch McConnell's, Joe Biden, Biden, Paul Biya of, Gabriel Boric, Sanna Marin, McConnell, Chuck Grassley, Dianne Feinstein, Bernie Sanders, Donald Trump, Biden doesn't, Biya, Mahmoud Abbas, Steve Holland, Heather Timmons, Cynthia Osterman Organizations: Republican, Pew Research, U.S . Congress, Capitol, Democratic, U.S . Senate, Interparlimentary, Reuters Graphics, Pew, Palestinian Authority, Thomson Locations: U.S, Paul Biya of Cameroon, Chilean, Iowa, California, Vermont, United States, Japan, Italy, Greece

☆ US lawmakers urge Biden administration to tighten AI chip export rules
▼ + stars: | 2023-07-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

The October 2022 rules impose two performance caps on exporting AI chips to China - one on how fast the chips can talk to one another, and the second on the chips' processing speeds. After the rules took effect, Nvidia created special chips for China with lower interconnect speeds. Intel this month also said it has created an AI chip that can be sold in China. Nvidia at the time said that restricting sales of its AI chips to China "would result in a permanent loss of opportunities for the U.S. On Friday, Gallagher and Krishnamoorthi urged an even tighter approach than the one Reuters previously reported officials are considering.

Persons: Mike Gallagher, Biden, Raja Krishnamoorthi, Gina Raimondo, Gallagher, Krishnamoorthi, " Gallagher, Stephen Nellis, Chris Sanders, Leslie Adler Organizations: U.S, Rep, Chinese Communist Party, Capitol, FRANCISCO, Republican, Nvidia, Devices, Intel, Reuters, Qualcomm, Semiconductor Industry Association, Microsoft, Google, Thomson Locations: United States, Taiwan, Washington , U.S, China, U.S, Washington, San Francisco

☆ U.S. lawmakers urge Biden administration to tighten AI chip export rules
▼ + stars: | 2023-07-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

☆ The Dow is on pace to do something today it hasn’t done since 1897
▼ + stars: | 2023-07-27 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —The Dow is on pace for its best run in 126 years. If the Dow closes higher Thursday for a 14th consecutive session, that would be its longest run of consecutive gains since May 1897. Should the Dow end the day higher today, and for a 15th straight day on Friday, that would mark the index’s longest daily winning streak ever. The blue-chip index’s run is already at historic levels: The Dow on Wednesday notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022. Some investors say that the central bank is unlikely to pivot as soon as Wall Street expects, or as quickly.

Persons: Dow, —, haven’t, “, ”, Rhys Williams, Mike Sanders Organizations: New, New York CNN, Dow, Wednesday, New York Stock, Bettmann, Nasdaq, Meta, Big Tech, Federal Reserve, Management, Traders, Madison Investments Locations: New York

With its latest 25 basis point interest rate increase now in the books, the Fed has raised the benchmark overnight interest rate by 525 basis points since March 2022 to a level last seen before the 2007 housing market crash in a fight to bring down inflation. Still, some fixed income investors have remained on edge over how long the Fed can keep interest rates at restrictive levels without sparking an economic downturn. Meanwhile, Fed funds futures traders saw increased probability of another interest rate increase in September. To be sure, investors had badly overestimated the chances for recession at the beginning of this year and could be wrong again. Over the past year the unemployment rate has remained stubbornly low and growth has run consistently above trend.

Persons: Jerome Powell, Gurpreet Gill, Goldman Sachs, Powell, Kristy Akullian, It's, Adam Hetts, Janus Henderson, Mike Sanders, Blair Shwedo, Davide Barbuscia, David Randall, Ira Iosebashvili Organizations: YORK, Federal Reserve, Fed, Goldman Sachs Asset Management, Barclays, BlackRock, Investment, Treasury, Janus, Janus Henderson Investors, Madison Investments, U.S . Bank, Thomson

Congress authorized up to $1 billion worth of Presidential Drawdown Authority weapons aid for Taiwan in the 2023 budget. One official, speaking on the condition anonymity, said the package is expected to be worth around $330 million. The Taipei Economic and Cultural Representative Office in the United States did not immediately respond to a request for comment. Beijing has repeatedly demanded the United States, Taiwan's most important arms supplier, halt the sale of weapons to the island. Taiwan has said its defense spending this year will focus on preparing weapons and equipment for a "total blockade" by China, including parts for F-16 fighters and replenishing weapons.

Persons: General Atomics, Defense Lloyd Austin, Mark Milley, Mike Stone, Idrees Ali, Chris Sanders, Deepa Babington, Lincoln Organizations: Reuters, Congress, U.S . Air Force, Cultural, Defense, Presidential, Authority, U.S . Army, Joint Chiefs of Staff, Thomson Locations: United States, Taiwan, China, Taipei, Beijing, U.S, Ukraine

☆ Workers at companies that tested out a 4-day workweek are happier and more efficient — and firms made more money. One lawmaker says it's 'here to stay.'
▼ + stars: | 2023-07-27 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

New data from a four-day workweek pilot looks at how workers fared under the test for a year. Democratic Rep. Mark Takano, who has led legislation to make a four-day work week law, commended the report's latest findings. "The four-day workweek can be implemented with positive impacts on workers and businesses, and this extensive study bolsters the employee feedback from shorter trial studies. The four-day workweek is here to stay." In February, Vermont Sen. Bernie Sanders wrote on Twitter that "with exploding technology and increased worker productivity, it's time to move toward a four-day work week with no loss of pay.

Persons: Mark Takano, workweek, that's, Takano, Vermont Sen, Bernie Sanders, Dale Whelehan Organizations: Workers, Service, Democratic, Fair Labor, Twitter Locations: Wall, Silicon, New Zealand, Australia, United Kingdom, Vermont, Florida

Congress authorized up to $1 billion worth of Presidential Drawdown Authority weapons aid for Taiwan in the 2023 budget. One official, speaking on the condition anonymity, said the package is expected to be worth around $330 million. The Taipei Economic and Cultural Representative Office in the United States did not immediately respond to a request for comment. Beijing has repeatedly demanded the United States, Taiwan's most important arms supplier, halt the sale of weapons to the island. Taiwan has complained of delays to U.S. weapon deliveries, such as Stinger anti-aircraft missiles, as shipments from U.S. stockpiles moved to Ukraine.

☆ Democrats want to make the minimum wage $17 an hour and give nearly 28 million workers a raise
▼ + stars: | 2023-07-26 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +5 min

Sen. Bernie Sanders, alongside other progressives, is again trying to raise the federal minimum wage. He's introducing legislation to bring the federal minimum to $17 by 2028; currently, it's $7.25. However, past attempts to raise the minimum wage have been stymied by Republicans and moderate Democrats. Under the latest version of the Raise the Wage Act, the federal minimum would climb to $17 by 2028. "The President shares Congressional Democrats' commitment to put workers first and supports increasing the minimum wage.

Persons: Sen, Bernie Sanders, Sanders, Michael Douglas, Gordon Gekko, Hakeem Jeffries, It's, Democrats —, Biden, Michael Kikukawa, Pramila Jayapal, Jayapal, Frances Holmes, Holmes Organizations: Republicans, Service, Democratic, Senate, Democrats, Institute, Workers, National Employment Law, Congress, White, Congressional Progressive Caucus, Oxfam America, Busch Locations: Wall, Silicon, St Louis , Missouri

☆ The US is in a 'Barbie-type' market at the moment: financial services firm
▼ + stars: | 2023-07-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe US is in a 'Barbie-type' market at the moment: financial services firmGeorge Ball of Sanders Morris Harris explains his bullish call for the S&P 500.

Persons: George Ball, Sanders Morris Harris

☆ To help end the war in Ukraine, seize Russia's state assets and use them for reparations
▼ + stars: | 2023-07-24 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +9 min

To end the war, some argue that Ukraine must make difficult territorial concessions to Russia. People in the United States, after all, do not vote for the president of Russia. The Biden administration has already authorized millions of dollars worth of assets from Russian oligarchs to be transferred to Ukraine. But it has refrained from touching Russia's Central Bank foreign currency reserves, which are estimated to be about $38 billion in the United States alone (and $215 billion in the European Union). As Financial Times economic commentator Martin Sandbu wrote last month, seizing state assets for reparations is an unproven legal strategy.

Persons: Cornel, Vivek Ramaswamy, Donald Trump, Ron DeSantis, Robert F, Kennedy Jr, there's, —, Vermont Sen, Bernie Sanders, Sanders, what's, Lawrence Summers, Robert Zoellick, Philip Zelikow, Biden, Martin Sandbu Organizations: Service, Harvard, Princeton, CNN, White, NATO, Russia, Ukraine, Republican, Florida Gov, Vermont, New Lines Institute, UN, Assembly, Kremlin, Bank, Central Bank, European Union, Financial Locations: Ukraine, Russia, Wall, Silicon, Washington, United, United States, Florida, America, Russian, West, Iraq, Washington ,, Mariupol

☆ Not to Jinx It, but Is the Commute Easier Lately?
▼ + stars: | 2023-07-24 | by ( Kaya Laterman | ) www.nytimes.com time to read: +1 min

Ms. Sanders, 40, recently shocked her firm’s summer interns when she mentioned she could almost always be found in the office on Fridays. “It’s become my most reliable office day, because my drive now is that much easier.”Ms. Sanders is hardly alone in her quest for a Zen commute. On average, drivers in the New York metropolitan area lose about 132 hours per year in traffic, according to a recent survey by CoPilot, a car-buying app. “You’re guaranteed a seat,” said Ms. Gorman, 49. According to to publicly available data from the Metropolitan Transportation Authority, Monday is now the easiest weekday to travel around the metro region.

Persons: Sanders, It’s, Ms, Laura Gorman, “ You’re, ”, Gorman, “, “ Don’t Organizations: Grand Central, Jamaica, Metropolitan Transportation Authority Locations: New York, East Northport, Grand

☆ Disney CEO Bob Iger called Hollywood strikers 'not realistic.' His critics are calling his $27 million pay package unrealistic.
▼ + stars: | 2023-07-22 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +5 min

Disney CEO Bob Iger recently called strikers' expectations "not realistic," quickly drawing criticism. Iger could make over $27 million this year, 535 times the median pay of his employees. An average CEO in 1978 made around 31 times what their average worker made, according to the Economic Policy Institute. In 2020, the average CEO made 346 times what their average worker made. At Disney, the median worker pay is $54,256, according to the company's latest proxy statement.

Persons: Bob Iger, Sean Gunn, Fran Drescher, Iger, Gunn, Drescher, Sen, Bernie Sanders, he'd, Variety, David Zaslav, Reed Hastings, Brian Roberts Organizations: Disney, SAG, Morning, Hollywood, CNBC, Sun Valley Conference, Writers Guild of America, Guardians, Economic, Warner Bros, Netflix, Comcast Locations: Idaho, Los Angeles

☆ AmEx's profit view dampens strong results from record card spending
▼ + stars: | 2023-07-21 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

"Results were strong, though spending growth is moderating from unsustainably high rates in 2022," said Edward Jones analyst Kyle Sanders. These worries took the shine off a record quarter in which spending surged to $426.6 billion despite rapid interest rate hikes by the U.S. central bank ushering in an end to easy money. "Our base is changing in terms of more Millennials and Gen Z who will grow with us. Millennial and Gen Z were its fastest-growing customer base as their combined spending surged 21% in the U.S. from a year ago. Despite that, AmEx just reaffirmed its per-share profit forecast of $11 to $11.40 for 2023 after reporting a market-beating profit of $2.89 per share.

Persons: Edward Jones, Kyle Sanders, Gen Z, Stephen Squeri, Gen, Jeff Campbell, AmEx, Campbell, Christophe Le Caillec, Manya Saini, Anil D'Silva, Arun Koyyur Organizations: American Express, U.S, RBC Capital Markets, Reuters, Thomson Locations: U.S, Bengaluru

☆ ‘Barbenheimer’ Is a Huge Hollywood Moment and Maybe the Last for a While
▼ + stars: | 2023-07-21 | by ( Kyle Buchanan | More About Kyle Buchanan | ) www.nytimes.com time to read: +3 min

Already, some upcoming films have had their release plans modified as a result of the SAG-AFTRA strike. Sanders said the studio has assured him that, so far, no discussions have been had about bumping “The Color Purple” into 2024. And without the usual influx of year-end prestige films, this year’s awards season could look very different — and, in another way, all-too-familiar. “Worst-case scenario, every studio on the planet decides to move their fourth-quarter movies into next year,” Sanders mused. “Suddenly, the last contenders for awards are ‘Barbie’ and ‘Oppenheimer.’ Then what happens?”

Persons: Helen Mirren, Julio Torres, Problemista ”, Zendaya, Emma Stone, ”, “ Barbenheimer, ‘ Oppenheimer, Tony Angelotti, Scott Sanders, ” Sanders, Sanders, HBO Max, Pepto, Barbie ”, “ Oppenheimer, moviegoing, Barbie ’, ’ Organizations: SAG, “, ”, Venice Film, Toronto, Warner Bros, HBO Locations: Venice, Toronto

☆ Walmart is discounting its Walmart+ membership for customers on government assistance. Here's how to apply.
▼ + stars: | 2023-07-20 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +3 min

Walmart said on Thursday that it would offer its Walmart+ membership at half price to some customers. The number of Amazon Prime memberships dropped for the first time last year, according to one estimate. Amazon still had around 168 million Prime members in the US and 200 million members globally at the end of 2022. A Walmart spokesperson declined to provide membership statistics for Walmart+ or to comment on projected enrollments in the half-price program but said that about a quarter of its current Walmart+ members rely on EBT payments. Here's how to applyBoth current and new Walmart+ members can apply for the discounted rate by verifying their eligibility on Walmart's website.

Persons: Vermont Sen, Bernie Sanders Organizations: Walmart, SNAP, Service, Privacy, Paramount, Amazon, WIC, Medicaid Locations: Wall, Silicon, Vermont

☆ Chinese autonomous vehicle tech raises concerns, US transportation chief says
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, July 20 (Reuters) - U.S. Transportation Secretary Pete Buttigieg said on Thursday his agency has national security concerns about Chinese autonomous vehicle suppliers in the American market. "Whether we are talking about hardware or software, in the same way there are concerns around telecom or TikTok, there are concerns around transportation technologies," Buttigieg said in an interview with Reuters. Buttigieg said the United States needs to better understand "the true ownership of the different enterprises that are supplying different elements of our transportation systems." The lawmakers were particularly concerned about AV vehicle and equipment testing in the United States. Their letter cites data from California regulators showing seven Chinese firms tested autonomous vehicles in the most-populous U.S. state last year.

Persons: Pete Buttigieg, Buttigieg, Gina Raimondo, Chris Sanders, Will Dunham Organizations: . Transportation, Reuters, Chinese Communist Party, CCP, Thomson Locations: United States, China, California, U.S

☆ Social Security recipients could face 'a rapid increase of wait times' to receive benefits if Congress fails to increase funding for the program, according to the union representing its workers
▼ + stars: | 2023-07-20 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

House Republicans are proposing funding cuts for the Social Security Administration. The union said Social Security recipients could face longer wait times to receive benefits. The union warned that the already underfunded agency could see its standing issues, like long wait times for accessing benefits and long lines at its offices, only worsen. "If you read our Commitment to America, all we talk about is strengthening Medicare and Social Security." Aside from Social Security, lawmakers could be facing a budget showdown this fall over a number of contentious issues.

Persons: —, Julie Tippens, AFGE, Kevin McCarthy, Bernie Sanders, Elizabeth Warren, Sanders Organizations: Republicans, Social Security Administration, The American Federation of Government Employees, Social, Service, American Federation of Government Employees, Labor, Health, Human Services, Education, Security, GAO, SSA, Management, Social Security, Medicare, Federal, Aid, Democratic Locations: Wall, Silicon, America

[1/2] A man types into a keyboard during the Def Con hacker convention in Las Vegas, Nevada, U.S. on July 29, 2017. In an interview this week, Canadian Centre for Cyber Security Head Sami Khoury said that his agency had seen AI being used "in phishing emails, or crafting emails in a more focused way, in malicious code (and) in misinformation and disinformation." The same month, Britain's National Cyber Security Centre said in a blog post that there was a risk that criminals "might use LLMs to help with cyber attacks beyond their current capabilities." The LLM responded with a three paragraph email asking its target for help with an urgent invoice. Reporting by Raphael Satter in Washington; editing by Chris Sanders and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Steve Marcus WASHINGTON, Sami Khoury, Khoury, cybercriminals, Europol, ChatGPT, Raphael Satter, Chris Sanders, Josie Kao Organizations: Def Con, REUTERS, Reuters, cybercriminals, Centre for Cyber Security, European, Cyber Security, Thomson Locations: Las Vegas , Nevada, U.S, Washington

☆ Biden meets labor organizers from Starbucks, Minor League Baseball
▼ + stars: | 2023-07-18 | by ( Nandita Bose | ) www.reuters.com time to read: +2 min

WASHINGTON, July 17 (Reuters) - President Joe Biden and Senator Bernie Sanders met with young labor organizers from Starbucks and Minor League Baseball among others at the White House on Monday as a growing number of worker strikes grip the country. In a tweet on Monday night, Biden said he and Sanders met with young labor leaders to discuss their fight for better pay and benefits. And organizing or joining a union - that's democracy in action," Biden tweeted. Administration officials in Monday's meeting included Acting Secretary of Labor Julie Su, White House National Economic Council Director Lael Brainard, and White House Director of Governmental Affairs Tom Perez, the official said. Biden, who is often referred to as the most pro-union president in U.S. history by labor leaders, had a similar meeting with union activists from Amazon and Starbucks at the White House last year.

Persons: Joe Biden, Bernie Sanders, Biden, Sanders, Karine Jean, Pierre, Labor Julie Su, Lael Brainard, Tom Perez, Nandita Bose, Sonali Paul Organizations: Starbucks, Minor League Baseball, White, Apple, House Press, Labor, National Economic, Governmental, Amazon, Thomson Locations: U.S, dockworkers, Washington

☆ Biden to meet labor organizers from Starbucks, Minor League Baseball
▼ + stars: | 2023-07-17 | by ( Nandita Bose | ) www.reuters.com time to read: +1 min

WASHINGTON, July 17 (Reuters) - President Joe Biden and Senator Bernie Sanders will meet young labor organizers from Starbucks and Minor League Baseball among others at the White House on Monday as a growing number of worker strikes grip the country. Biden and Senator Sanders, who chairs a committee on labor issues, are expected to congratulate organizers for the work they have done and discuss the president's "belief that worker power is essential to growing the economy from the middle out and bottom up," White House Press Secretary Karine Jean-Pierre said. Administration officials in Monday's meeting include Acting Secretary of Labor Julie Su, White House National Economic Council Director Lael Brainard, and White House Director of Governmental Affairs Tom Perez, the official said. Biden, who is often referred to as the most pro-union president in the history of the United States by labor leaders, had a similar meeting with union activists from Amazon and Starbucks at the White House last year. Reporting by Nandita Bose in Washington; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Bernie Sanders, Biden, Sanders, Karine Jean, Pierre, Labor Julie Su, Lael Brainard, Tom Perez, Nandita Bose, Sonali Paul Organizations: Starbucks, Minor League Baseball, White, Apple, House Press, Administration, Labor, National Economic, Governmental, Amazon, Thomson Locations: U.S, dockworkers, United States, Washington

WASHINGTON, July 17 (Reuters) - U.S. chip company executives met with top Biden administration officials on Monday to discuss China policy, the State Department and sources said, as the most powerful semiconductor lobby group urged a halt to more curbs under consideration. Secretary of State Antony Blinken talked with chip company chief executives about the industry and supply chains after his recent trip to China, a department spokesperson told reporters. The chip industry is keen to protect its profits in China as the Biden administration considers another round of restrictions on chip exports to China. Last year, China accounted for $180 billion in semiconductor purchases, more than a third the worldwide total of $555.9 billion and the largest single market, according to Semiconductor Industry Association (SIA). The Biden administration is considering updating a sweeping set of rules imposed in October to hobble China's chip industry and a new executive order restricting some outbound investment.

Persons: Antony Blinken, Gina Raimondo, Lael Brainard, Jake Sullivan, Biden, Blinken, Matthew Miller, Commerce's Raimondo, Washington, hobble, Pat Gelsinger, David Shepardson, Andrea Shalal, Simon Lewis, Stephen Nellis, Chris Sanders, Susan Heavey, Matthew Lewis, Nick Zieminski Organizations: Biden, State Department, National Economic, National Security, Intel, Qualcomm, Nvidia, Reuters, Semiconductor Industry Association, SIA, Department, White, Commerce Department, Huawei Technology Co, San, Thomson Locations: China, U.S, Washington, San Francisco

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