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The Latest Breaking News from Commerce Department

Billions to spur US semiconductor manufacturing comes with strings attached

WASHINGTON – The Commerce Department is preparing to dole out $39 billion in semiconductor manufacturing incentives, an initiative expected to bring more factories – and jobs – to the U.S.

Tribune News Service

Prison Deaths Spiked by Almost 50 Percent During Early Months of COVID-19 Pandemic

Plus: ACLU urges Congress not to bank TikTok, a backdoor way to subsidize childcare, and more...

Reason

Commerce Dept. issuing aid to build computer chip plants

The Commerce Department is opening the application process for computer chip manufacturers to access $39 billion in government support to build new factories and expand production

The Independent UK

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Now the CHIPS Act Is Going To Subsidize Child Care Too

If Congress wants to spend taxpayer money on child care services, it should pass a bill authorizing that.

Reason

Chip makers must provide childcare plan for access to federal funds

The move is a way for the administration to make progress on expanding child care access.

Axios

Rebecca Blank dies at 67; renowned economist led the University of Wisconsin

Rebecca Blank was president-elect of Northwestern University last year when a cancer diagnosis led her to step down. She was an advisor to three U.S. presidents.

Chicago Sun-Times

US Adds 6 Chinese Entities Tied to Balloon Program to Blacklist

The Biden administration on Friday added six Chinese entities connected to Beijing's suspected surveillance balloon program to an export blacklist. The new restrictions come after the White House said it would consider broader efforts to "expose and address" China's larger surveillance activities that threaten US national security and allies. The…

Asharq Al-Awsat

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The White House just came around to Elon Musk's point about Apple's 'secret 30% tax on everything.'

Tech CEOs, like Mark Zuckerberg and Elon Musk, have long grumbled about the 30% cut developers pay to Apple and Google.

Fortune

Apple and Google app stores get thumbs down from White House

The Biden administration is taking aim at Apple and Google for operating mobile app stores it says stifle competition

The Independent UK

US Curbs Exports to Iranian Firms for Producing Drones for Russia

The United States on Tuesday put new trade restrictions on seven Iranian entities for producing drones that Russia has used to attack Ukraine, the US Department of Commerce said. The firms and other organizations were added to a US export control list for those engaged in activities contrary to US…

Asharq Al-Awsat

House Science Committee chair looks to make NOAA an independent agency

NOAA has always been an awkward fit in the Department of Commerce.

Axios

US economy slowed but still grew at 2.9% rate last quarter

The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession

The Independent UK

Key inflation gauge cools, US consumer spending misses forecasts

The Federal Reserve’s preferred inflation measures eased in November while consumer spending stagnated, suggesting the central bank’s interest-rate hikes are helping to cool both price pressures and broader demand — with more tightening on the way.

Tribune News Service

An inflation meaasure watched by the Fed eases to 5.5%

A measure of inflation closely watched by the Federal Reserve slowed last month, another sign that a long surge in consumer prices seems to be easing

The Independent UK

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The News Lens

China Trying To Fight Back US Ban on Its Chip Industry

On Thursday, the U.S. government broadened its crackdown on China’s chip industry by adding memory chipmaker YMTC and 21 “major” Chinese players in the artificial intelligence chip sector to a Commerce Department trade blacklist.

Bangkok Post

US to expand solar panel tariffs after probe finds Chinese evasion

The United States will impose new duties on imports from some major Chinese solar panel makers after a months-long investigation found they were trying to dodge tariffs by finishing their products in Southeast Asian countries, trade officials said on Friday.

Tribune News Service

US inflation indicator rises by less than forecast as spending increases

A key gauge of U.S. consumer prices posted the second-smallest increase this year while spending accelerated, offering hope that the Federal Reserve’s interest-rate hikes are cooling inflation without sparking a recession.

Benzinga

US Stocks In For Another Tough Day After Fed Rate Hike As Nasdaq, S&P 500 Futures Fall — Roku, Qualcomm Plunge On Earnings Disappointment

The U.S. index futures are pointing to a lackluster start on Wall Street Thursday, as rate worries linger. On Wednesday, the major averages experienced a bout of volatility in the aftermath of the Fed decision and closed notably lower. The market showed tentativeness in the run up to the Fed…

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Tribune News Service

Chip makers offer big investments as they jockey for federal aid

WASHINGTON — The world’s top semiconductor makers have announced in recent months long-term U.S. investments that could rise to more than $400 billion, citing support from a new federal aid program for which the rules have yet to be written.

Roll Call

Chipmakers offer big investments as they jockey for federal aid - Roll Call

The jockeying for federal money for semiconductor manufacturing has begun as global producers announce big investment plans.

France 24

Why semiconductors are central to world economy, geopolitics

The Chinese Communist Party Congress opens in Beijing on October 16, a week after Washington imposed tight restrictions on exports of invaluable semiconductor technology to China in a bid to stop it from surpassing the US economically and militarily. As semiconductors emerge as a key battleground, FRANCE 24 spoke to…

Tribune News Service

‘No possibility of reconciliation’ as US slams China chips

The Biden administration’s new restrictions on technology exports to China could undercut the country’s ability to develop wide swaths of its economy, from semiconductors and supercomputers to surveillance systems and advanced weapons.

Tribune News Service

China says Biden’s new chip technology curbs will harm recovery

China criticized expanded U.S. restrictions on its access to semiconductor technology, saying they’ll harm supply chains and the world economy.

Tribune News Service

Biden tightens China chip rules on chaotic day for industry

The Biden administration announced new restrictions on China’s access to U.S. semiconductor technology, escalating tensions between the two countries and adding fresh complications to an industry reeling from a slump in demand.

The Independent UK

Commerce tightens export controls on high end chips to China

The Commerce Department is tightening export controls to limit China’s ability to get advanced computing chips, develop and maintain supercomputers, and make advanced semiconductors

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People

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