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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

US treasury secretary Scott Bessent calls for half-point interest rate cut at next Fed meeting – as it happened

Scott Bessent United States US Federal Reserve US Treasury Inflation Donald Trump
US Treasury Secretary Scott Bessent visits
US Treasury Secretary Scott Bessent visits "Kudlow" at Fox Business Network Studios on August 12. Photograph: Noam Galai/Getty Images

With that, we’re wrapping up for the day.

Thank you for reading. We’ll be back tomorrow. Take care! – JK

Bessent floats rolling out export tax on chipmakers to other industries

Bessent also said that the unprecedented revenue-sharing agreement struck by the White House with US chipmakers Nvidia and AMD could be rolled out to other industries.

Under pressure from Donald Trump, Nvidia and AMD agreed to give the US government 15% of their Chinese chip sales in exchange for export licences.

Bessent told Bloomberg TV today:

I think we could see it in other industries over time.

I think right now this is unique, but now that we have the model and the beta test why not expand it?

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