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The Latest Breaking News from Commerce Department

U.S. gov't seizes $7.4 billion semiconductor research fund created under Biden admin, calling it 'illegal' — Lutnick says fund 'served as a semiconductor slush fund that did nothing but line the pockets of Biden loyalists with American tax dollars'

The US Commerce Department of the Trump administration has pulled back billions of dollars in funding for a non-profit aimed at promoting US chip design and fabrication, suggesting that its appointment under the Biden administration somehow made it inappropriate for distributing taxpayer funds.

Tom’s Hardware

Mark Cuban Says This Trump Administration Move Is 'One Of the Dumbest….'

Billionaire investor Mark Cuban blasted a Commerce Department plan under discussion to charge patent holders a percentage of their patent value, calling it "one of the dumbest ideas in the history of business."

Benzinga

Enterprise Products: Trump “weaponizing” ethane exports to China backfires against U.S.

About half of all ethane exports go to China to feed its petrochemical manufacturing industry.

Fortune

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Wealthy families could consider Trump’s gold cards over fears about birthright citizenship

Some experts say it’s unclear whether the Gold Card program will actually take off

The Independent UK

The U.S. Would Need To Plant Up to 250,000 More Acres of Tomatoes To Replace Those Imported from Mexico

According to one analyst, the U.S. would need between 42,000 and 250,000 more acres growing tomatoes to replace Mexican imports.

Reason

US Inflation Edges Up As Trump Renews Criticism Of Fed Chief

The US Federal Reserve's preferred inflation measure logged a mild uptick Friday while spending weakened, triggering another tirade by President Donald Trump against the central bank chair for not cutting interest rates sooner.

International Business Times

Trump tariffs: US economy saw stark drop in GDP growth as businesses rushed to secure imports

Revised data shows economy shrank more than previously thought as president’s global trade war loomed and consumer spending softened

The Independent UK

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U.S. economy shrank 0.5% between January and March, worse than earlier estimates revealed

The U.S. economy shrank at a 0.5% annual pace from January through March as President Donald Trump’s import taxes at least temporarily disrupted business, the Commerce Department reported Thursday in a a downgrade from its previous estimate

The Independent UK

Companies are rushing to ship goods into the US ahead of tariffs. It’s masking the economic cliff

The U.S. GDP shrank in the first quarter, reflecting the import surge

The Independent UK

US Expands Export Blacklist, Adds Over 50 Chinese Companies To Curb AI And Tech Advances

The Chinese embassy in Washington condemned the U.S. actions, calling them "politically motivated." The export restrictions come as tensions between Washington and Beijing escalate, with the Trump administration intensifying tariffs on China.

International Business Times

US Trade Gap Hits New Record In January As Tariff Fears Loomed

The US trade deficit surged to a new record in January, government data showed Thursday, as imports spiked while tariff worries flared in the month of President Donald Trump's inauguration.

International Business Times

The goods hit first by Trump’s tariffs on Mexico, Canada and China

Imports from Canada and Mexico will be taxed at 25 percent while levies on Chinese products will increase to 20 percent

The Independent UK

Fed's Inflation Gauge Shows Cooling Price Pressures

Recent data shows minimal inflation growth, prompting Fed to reduce rate cuts while supporting economic growth through strategic monetary policy adjustments.

Top News

US effort to curb China's and Russia's access to advanced computer chips 'inadequate,' report finds

The U.S. Commerce Department’s efforts to curb China’s and Russia’s access to American-made advanced computer chips have been “inadequate” and will need more funding to stymie their ability to manufacture advanced weapons

The Independent UK

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Reason

Abolish the Commerce Department

Donald Trump has tabbed Howard Lutnick to be the next secretary of the Department of Commerce. He should also be the last.

Roll Call

Lutnick tapped to lead Commerce Department under Trump 2.0 - Roll Call

President-elect Donald Trump chose billionaire Howard Lutnick, co-chair of his transition team, to lead the Commerce Department.

International Business Times

US Restricts TSMC's Export Of Advanced Chips To China: Report

The new order, set to take effect on Monday, comes weeks after TSMC notified the Commerce Department that one of its chips had been found in a Huawei AI processor.

International Business Times

US Fines Chipmaker $500,000 For Selling To Blacklisted Chinese Company

GlobalFoundries sent SJ Semiconductor 74 shipments worth $17.1 million without seeking a license, the Commerce Department said.

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Reason

Commerce Department Bans Chinese Car Components

Commerce Secretary Raimondo insists the rule "is a strictly national security action."

InsideEVs

U.S. Aims To Ban Cars With Software, Hardware Links To China

Forget tariffs on EVs. Proposed new U.S. Commerce Department rules would ban cars with digital links to China from 2027 onward.

International Business Times

US Set To Announce Planned Ban On Chinese Vehicle Technology: Report

The Commerce Department is expected to unveil the proposed prohibitions on Monday, following an investigation ordered by President Joe Biden.

International Business Times

Dow Hits Yet Another Record High

It pops up to 41,563.08 points fueled by favorable inflation news from the Commerce Department

The Independent UK

Kaspersky to shutter US operations after its software is banned by Commerce Department, citing risk

Cybersecurity firm Kaspersky says it’s shutting down all of its operations in the United States, just weeks after the Commerce Department banned the use of the company’s software in the country

Top News

Supreme Court Weakens Federal Agencies' Regulatory Power

The Supreme Court's recent ruling limits federal agencies' regulatory authority, reflecting a broader conservative agenda.

Tom’s Hardware

U.S. bans Kaspersky and hands out sanctions to execs — 100 days until class-leading antivirus ban takes effect

Antivirus company Kaspersky Labs and several subsidiaries were banned from U.S. operations on Thursday, and customers had 100 days to find an alternative. The U.S. also sanctioned 12 executives.

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