Trump Signals US Might Ease Chip Export Curbs on Some Gulf Countries  

US President Donald Trump at the White House. (Reuters) 
US President Donald Trump at the White House. (Reuters) 
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Trump Signals US Might Ease Chip Export Curbs on Some Gulf Countries  

US President Donald Trump at the White House. (Reuters) 
US President Donald Trump at the White House. (Reuters) 

US President Donald Trump said on Wednesday he might ease US microchip export restrictions to some Gulf countries.

Trump is preparing for his first major diplomatic trip next week that includes a three-country Middle East tour that begins in Saudi Arabia.

“We might be doing that, yeah,” Trump said. “And it will be announced soon.”

The US government is considering reducing restrictions on Nvidia’s AI chip sales to the United Arab Emirates (UAE), reports earlier said.

The Joe Biden-era rule that curbed the export of sophisticated artificial-intelligence chips, had sparked widespread controversy.

Meanwhile, Trump said he will not reduce tariffs on Chinese goods before the upcoming US-China trade talks in Switzerland.

Trump spoke to reporters at the White House on Wednesday about the trade negotiations that are scheduled to take place on Saturday and Sunday.

The US President was asked whether he would be willing to cut the tariffs to bring China to the negotiating table. He replied, “No.”

However, he sent mixed signals later, telling reporters he would look at specific industry requests for exemptions, but preferred to keep the duties broader and less complicated.

In 2018, the Trump administration exempted some products produced in China from 25% tariffs, including bicycle helmets and child-safety furniture such as car seats and playpens. However, car seat component parts, cribs, bassinets, diaper bags and wooden safety gates were not exempted.



Gold Falls on Stronger Dollar after Trump Says He Won't Fire Powell

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Falls on Stronger Dollar after Trump Says He Won't Fire Powell

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices eased on Thursday, pressured by a firmer US dollar, as investor worries eased temporarily after President Donald Trump said he did not plan to oust Federal Reserve Chair Jerome Powell.

Spot gold was down 0.6% at $3,335.77 per ounce, as of 0958 GMT. US gold futures fell 0.8% to $3,331.30.

The dollar index was up 0.3% against its rivals on Thursday, making greenback-priced bullion more expensive for other currency holders.

This comes after a source told Reuters on Wednesday that Trump was open to the idea of firing Powell, which pushed gold prices as much as 1.6% higher.

However, Trump later said he does not plan to sack Powell but left the door open to the possibility and renewed his criticism of the Fed chief for not lowering interest rates.

"Yesterday, gold prices rose on the back of these rumours, which were unfounded. Since the rumours were quelled, prices have been falling," said Nitesh Shah, commodities strategist at WisdomTree.

Investors are, meanwhile, awaiting US jobless claims and retail sales data on Thursday, along with speeches by several Fed officials that may offer insights into the central bank’s policy outlook.

In tariff-related news, Trump said on Wednesday that the US will probably "live by the letter" on tariffs with Japan and may have a trade deal coming up with India.

"I think if we come out of (the tariff deadline of) August 1 with much better trade deals, then that could be gold price-negative," Shah said.

Analysts noted that gold is currently showing limited reaction to trade uncertainties and is awaiting fresh catalysts. Prices remain range-bound between $3,300 and $3,400.

Elsewhere, spot silver fell 0.4% to $37.77 per ounce. Platinum lost 0.3% to $1,412.78 and palladium eased 0.6% to $1,223.03.