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 Edges Higher on Fiscal Debt Concerns while Traders await US Jobs Data

A salesman chooses gold chains for people buying gold at a gold shop in Bangkok's Chinatown, Thailand, June 8, 2016. REUTERS/Chaiwat Subprasom/File Photo
A salesman chooses gold chains for people buying gold at a gold shop in Bangkok's Chinatown, Thailand, June 8, 2016. REUTERS/Chaiwat Subprasom/File Photo
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Gold Edges Higher on Fiscal Debt Concerns while Traders await US Jobs Data

A salesman chooses gold chains for people buying gold at a gold shop in Bangkok's Chinatown, Thailand, June 8, 2016. REUTERS/Chaiwat Subprasom/File Photo
A salesman chooses gold chains for people buying gold at a gold shop in Bangkok's Chinatown, Thailand, June 8, 2016. REUTERS/Chaiwat Subprasom/File Photo

Gold prices edged higher on Wednesday as investors shifted their focus to the US fiscal situation and lingering uncertainty ahead of the July 9 deadline for US tariffs to take effect.

Spot gold was up 0.1% at $3,340.67 per ounce at 1157 GMT. US gold futures were steady at $3,351.10.

"The markets are again focused on the US fiscal situation ... and combined with uncertainty about the July 9 tariff deadline, these create fog for traders, who are directing flows towards safe-haven assets like gold," said Ricardo Evangelista, senior analyst at brokerage ActivTrades, Reuters reported.

US Senate Republicans narrowly passed President Donald Trump's tax and spending bill on Tuesday, a package cutting taxes, reducing social safety net programmes and boosting military spending while adding $3.3 trillion to the national debt.

"We still think debt level concerns, ongoing pressure on the Fed to adjust their rates and weaker US economic data will support the price of gold," said UBS commodity analyst Giovanni Staunovo.

Data on Tuesday showed US job openings increased unexpectedly in May, but a decline in hiring added to signs that the labor market has shifted into lower gear.

Fed Chair Jerome Powell reiterated that the US central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts.

The focus now shifts to US ADP employment data due later in the day, followed by June non-farm payroll figures on Thursday, for further insights into labor market conditions.

In other precious metals, spot silver gained 0.5% to $36.24 an ounce, platinum rose 2.2% to $1,380.31 and palladium climbed 2% to $1,122.