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Taiwan’s leading computer chip maker, TSMC, said Thursday that its net profit surged nearly 40% in the last quarter, boosted by the surge in use of artificial intelligence.Taiwan Semiconductor Manufacturing Corp. is the world’s biggest semiconductor manufacturer. It reported a net profit of a record 452.3 billion new Taiwan dollars ($15 billion) in the July-September quarter, higher than analysts’ forecasts.The company earlier said its revenue jumped 30% year-on-year in the last quarter.TSMC has been building chip fabrication plants in the United States and Japan to help hedge against risks from China-U.S. trade tensions. The chipmaker is a major supplier to companies such as Apple and Nvidia.“Demand for TSMC’s products is unyielding,” Morningstar analysts wrote in a note this month. “Given TSMC’s dominance, we doubt the company would be hindered if it faced tariffs on shipments to U.S. customers. We expect AI demand to stay resilient.”U.S. Commerce Secretary Howard Lutnick proposed last month that computer chip production be divided 50-50 between Taiwan and the U.S. Taiwan where the majority of global chip manufacturing is currently based rejected that idea.The company has committed $100 billion in U.S. investments, including building new factories in Arizona, on top of $65 billion that it pledged earlier. Chan Ho-Him, AP Business Writer
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E-Commerce
Back in 1987, President Ronald Reagan made a televised speech defending the principles of free trade, and slamming tariffs as a misguided policy that drives up prices and ultimately hurt American businesses, workers, and consumers. Now a Canadian ad campaign aimed at Americans is using that speech to remind Republican voters that Reagans views are still relevant. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars, Reagan said. Then the worst happens: Markets shrink and collapse, businesses and industries shut down, and millions of people lose their jobs. The ad began airing this week on Newsmax and Bloomberg, and will expand to Fox News, Fox Sports, NBC, CBS, CNBC, ESPN, and ABC. Ontario Premier Doug Ford said on Tuesday during a speech Im a big Ronald Reagan fan . . . Were going to launch a $75 million ad, and were going to repeat that message to every Republican district there is, right across the entire country. This work follows a December ad campaign that focused on the negative impact of tariffs on trade. According to a September report from the Financial Accountability Office of Ontario, the province’s real GDP growth is projected to slow to 0.9% this year and 1.0% next year due to the impact of U.S. tariffs. It comes at an awkward time, as automaker Stellantis announced a change in plans, moving production of its Jeep Compass model from Ontario to Illinois. The federal Canadian government is threatening to sue to company over the decision. This isn’t the first time advertising from the north has been aimed at Americans. In December, the Ontario government ran ads on Fox News and during NFL games to remind U.S. viewers that the Canadian province is America’s third biggest trade partner, and the main export buyer for 17 states. And in July, Quebec ran a series of tourism ads to encourage Americans to keep visiting despite Trump threatening Canadian sovereignty. The new Reagan spot is a soft sell, using Americans’ own words to try and persuade them of a different tack on tariffs. But that gentler, more polite (dare I say Canadian) approach may not last long. Since President Trump started pontificating about a 51st State, Canadians have reacted strongly by boycotting American goods and traveling south significantly less. The “Elbows Up” sentiment drove down U.S. travel in July by more than 30%the seventh consecutive month of declines over 2024and are buying more Canadian-made goods. On Wednesday, Ontario premier Doug Ford blamed President Trump and his tariffs for the Stellantis decision. That guy, President Trump, hes a real piece of work, Ford said. Im sick and tired of rolling over. We need to fight back.”
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E-Commerce
The Trump administration is looking to provide an additional $20 billion in financing for Argentina through a mix of financing from sovereign funds and the private sector.That would come on top of the $20 billion credit swap line that the U.S. Treasury pledged to Argentine President Javier Milei and his government this month to bolster the South American nation’s collapsing currency.“We are working on a $20 billion facility that would complement our swap line, with private banks and sovereign funds that, I believe, would be more focused on the debt market,” Treasury Secretary Scott Bessent told reporters Wednesday. He called it “a private-sector solution” and said “many banks are interested in it and many sovereign funds have expressed interest.”At a White House meeting Tuesday with Milei, Republican President Donald Trump said his administration wanted to help “our neighbors” with the aid package, but he also suggested that the money could be pulled if Milei’s party did not prevail in the Oct. 26 midterm elections.“If he loses, we are not going to be generous with Argentina,” Trump said.The Argentine peso weakened slightly Wednesday after Trump’s comments. The peso depreciated about 0.7%, with the dollar the currency Argentines rely on to save trading at 1,395 pesos, compared with 1,385 pesos the previous day.On Wall Street, shares of major Argentine companies rose slightly after dropping as much as 8.1% Tuesday upon Trump’s comments.In Argentina, the opposition’s criticism was swift.Former President Cristina Fernández, who is under house arrest after a corruption conviction, wrote on social media: “Trump to Milei in the United States: ‘Our agreements depend on who wins election.’ Argentines you already know what to do!”Martín Lousteau, president of the centrist Radical Civic Union, said “Trump doesn’t want to help a country he only wants to save Milei,” and that “nothing good can come of this.”Maximiliano Ferraro, head of the opposition Civic Coalition, called Trump’s comments “a blatant act of extortion against the Argentine Nation.” Vulcano reported from Buenos Aires, Argentina. Fatima Hussein and Andrea Vulcano, Associated Press
Category:
E-Commerce
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