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<ul class="summary-list"><li>The tariffs Donald Trump proposed while campaigning could help create US semiconductor jobs.</li><li>Tariffs could also help US chipmakers compete with companies abroad that sell chips at lower prices.</li></ul>If president-elect Donald Trump follows through on his <a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">campaign promise to impose tariffs</a>, the domestic semiconductor industry could see job gains.Industry experts told Business Insider that tariffs on foreign-made chips could help level the playing field for US chipmakers, which are <a target="_blank" class="" href="https://www.businessinsider.com/intel-chip-troubles-problem-us-economy-domestic-production-chips-act-2024-11">facing fierce competition</a> from their counterparts abroad. The tariffs could also encourage US businesses to source more chips domestically and help persuade chipmaking giants, like the Taiwan-based <a target="_blank" href="https://www.businessinsider.com/tsmc-making-apple-iphone-chips-helps-us-semiconductor-bet-2024-10">TSMC</a>, to keep building factories in the US. These developments could aid job growth in the US semiconductor industry, though experts disagreed on how much.Trump's proposed tariff policies include a 60% tariff on goods coming from China and up to a <a target="_blank" class="" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">20% tariff</a> on all imports, including chips. US companies source many of the chips needed to power items like iPhones and washing machines from abroad: The US share of overall chip production fell from <a target="_blank" href="https://www.businessinsider.com/why-us-doesnt-make-chips-semiconductor-shortage-2021-4">37%</a> of the world's supply in 1990 to roughly <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/08/09/fact-sheet-two-years-after-the-chips-and-science-act-biden-%E2%81%A0harris-administration-celebrates-historic-achievements-in-bringing-semiconductor-supply-chains-home-creating-jobs-supporting-inn/#:~:text=As%20a%20result%20of%20these,Vice%20President%20Harris%20took%20office.">10%</a> today.In an <a target="_blank" href="https://open.spotify.com/episode/0e9ynAH6hmZIIeOx0SaGQu">interview</a> with podcaster Joe Rogan in October, Trump criticized the Biden administration's <a target="_blank" href="https://www.businessinsider.com/intel-chips-act-funding-all-hands-meeting-2024-11">CHIPS Act</a> legislation, which included $52.7 billion in tax breaks and subsidies for companies in the semiconductor industry. He said that the federal government should have implemented tariffs instead to motivate global chipmakers to build more factories in the US, which would then create jobs."You didn't have to put up $0.10," Trump said. "You could have done it with tariffs. You tariff it so high that they will come and build their chip companies for nothing."To be sure, the impacts of a tariff policy on chips could be mixed. Jeff Koch, an analyst at the semiconductor research and consulting firm SemiAnalysis, told BI that tariffs could lead to higher prices for goods containing chips, such as cars, electronics, and appliances. He added that US chipmakers could likely benefit from these tariffs because it could help them compete with companies abroad that sell chips at lower prices.The Trump campaign did not respond to a request for comment.<h2 id="dc733634-a51d-47cf-a7b9-405bdfac9e61">Tariffs on chips could boost construction and manufacturing jobs</h2>Patrick Moorhead, founder, CEO, and chief analyst at the research and advisory firm Moor Insights and Strategy, told BI that tariffs could increase the number of US chip manufacturing jobs. He added that he thinks the policy could incentivize chipmakers like TSMC and Samsung, which is based in South Korea, to boost manufacturing in the US."The cost of manufacturing in the US for Samsung and TSMC would be lower than a 30% to 40% tariff on <a target="_blank" href="https://www.businessinsider.com/quartz-mine-computer-chips-hurricane-helene-spruce-pine-semiconductor-2024-9">wafers</a> and <a target="_blank" href="https://www.businessinsider.com/us-ai-chip-production-manufacturing-nvidia-labor-china-taiwan-korea-2024-4">packaging</a>," he said, referring to key components of the chipmaking process.Jeff Ferry, chief economist at the Coalition for a Prosperous America, a nonprofit that advocates for increasing domestic manufacturing, estimated that tariffs could create roughly 100,000 jobs at US chip manufacturers and their suppliers.He said this estimate was partly based on a <a target="_blank" class="" href="https://www.semiconductors.org/wp-content/uploads/2021/05/2021-Jobs-Report_2-pager.pdf">report</a> published in 2021 by the Semiconductor Industry Association — a trade association and lobbying group — that said a $50 billion investment would help create an estimated 10 additional chip factories in the US. That could add about 42,000 direct jobs at the companies building these factories and 101,500 indirect jobs at chipmakers' suppliers, per the report.Ferry said he thought chip tariffs could lead to the creation of roughly 10 additional factories, which led him to come to the 100,000 jobs estimate. In August, the White House <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/08/09/fact-sheet-two-years-after-the-chips-and-science-act-biden-%E2%81%A0harris-administration-celebrates-historic-achievements-in-bringing-semiconductor-supply-chains-home-creating-jobs-supporting-inn/">said</a> that investments supported by CHIPS Act funding would help create 115,000 construction and manufacturing jobs."Tariffs on chips, particularly legacy chips like those used in autos, could successfully shift production back to the US," Ferry said.Samsung did not respond to a request for comment. Intel and TSMC did not respond to a question about what impact a Trump administration tariff policy would have on each company's job creation plans in the US.An Intel spokesperson pointed to a <a target="_blank" href="https://www.intel.com/content/www/us/en/newsroom/news/us-chips-act-intel-direct-funding.html#gs.i5ie0q">press release</a> from March, which said the company's $100 billion investment in the US over the next five years is expected to create more than 10,000 jobs at Intel and nearly 20,000 construction jobs. TSMC pointed to a <a target="_blank" href="https://pr.tsmc.com/english/news/3122">press release</a> from April, that said TSMC's investments in three Arizona chip factories are expected to create roughly 6,000 company jobs, more than 20,000 construction jobs, and tens of thousands of indirect supplier and consumer jobs.Stephen Ezell, the vice president for global innovation policy at the Information Technology and Innovation Foundation, said that the effectiveness of a tariff on chips could be limited, in part because many chips aren't imported <a target="_blank" class="" href="https://www.usitc.gov/publications/332/executive_briefings/ebot_cellular_phones_and_covid.pdf">directly</a> into the US: He said they often come embedded into finished products like <a target="_blank" class="" href="https://www.usitc.gov/publications/332/executive_briefings/ebot_cellular_phones_and_covid.pdf">smartphones</a> or computers.For example, he said that in most cases, chips that TSMC manufactures in Taiwan for Apple are sent to <a target="_blank" class="" href="https://www.theatlantic.com/technology/archive/2022/12/tsmc-apple-memory-chip-production-us-china-taiwan-relations/672593/">China</a> or <a target="_blank" class="" href="https://www.cnbc.com/2024/04/10/apple-made-14-billion-worth-of-iphones-in-india-in-shift-from-china.html">India</a> to be incorporated into a product like an iPhone. Therefore, the chip wouldn't be subject to a US tariff but the iPhone would.When deciding whether to build a chip factory in the US, Ezell said several factors — including wage rates, the labor talent pool, and tax policy — would be bigger considerations for companies than the country's tariff policy. But if tariffs proved to be the deciding factor in a company's decision to invest in the US, then Ezell said the policy could arguably be credited with boosting employment in the semiconductor industry."If a company did decide not to launch a factory elsewhere and instead launch it in the United States, then yes, this dynamic could lead companies to hire more," he said.Do you work in the US semiconductor industry? Reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>

Trump's trade restrictions could be good for American semiconductor jobs

<ul class="summary-list"><li>Bitcoin has hit a record high as Donald Trump leads in the US presidential election.</li><li>Trump's support for digital assets is boosting investor confidence in cryptocurrencies.</li></ul>Bitcoin hit a record high as Republican candidate Donald Trump took the clear lead in the US presidential election on Tuesday night.The former president's position in the race prompted a rush of so-called <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">Trump trades</a> as investors bet on assets that could gain under another Trump term.One of the winning trades was cryptocurrencies. Trump has <a target="_blank" rel="" class="" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7?utm_medium=ingest&amp;utm_source=markets">supported digital assets</a> in recent years and his pro-crypto stance is lifting bitcoin to a new record high, wrote Yeap Jun Rong, a market strategist at IG, on election night.<a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> climbed to over $75,000 Tuesday night, and while it slightly pared gains, the currency was up 8% around $74,700 at 12:51 a.m. ET on Wednesday.The digital asset also jumped because a potential Trump presidency is associated with tax cuts, steeper tariffs, a deeper deficit, a higher level of debt, more Treasury issuance, and higher inflation, Kyle Rodda, a senior market analyst at <a target="_blank" href="http://Capital.com">Capital.com</a><a target="_blank" rel=" nofollow" href="http://capital.com/">,</a> wrote in a note.The US dollar is expected to rise on higher Treasury yields because higher inflation would constrain the Federal Reserve's ability to cut rates."The greater inflationary risks and higher levels of debt also support assets like gold and bitcoin, which investors buy to hedge themselves against such trends," Rodda wrote.The crypto industry has been at odds with President Joe Biden's administration over regulations — though the currency surged more than 100% during his term.Crypto investors expect a friendlier reception with Trump and Vice President Kamala Harris, the Democratic candidate, who has also <a target="_blank" rel="" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-crypto-bitcoin-donors-young-men-2024-9">embraced crypto.</a>Gautam Chhugani, a Bernstein analyst, said in September that <a target="_blank" rel="" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-90000-target-if-trump-wins-november-election-2024-9">bitcoin could hit $90,000 by December</a> if Trump wins the election."Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade," Chhugani said.

Bitcoin hits a record high on Trump trade rush

<ul class="summary-list"><li>President-elect Donald Trump proposed broad tariffs on imports, including up to 60% on goods from China.</li><li>Economists said his tariff proposals could spike inflation as companies tend to pass costs on to consumers.</li></ul>Some executives have warned that price hikes are on the way if President-elect <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">Donald Trump's tariff plans</a> go into effect.Trump proposed a <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10#imported-goods">60% tariff on goods imported from China</a> on the campaign trail, coupled with a 10% to 20% tariff on goods imported from other countries. While the president-elect could choose not to enact tariffs at that scale once he assumes office, economists <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/surging-treasury-yields-after-trump-win-show-borrowers-may-not-get-relief-2024-11?_gl=1*192eyud*_ga*MTAyOTY4OTk4NC4xNzE0NDgyOTcz*_ga_E21CV80ZCZ*MTczMTM1NzQ1OS41MTQuMS4xNzMxMzU3NDcwLjQ5LjAuMA..">and the market</a> have predicted that his proposals would spike inflation and force the Federal Reserve to raise interest rates.A number of companies have already begun responding to Trump's election victory and the implications his tariff proposals will have on the costs of their goods. Executives told analysts on earnings calls that it would be difficult to maintain current prices under Trump's broad tariffs.Other companies are still waiting for more information from the president-elect. Tarang Amin, CEO of e.l.f. Beauty, told Business Insider that the company must first see the policy Trump enacts before making any changes to its pricing, and that a new policy wouldn't affect the business until after its 2025 fiscal year."We don't like tariffs because they are a tax on the American people," Amin said, adding that the company has been subject to a 25% tariff since 2019 due to policies from Trump's first term, "and at that time we pulled all the levers available to us to minimize the effects to our company and our community."Trump has previously said that his proposals would not influence prices on US goods: "I am going to put tariffs on other countries coming into our country, and that has nothing to do with taxes to us. That is a tax on another country," he said in an August speech.Below are the companies that are warning of price increases if Trump's tariff proposals are implemented.<h2 id="d204ee30-d902-48ac-9f04-107b42ca9d58">AutoZone</h2>Philip Daniele, CEO of auto parts company AutoZone, told analysts on a September earnings call that tariff policies have "ebbed and flowed over the years," and if Trump does implement more tariffs, "we will pass those tariff costs back to the consumer.""We generally raise prices ahead of that," Daniele said, adding that prices would gradually settle over time. "So, that's historically what we've done."<h2 id="2a0df8c2-9367-42c0-93cd-a96082916950">Columbia Sportswear</h2>Tim Boyle, CEO of Columbia Sportswear, told analysts on an October earnings call that the company is "very concerned about the imposition of tariffs. " While he considers Columbia adept at managing tariffs, "trade wars are not good and not easy to win."Boyle also <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/10/30/companies-tariffs-trump-prices/">told</a> the Washington Post in October that the company is "set to raise prices.""It's going to be very, very difficult to keep products affordable for Americans," he said.<h2 id="e0af6479-8e49-4477-a151-a5818db04f81">Stanley Black &amp; Decker</h2>Donald Allan, CEO of manufacturing company Stanley Black &amp; Decker, told analysts in an October earnings call that the company has been evaluating "a variety of different scenarios" to plan for new tariffs under Trump."And obviously, coming out of the gate, there would be price increases associated with tariffs that we put into the market," Allan said, adding that "there's usually some type of delay given the processes that our customers have around implementing price."Allan also said that the company would consider moving its production out of China to other countries, like Mexico, to reduce the impact of a 60% tariff on Chinese imported goods. Steve Madden was among other companies that announced plans to import fewer goods from China, with its CEO Edward Rosenfeld saying on an earnings call that the company has already started that process.

3 CEOs preparing to raise prices if Trump enacts trade restrictions

<ul class="summary-list"><li>President-elect Donald Trump proposed an up-to 60% tariff on imports from China and 10-20% on goods from other countries.</li><li>Trade and industry experts said the proposals would likely increase costs in areas like apparel and technology.</li></ul>President-elect Donald Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">has big plans for tariffs</a>. If implemented, Americans could see prices rise across several product categories.Some companies that produce apparel and auto parts have <a target="_blank" class="" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">already started preparing to raise prices</a> if Trump enacts his plans, and some trade experts predicted that a range of industries, including electronics and appliances, would see higher prices.Mary Lovely, a senior fellow at the nonpartisan Peterson Institute for International Economics, told Business Insider that Trump could implement his proposed tariff on China imports quickly — within the first half of 2025 — using an authority in the Trade Act, but she said it's a possibility that the president-elect will not follow through on the 60% tariff he proposed on the campaign trail. He also proposed a 10% to 20% tariff on goods imported from other countries."Nothing is taxed at 60% right now, so every sector is vulnerable to seeing higher tariffs," Lovely said, adding that she would expect a lower tariff, like 20% or 25%. There's also the question of how much of the tariff burden will fall on consumers, Lovely said, and a lot of it depends on the mechanisms Trump uses to implement the tariffs.Trump has <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10#imported-goods">said</a> that his tariff proposals would not impact consumer prices and would serve as a tax on other countries and boost American manufacturing. The impacts of his previous tariffs were mixed. In 2018, for example, tariffs on washing machines <a target="_blank" class="" href="https://www.nytimes.com/2019/04/21/business/trump-tariffs-washing-machines.html">caused</a> prices to rise on laundry items. The smaller 30% to 50% tariffs on imports from China that Trump implemented in his first term were not found to be inflationary, and President Joe Biden kept most of them in place."Consumers are going to be at a burden, but it may take some time for them to feel it, like a slow drip," Lovely said.Still, Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation, said it's reasonable for both companies and consumers to prepare for higher prices. He told BI that companies are already concerned."Whether it's a finished good or an input to production, anything that gets brought into the country from somewhere else is going to get hit with that tax," Gold said.When asked about tariffs' impacts on inflation, Trump's spokesperson Karoline Leavitt said, "In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation."Based on analyses from economists and trade experts, here are the goods that could become more expensive for Americans under Trump's tariff proposals.<h2 id="6bd7d9e5-1349-490e-afe7-bfcfe6c706de">Apparel and shoes</h2>With Trump's proposals in place, the National Retail Federation <a target="_blank" class="" href="https://cdn.nrf.com/sites/default/files/2024-11/Estimated_Impacts_of_Proposed_Tariffs_on_Imports_11.24_0.pdf">estimated</a> that prices for apparel would increase by 12.5%, prices for footwear would increase by 18.1%, and travel goods — which include backpacks and wallets — would increase by 13%.Retailers that source more than 20% of their goods from China, including Crocs and American Eagle, are at higher risk from Trump's tariff proposals, a Bank of America research note <a target="_blank" href="https://www.cnbc.com/2024/11/06/trump-proposed-tariffs-consumer-prices.html">said</a>. The two companies did not immediately respond to a request for comment from BI on whether they are adjusting their business plans in anticipation of the tariffs.Some retailers have already announced preparations to increase prices should Trump's tariff plans go into effect. Columbia Sportswear CEO Tim Boyle said during an October earnings call that he is "very concerned about the imposition of tariffs." He later <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/10/30/companies-tariffs-trump-prices/">told</a> The Washington Post that the company is "set to raise prices" in response to Trump's plans.<h2 id="901a0f6a-c8c4-4040-adc4-f59680460559">Electronics</h2>An October <a target="_blank" href="https://shop.cta.tech/products/how-the-proposed-trump-tariffs-increase-prices-for-consumer-technology-products">report</a> from the Consumer Technology Association estimated that the proposed tariffs would increase laptop and tablet costs by 45%, smartphone costs by 25.8%, video game consoles by 39%, and televisions by 9%.China is a major supplier of electronic products, so everyday products that Americans use — like smartphones and laptops — would likely see price increases. The CTA report said that in 2023, China accounted for 87% of US video game console imports, 78% of smartphone imports, and 79% of laptop and tablet imports.While some companies could try to shift their production out of China, Gold said it's not an easy process."You can't change a supply chain overnight," Gold said. "It takes months, if not years, to be able to find a new vendor that you're comfortable with that can meet all of your different requirements, has the capacity, the skilled workforce, the infrastructure works within the country."<h2 id="4af3509a-5a51-43d4-a381-392f563c0881">Cars</h2>Major car companies import auto parts from China, Mexico, and Europe, and some executives have already warned that the industry would likely face higher prices under Trump's tariffs. Philip Daniele, CEO of auto-parts company AutoZone, said during a September earnings call that if Trump carries out his tariff plans, "we will pass those tariff costs back to the consumer.""We generally raise prices ahead of that," Daniele said, adding that prices would settle over time. "So, that's historically what we've done."Shinji Aoyama, Honda's executive vice president, said on a November earnings call that Trump's proposals will have a "big impact" not just on Honda but on other car companies like General Motors and Ford. Still, he said he thinks it would take some time for the tariffs to be imposed, and at that point, Honda might consider moving production to a country that is not subjected to US tariffs.Lovely said that auto parts are an area where a lot of production is coming from China, so it's "very reasonable" to prepare for price increases. But shifting production would present difficulties because if Trump implements his 10% to 20% universal tariff, "you don't really know if there's any safe place," she said.<h2 id="8651f485-c0c8-4b71-a554-448306a5b630">Furniture</h2>The National Retail Federation report estimated that a 10% universal tariff and a 60% tariff on imports from China would increase furniture costs by 6.4%. Specifically, the report said a $200 crib could end up costing $213 after tariffs, and a $2,000 mattress and box spring could rise to $2,128.The NRF added in its report that the higher costs would hit low-income households the hardest: "They spend twice as much of their after-tax income on furniture as high-income households."Additionally, Henrik Elm, the CFO for Inter Ikea — the group that connects Ikea stores with suppliers — <a target="_blank" href="https://www.reuters.com/business/retail-consumer/ikea-ready-potential-tariffs-under-trump-cfo-says-2024-11-08/">told</a> Reuters that the company is preparing for higher tariffs under Trump, saying that Ikea has worked to make its supply chain more responsive to changes."I think we are better equipped than we have been ever before," Elm said, adding that "of course we are not immune to changes."<h2 id="4b90402b-7b3d-4fb9-b4c4-8ce9e4ee75d4">Appliances</h2>NPR <a target="_blank" href="https://www.npr.org/2019/04/09/711001915/tariffs-complex-ripple-effects-hit-appliance-shoppers-and-makers">reported</a> in 2019 that Americans were seeing higher prices on appliances like washing machines after Trump implemented a 20% tariff on the product. The NRF report said it expects appliance pieces to rise again under Trump's higher tariff proposals with a 19.4% price increase on items including stoves, fridges, dishwashers, and blenders.Under the analysis, the price of a basic fridge would rise from about $650 to $776.Gold said it's unlikely Trump's tariffs would go into effect on day one or day two, and "it's tough to say right now at what point consumers would feel the impact.""It could also depend upon the individual companies and what their tariff mitigation plans are and how much they can try and lessen the impact on the consumers," Gold said. "Obviously, larger companies might have little more ability to do that than small, medium-sized folks who really can't absorb the impact of the tariff and would immediately have to pass on those costs."<h2 id="e555aa7a-b2a3-4f94-b3aa-dae3f12d768a">Groceries</h2>Trump vowed to lower grocery prices for Americans — during a town hall in September, he said he would lower grocery prices by restricting food imports to promote production in the US. However, his tariff plans could increase grocery prices.A <a target="_blank" class="" href="https://www.thirdway.org/report/what-trumps-tariffs-mean-for-your-trip-to-the-store">report</a> from centrist think tank ThirdWay said that Trump's tariff proposals analyzed eight common purchases that the US either heavily imports or is unable to produce domestically. Using data from the International Trade Commission, the report estimated that coffee costs would rise by $0.23, frozen beef prices would rise by $1.09, and olive oil prices would rise by $0.31.Taylor Rogers, the Republican National Committee spokesperson, previously told BI that "Trump will once again cut taxes and unleash American energy to lower prices on groceries and other goods when we send him back to the White House."

From clothes to computers, 6 things expected to get more expensive if Trump's trade plans are enacted

<ul class="summary-list"><li>A tip from the SEC led federal prosecutors to set up a fake company to bust crypto market manipulators.</li><li>The firms are charged with "wash trading," artificially increasing trade volume to boost token prices.</li></ul>Federal prosecutors are getting creative in order to catch bad actors in the cryptocurrency market. After receiving a tip from the Securities and Exchange Commission, federal prosecutors set up a fake crypto company to investigate a firm based in Boston.The sting operation that ensued busted four firms, seized over $25 million in crypto, and deactivated about 60 different cryptocurrencies, prosecutors in Boston said in a press release on Thursday.The firms and more than a dozen individuals were charged with market manipulation to boost token values, as well as fraud and conspiracy to commit fraud. The charges are the first in the crypto industry related to "wash trading."The practice involves moving assets back and forth between accounts controlled by the same firm, giving the appearance of higher trading volume and artificially boosting the value of the asset.The sting came after the SEC tipped off the FBI to potential market manipulation by a Boston-based crypto firm called Saitama, which at one point had boasted a multi-billion market value, the press release said. The tip prompted prosecutors to launch a fake crypto firm called NexFundAI and create a fake token. Over the monthslong operation, the FBI witnessed three market makers wash trade tokens for crypto clients, offering to manipulate the price of NexFundAI's token via video calls and Telegram chats.The sting charged ZM Quant, CLS Global, and MyTrade with wash trading related to their communications with NexFundAI. A fourth firm, Gotbit, was not involved with NexFundAI but was charged in a similar scheme. The sting also charged 15 individuals, including six people associated with Saitama.The firms' trading scheme "allegedly bilked honest investors out of millions of dollars," Jodi Cohen, Special Agent in Charge of the FBI's Boston Division, said in a statement.The prosecutors say those charges mark the first of their kind in the crypto industry, even as the practice of wash trading has been outlawed and strictly enforced in other financial markets. "Cryptocurrency is no exception. These are cases where an innovative technology – cryptocurrency – met a century old scheme – the pump and dump. The message today is, if you make false statements to trick investors, that's fraud. Period," Acting United States Attorney Joshua Levy said in a statement released Wednesday.The charges come as crypto-related scams are on the rise. The FBI's 2023 <a target="_blank" href="https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3Report.pdf">internet crime report</a> shows crypto fraud cost investors almost $4 billion last year. One kind of scam, <a target="_blank" href="https://markets.businessinsider.com/news/currencies/crypto-scam-kansas-bank-pig-butchering-jail-prison-embezzlement-fraud-2024-8?_gl=1*uimjl9*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU3MjAwOS4yNTEuMS4xNzI4NTcyMDQ5LjIwLjAuMA..">"pig butchering,"</a> has <a target="_blank" href="https://markets.businessinsider.com/news/currencies/crypto-crime-pig-butchering-scam-bitcoing-trafficking-fraud-cryptocurrency-2024-2?_gl=1*1iwjahf*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU3MjAwOS4yNTEuMS4xNzI4NTcyNjc3LjU2LjAuMA..">stolen at least $75.3 billion</a> in crypto in recent years, according to one study.

US sting operation catches crypto firms 'wash trading' to boost token values

<ul class="summary-list"><li>US stocks have rallied postelection, with the S&amp;P 500 up 3.5% since last Tuesday.</li><li>Bob Elliott sees potential for continued upside due to expected tax cuts and lower regulation.</li></ul>Investors have enjoyed an almost-everything rally in US stocks since the presidential election, with the S&amp;P 500 up 3.5% since then.While some strategists and money managers have <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-trump-trade-dot-com-bubble-sp500-smead-2024-11">warned the surge</a> has only pushed <a target="_blank" class="" href="https://www.businessinsider.com/trump-trade-election-investing-stock-market-strategy-sp500-valuations-morningstar-2024-11">high valuations</a> even higher, Bob Elliott, the founder of Unlimited Funds, thinks the upswing can keep going.In a November 7 interview with Business Insider, the former executive at Bridgewater Associates, the world's largest hedge fund by assets under management, said that the likely outcome of a red sweep means that investors will begin to account for the benefits of tax cuts and lower regulation more than they might have under a divided government outcome."There's most likely more room to run to price in that expansionary fiscal policy ahead," Elliott said. "Valuations are certainly elevated, but the power of over-easy monetary and fiscal policy, relative to conditions, is likely stronger than any concern about valuation in the near-term for most investors."Not only have investor expectations been adjusted, but the uncertainty that has kept many investors in safer assets has now been removed and should leave more inflows, Elliott said."A lot of the clouds have cleared, and so it's very likely we see those folks who remained cautious through this week start to allocate capital, particularly through the end of the year," he said.In terms of fiscal policy, Elliott said that Republicans would likely extend the Tax Cuts and Jobs Act, which will keep corporate and individual taxes lower than they were likely to have defaulted to under a Democratic administration or split government.The amount of mergers and acquisitions should also increase thanks to lower regulations, he said.Tariffs and the large-scale deportation of migrants would be aspects of Trump's agenda that could be damaging to growth, Elliott added, though it's unclear how likely these initiatives are to be carried out, For example, tariffs could just be bargaining chips being put forth by Trump to negotiate new trade terms with other countries."We probably won't really know what that path will look like until the second half of 2025," he said.Until then, the outlook is bullish for "everything but bonds," Elliott said.But three areas within the broader stock market should be primed for more upside than others. A solid macroeconomic backdrop and falling rates have typically been factors that are good for cheaper stocks, he said, and they should get more of a boost relative to other areas of the market in the near future."When you get these types of conditions where you have reasonably strong economic conditions and a loosening or an easing of policy, that often will cause liquidity to take advantage of or flow to unloved corners of the market," he said.He continued: "So areas that have been underperforming — things like small-caps, energy stocks, financials — areas like that that just have not seen the sort of top-line demand that things like tech stocks have seen."Investors can gain exposure to these areas of the market through funds like the Vanguard Small-Cap ETF (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/vanguard-small-index-fund-etf-shares-us9229087518?miRedirects=2">VB</a>), the Energy Select Sector SPDR Fund (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/the-energy-select-sector-spdr-fund-us81369y5069?miRedirects=2">XLE</a>), and the iShares US Financials ETF (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-us-financials-etf-us4642877884?miRedirects=2">IYF</a>).

A former Bridgewater executive shares why the stock-market rally has room to run — and 3 'unloved' trades primed for a boost

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

<ul class="summary-list"><li>The Trump trade was in full swing following the attempted assassination of the former president.</li><li>Bitcoin surged after the attack, while the dollar also gained.</li></ul>The <a target="_blank" rel="" class="" href="https://www.businessinsider.com/timeline-donald-trump-rally-shooting-pennsylvania-2024-7">attempted assassination</a> of former President <a target="_blank" rel="" class="" href="https://www.businessinsider.com/who-is-donald-trump-bio-age-family-key-positions-2019-4">Donald Trump</a> is already influencing markets as investors place bets on trades set to benefit from a second Trump term.In the immediate aftermath of the attack at Trump's rally in Butler, Pennsylvania, the price of <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> increased by 2%. Those gains extended to 4% on Monday morning.Trump has come out strongly in favor of bitcoin this year and is set to headline the Bitcoin Conference in Nashville later this month with a speech.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/djt-stock?miRedirects=1">Trump Media &amp; Technology Group</a> soared 48% on a massive trading volume of 13 million shares in Monday's premarket trading session. Shortly after the opening bell, the stock pared that gain by about 28% to trade at $40 a share.<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tsla-stock?miRedirects=1">Tesla</a> stock was also higher on Monday by about 4%.If Trump is reelected in November, it could have mixed results for the electric-vehicle industry. But analysts have described the company as a Trump trade, and the EV maker was largely higher as its CEO, Elon Musk, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-endorses-trump-after-pennsylvania-rally-incident-2024-7">endorsed Trump over the weekend</a>."I fully endorse President Trump and hope for his rapid recovery," Musk said Saturday on X.Shares of the <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/geo-stock?miRedirects=1">GEO Group</a>, a company that operates private prisons and correctional facilities, jumped about 7% on Monday.The company is seen as benefiting from a second Trump presidency, especially if he followed through on his proposed plan to detain and deport millions of immigrants.<h2 id="d9018a30-84a6-4637-bf47-c46797a70735">Markets see higher inflation, higher rates</h2>Even before the assassination attempt, <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariff-trade-tax-proposal-inflation-interest-rates-outlooks-predictions-2024-7">economists and analysts were debating</a> what a Trump presidency would mean for markets.A Trump agenda would spur "higher inflation expectations, higher breakeven rates, higher yields and steeper yield curve because of expectations of greater deficit spending in the United States," Kyle Rodda, a senior market analyst at <a target="_blank" href="http://Capital.com">Capital.com</a>, an online trading platform, wrote in a client note.Rodda wrote that in the short term, investors would look to bitcoin and gold as havens to hedge against political instability in the US.Long-term bond yields rose Monday on the prospects of higher inflation and expanding fiscal policy that could come if Trump won reelection, with the 30-year US Treasury yield rising above the two-year US Treasury yield for the first time since January."UST yields are rising as the prospect of Trump regaining the presidency also rises. Higher tariffs, restricted immigration, and the extension of the Tax Cut and Jobs Act are the three key aspects of Trump's policy agenda that traders associate with higher inflation and higher interest rates," the Macquarie strategist Thierry Wizman wrote in a note on Monday, adding that European defense stocks were also rallying on the premise that Trump would force Europe's governments to spend more on defense."Judging by historical parallels, this event will galvanize the Trump vote, meaning the markets will gradually price in the so-called 'Trump trade,'" Rodda wrote."The direct impact could be a firmer US dollar, as higher odds of a Trump's presidency suggest that his inflationary policies in terms of stricter immigration, tougher trade ties, and increased spending could potentially be set to pass," Yeap Jun Rong, a markets analyst at trading platform IG, wrote on Monday.Finally, an odd beneficiary of the failed attempt on Trump's life appeared to be the stock of a Chinese company whose name sounds like <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-15/-trump-wins-big-meme-stock-surges-in-china-after-trump-shooting?srnd=markets-vp">"Trump wins big" when pronounced in its local language</a>.The stock saw its price rise by the maximum daily limit of 10% in Shenzhen. Wisesoft also saw its stock price rise in late June following President Joe Biden's poor debate performance against Trump.Correction: July 15, 2024 — An earlier version of this story misspelled the name of Yeap Jun Rong.

The Trump trade is in full swing as markets react to the attempted assassination of the former president

After US-based non-profit group Consumer Reports alleged it detected a "concerning" amount of lead and cadmium in popular chocolate brands during tests, the <keyword id="4793565" type="General" weightage="20" keywordseo="national-confectioners-association" source="Orion">National Confectioners Association</keyword> (NCA) has said that "chocolate and cocoa are safe to eat". Consumer Reports tested 48 products across seven categories of chocolate products, and 16 of the products included higher amounts of lead or cadmium than the organisation considers safe, according to Forbes. The products found to contain excessive metal content allegedly included dark chocolate bar and hot chocolate mix from Walmart, cocoa powder from <keyword id="1371872" type="General" weightage="20" keywordseo="hersheys" source="Orion">Hershey's</keyword> and Droste, semi-sweet chocolate chips from Target, and hot chocolate mixes from Trader Joe's, <keyword id="75190" type="General" weightage="20" keywordseo="nestle" source="Orion">Nestle</keyword>, and <keyword id="6377922" type="General" weightage="20" keywordseo="starbucks" source="Orion">Starbucks</keyword>, according to the Consumer Reports findings. Among dark chocolate bars tested, Perugina, which is owned by Nestle, allegedly had the highest amounts of lead, while Evolved allegedly had the highest level of cadmium. In response to the Consumer Reports article on chocolate and cocoa, the NCA said late on Wednesday that "chocolate and cocoa are safe to eat and can be enjoyed as treats as they have been for centuries". "Food safety and product quality remain our highest priorities and we remain dedicated to being transparent and socially responsible," said the association, the leading trade organisation for the US confectionery industry. Evolved said in a statement that it "regularly tests raw materials and finished goods to ensure compliance and ultimately, consumer safety." A Nestle spokesperson was quoted as saying that the company works with its suppliers "on an ongoing basis to closely monitor and minimise the presence of these substances" in its products. Target said its products in the report met federal product safety requirements. The Consumer Reports group used California's standard maximum allowable dose of each metal as a comparison. The US Food and Drug Administration (FDA) only has limits for the amount of the two metals in certain foods, and Consumer Reports scientists "believe that California's standard levels are the most protective available".

US report finds 'concerning' levels of lead, cadmium in chocolates; top trade body responds

Last week, the President of the United States, <keyword id="19919748" type="General" weightage="20" keywordseo="joe-biden" source="keywords">Joe Biden</keyword>, announced significant tariffs on a range of <keyword id="20139085" type="General" weightage="20" keywordseo="Chinese-products" source="keywords">Chinese products</keyword> to protect American workers from unfair trade practices. The targetted measures include a 100% tariff on <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword>, a 50% tariff on semiconductors and solar cells, and a 25% tariffs on batteries, steel and aluminium products, some critical minerals, and essential health equipment like medical gloves, syringes and needles. In his address from the Rose Garden of the White House, Biden said America can continue to buy any kind of car they want, "but we're never going to allow China to unfairly control the market for these cars. Period." He claimed that the Chinese government has been investing state funds in various Chinese companies for years, spanning industries across the above-mentioned sectors. How does this brewing geopolitical <keyword id="20736760" type="General" weightage="20" keywordseo="trade-war" source="keywords">trade war</keyword> impact <keyword id="20742235" type="General" weightage="20" keywordseo="Indian-firms" source="keywords">Indian firms</keyword>? Experts say the impact could be in two ways, benefitting some sectors, while harming the few others. Let’s start with the bad news. <cmsannotation type="cmsannotation" annotationid="Threat to Indian firms" comment="subhead" text="Threat to Indian firms">Threat to Indian firms</cmsannotation> Beijing offers significant subsidies on most of these products, leading to surplus production that exceeds domestic and even regular export demand. Subsequently, Chinese companies are known to flood the global markets with surplus products at unreasonably low prices, forcing local manufacturers out of business in many countries, including <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. A prime example of this in practice can be found in the steel sector, where weak domestic demand is pushing the world’s largest steel producer China to offload surplus production into Indian markets at cheaper prices. Indian steel manufacturers are already struggling to compete with a glut of cheaper Chinese steel, with shipments nearly doubling year-on-year in the financial year ending March 2024. “India is already under grave threat of import because all major steel consuming economies are shutting their doors on these steel producing countries. We are highly vulnerable to surging and predatory import,” said Alok Sahay, secretary general of the Indian Steel Association, to Reuters. Global trade experts say that a majority of Chinese products are sold at unreasonably low prices in global markets because the companies in these sectors do not have to worry about profits. They are heavily subsidised by the Chinese government. <keyword id="20279291" type="General" weightage="20" keywordseo="Steel-Authority-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Steel Authority of India" meta.hostid="261" meta.entityid="Steel Authority of India">Steel Authority of India</keyword>’s (SAIL) chairman Amarendu Prakash also said that they are keenly watching Chinese imports after the US tariff increases. Additionally, China has been accused of employing anti-competitive strategies like compelling foreign companies to transfer their technology in order to operate in China. These factors have led to the US effectively shutting its door on several Chinese products through heightened tariffs, and other developed markets like Canada are also likely to follow suit. White House also emphasised that it continues to consult with its partners and allies who are facing similar threats from China’s unfair trade practices and are keen on taking action. If more and more global markets restrict entry of Chinese products, the risk of the majority of such products being dumped in neighbouring India increases drastically. Trying to block Chinese excess production "is like squeezing a balloon. It shrinks in one place and pops out in another," William Reinsch, a trade expert at the Center for Strategic and International Studies in Washington, tells Reuters. <cmsannotation type="cmsannotation" annotationid="An opportunity also arises" comment="subhead" text="An opportunity also arises">An opportunity also arises</cmsannotation> While some products risk being dumped into the Indian market, in a few other cases, Indian firms could benefit from fresh openings in the lucrative US market. "Of the products affected, India has opportunities in face masks, PPE, syringes &amp;needles, medical gloves, aluminium, iron, and steel. Opportunity may come in China also with retaliation, provided we have market access in products targeted by China," Ajay Sahai, Director General of the Federation of Indian Export Organisations (FIEO), told ANI. However, China is not likely to retaliate against the US tariffs at the moment, say experts, though the country’s Ministry of Commerce said it would take 'resolute measures to safeguard its own rights and interests' "China's economy is fragile. With household spending and the property market on the wane, manufacturing for export markets is one of its few bright spots. Beijing will not want to cut off its nose to spite its face. More broadly, China is desperately trying to encourage new foreign investment. Rash retaliatory action could spoil its case," Moody's Analytics explained in a recent report. Out of China's USD 420 billion exports to the US, only USD 18 billion is impacted due to the latest hike in tariffs — representing slightly over 4% and therefore considered marginal. But Sahai says that this market will continue to grow with time and provides an opportunity to India and other competitors to chip in the supply gap. Ajay Srivastava, the founder of the Global Trade Research Initiative (GTRI), also echoes Sahai’s opinions. He emphasised that the increased duties on Chinese face masks, syringes, needles, medical gloves, and natural graphite offer a substantial opportunity for India, as quoted by ANI. "By ramping up production and export of these in-demand products, India could enhance its trade footprint in the US market," he added. In terms of products like electric vehicles and semiconductors, India remains a net importer, and therefore, may not be in a position to capitalise right now. In the long term, however, as India begins semiconductor production at scale in 2025, there will be opportunities to export some of it to the US and other European countries, offering fresh impetus for domestic manufacturing. As the security risks associated with importing Chinese semiconductors prompts more and more trade barriers from the Western countries, demand for supply from India is likely to grow. Efforts are already underway for the establishment of four large semiconductor plants in India, with three located in Gujarat and one in Assam. Last fiscal year, Indian exports to the US dipped marginally by 1.32 per cent to $77.5 billion as against $78.54 billion in 2022-23. The new development now gives an unique opportunity to turn the tide over the next few years. Overall, some sectors like steel and aluminium do face a serious challenge due to the fresh US tariffs on Chinese products. However, the development will open new avenues for Western market entry and expansion for several other products. (With inputs from agencies)

US-China tariff war could benefit several sectors in India while harming a few others

<ul class="summary-list"><li>Rep. Byron Donalds failed to properly disclose two years' worth of his and his wife's stock trades.</li><li>It was up to $1.6 million, including stock in companies he oversees on a House committee.</li></ul>Republican Rep. Byron Donalds, the Florida congressman who <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-vice-president-nominee-candidates-2024-1">was in the running</a> to be former President Donald Trump's vice presidential pick, is in some hot water over his stock trades.Donalds and his wife made over 100 trades, valued between $108,000 and $1.6 million, over the course of 2022 and 2023.Though he disclosed those trades in annual forms filed in <a target="_blank" class="" href="https://disclosures-clerk.house.gov/public_disc/financial-pdfs/2022/10055523.pdf">August 2023</a> and <a target="_blank" class="" href="https://disclosures-clerk.house.gov/public_disc/financial-pdfs/2023/10062779.pdf">August 2024</a>, he did not file any periodic transaction reports over those two years, which lawmakers are required to file within 45 days of trading any stock in order to ensure the public is aware of lawmakers' financial dealings in real time.Failing to file those reports constitutes a clear violation of the <a target="_blank" class="" href="https://www.businessinsider.com/congress-stock-act-violations-penalties-consequences-2021-12">Stop Trading on Congressional Knowledge (STOCK) Act</a>, a law designed to prevent insider trading that requires regular disclosure of stock trades.The Campaign Legal Center, a liberal-leaning ethics watchdog, <a target="_blank" class="" href="https://campaignlegal.org/sites/default/files/2024-09/CLC%20OCE%20Complaint_Rep.%20Donalds.pdf">filed a complaint</a> with the Office of Congressional Ethics on Thursday calling for a probe into whether Donalds' failure to disclose the trades "was an attempt to avoid public scrutiny of potential conflicts of interest."A spokesperson for Donalds did not immediately respond to a request for comment.According to the congressman's disclosures, the stocks were held in a retirement account associated with Donalds' former employer, Moran Wealth Management, a firm based in Naples, Florida. It's possible that the trades were made by someone other than Donalds, as is <a target="_blank" class="" href="https://www.businessinsider.com/mtg-disney-stock-marjorie-taylor-greene-congress-infowars-alex-jones-2022-4">sometimes the case</a> with other lawmakers, though he is still legally responsible for disclosing those trades. Donalds also supports banning lawmakers from trading stocks, making his violation of the law all the more notable. In March 2022, when <a target="_blank" class="" href="https://www.youtube.com/watch?v=I6WBEGHN9p0">asked</a> about <a target="_blank" class="" href="https://www.businessinsider.com/financial-conflicts-congress-members-rated-2021-12">Business Insider's reporting</a> that dozens of lawmakers and staffers had failed to disclose their stock trades in a timely fashion, Donalds said, "That's when you have to have sanctions, and the House has to get real."Campaign Legal argued that because Donalds appeared to be aware of the STOCK Act's requirements — as many lawmakers often are not — there's reason to believe he intentionally did not disclose the trades.The group pointed to the fact that Donalds, a member of the House Financial Service Committee, traded stock in companies that the committee oversees, including Elevance Health and JPMorgan Chase.In 2022, after the Office of Congressional Ethics found that there was "reason to believe" three lawmakers violated the STOCK Act, the House Ethics Committee <a target="_blank" class="" href="https://www.businessinsider.com/congress-stocks-pat-fallon-tom-suozzi-chris-jacobs-2022-7">let them off the hook</a>, ruling that the trio appeared to be unaware of the requirements of the law.

Rep. Byron Donalds didn't properly disclose up to $1.6 million in stock trades, violating federal law

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello, and it's Emmy-nominated Business Insider to you! Our docuseries "<a target="_blank" href="https://www.businessinsider.com/dan-schneider-nickelodeon-toxic-work-environment-docuseries-2024-2">Quiet on Set: The Dark Side of Kids TV</a>" was nominated for two Emmy awards: Outstanding Picture Editing For A Nonfiction Program and Outstanding Documentary Or Nonfiction Series. The docuseries was based on <a target="_blank" href="https://www.businessinsider.com/dan-schneider-nickelodeon-empire-massages-hostile-workplace-allegations-inappropriate-costumes-2022-8">BI's reporting</a> of toxic work settings on Dan Schneider's Nickelodeon shows.In today's big story, we're looking at why reports of more potential trade restrictions <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-tighter-china-trade-restrictions-tsm-asml-nvda-2024-7">have chip companies on their heels</a>.What's on deck:<ul><li>Markets: There's <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-debt-property-losses-mortgage-interest-rates-prices-2024-7">nowhere to hide</a> in the commercial real estate market these days.</li><li>Tech: Some of Silicon Valley's heaviest hitters have backed Trump. <a target="_blank" href="https://www.businessinsider.com/donald-trump-vcs-in-silicon-valley-2024-7">Will other VCs follow</a>?</li><li>Business: Spotify <a target="_blank" href="https://www.businessinsider.com/spotify-tiktok-taylor-swift-beyonce-muse-streaming-quantity-over-quality-2024-7">killed the album star</a>.</li></ul>But first, you can't trade with them!If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="43d9d746-ef4f-46a8-8e26-2f316dc89b7e">The big story</h3><h2 id="ff1aba9d-e717-4785-b35c-89cf649d1c67">Chipping away</h2><div type="image" title="semi conductor chip covered in red tape" height="882" width="1180" msid="111840553" hostid="261" sizebytes="75152"></div>One of the buzziest sectors of the stock market faced a noticeable setback.Chip companies like Nvidia and AMD saw their share prices drop Wednesday off a report that President Joe Biden is considering <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-tighter-china-trade-restrictions-tsm-asml-nvda-2024-7">further tightening China trade restrictions</a>, writes Business Insider's Kelly Cloonan.As part of its ongoing trade war with China, the Biden administration is mulling leveraging a rule allowing it to control foreign products that use American-made tech, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-17/us-considers-tougher-trade-rules-against-companies-in-chip-crackdown-on-china">according to Bloomberg</a>.The immediate impact of such a move would be felt by foreign players like Netherlands-based ASML, which would have to alter its business with China. It finished down almost 13%.But even US companies not directly impacted felt the sting of the report. Shares in AI chipmakers Nvidia and AMD were down more than 6% and 10%, respectively.Even if November's election brings a new administration, chipmakers might not get relief. Trump recently complained about Taiwan taking away the US's chip-manufacturing business and suggested <a target="_blank" href="https://www.businessinsider.com/donald-trump-taiwan-took-chip-business-pay-us-protection-manufacturing-2024-7">it should pay the US for protection against China</a>. Shares in Taiwan-based TSMC dropped more than 8%.<div type="image" title="Emma Cosgrove, BI reporter" height="538" width="1112" msid="111840554" hostid="261" sizebytes="69856"></div>I prefer chips you can dip in guacamole — so I turned to BI's senior reporter Emma Cosgrove, who covers chip companies, to help make sense of it all.Does the reaction to more potential trade restrictions seem overblown, or is there real concern here?Trade restrictions are certainly real concerns for chip companies. Restricting any company from selling its products in a market as large as China is enough to cause understandable angst. Combine that with the expectation that the peak for these stocks is imminent, or maybe behind us, and the result is the market reaction we've seen. But there are no immediate industry-wide shifts here.What about Trump's comments regarding Taiwan? Is that an even bigger issue for the industry?The supply-chain base for most of the chip industry is in Taiwan, specifically TSMC. Since China claims Taiwan, TSMC's location is an ever-present source of uncertainty in this industry to which <a target="_blank" href="https://www.businessinsider.com/ai-taiwan-china-chip-war-2024-6">no one really has an answer</a>. It's a major reason, among others, that politicians are interested in bringing more chip manufacturing to the US.What's the knock-on effect for those relying on these chips for their AI plans?Politicians and regulators have no interest in making American AI companies less competitive and demand is still extremely high. My sources tell me supply is improving and that's likely to continue.With so much geopolitical tension, is it possible the chip industry becomes more regionalized?Short-term: no. To oversimplify, the more impressive the chip, the more complicated it is to make. It's not just a matter of investment in US manufacturing. It's specialized equipment, talent, and expertise <a target="_blank" href="https://www.businessinsider.com/us-ai-chip-production-manufacturing-nvidia-labor-china-taiwan-korea-2024-4">that's really difficult to replicate</a>. There is more US chip manufacturing on the way, but not to the scale that it will tip the geopolitical balance in a major way any time soon.<h2 id="344f2a44-2131-4174-8b70-1121a56f8ebc">3 things in markets</h2><div type="image" title="down arrow city skyscraper" height="550" width="1110" msid="111840555" hostid="261" sizebytes="99972"></div><ol><li>Even the safest corners of commercial real estate are reeling. Single-asset, single-borrower bonds, which aren't considered risky investments, <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-debt-property-losses-mortgage-interest-rates-prices-2024-7">have seen a spike in defaults</a>. The percentage of those types of bonds that were in or approaching default was 8.7%, roughly triple what it was a few years ago.</li><li>Economists say we're ready for rate cuts. But is the Fed? The end of the month brings another interest-rate meeting, but a cut seems unlikely despite improving economic conditions. Experts weigh in on <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-timeline-federal-reserve-inflation-powell-economists-forecast-2024-7">why the central bankers need to consider offering relief</a>. According to one Fed official, rate cuts could come in the "<a target="_blank" href="https://www.businessinsider.com/fed-rate-cuts-outlook-inflation-target-economy-waller-barkin-williams-2024-7">not-too-distant future</a>."</li><li>Stocks set to boom from the AI revolution. Longtime tech analyst Dan Ives predicts positive Q2 earnings will inject life into the sector, predicting a 15% rise in 2024. <a target="_blank" href="https://www.businessinsider.com/tech-stocks-to-buy-q2-earnings-ai-artificial-intelligence-wedbush-2024-7">These 11 AI and cloud-spending stocks look particularly promising</a>.</li></ol><h2 id="4b4251c4-96d6-4a20-9ede-4f9ef9ac6b7c">3 things in tech</h2><div type="image" title="The Youtube logo spinning" height="1500" width="3000" msid="111840560" hostid="261" sizebytes="22376"></div><ol><li>Social media's once and future king. Although YouTube once dominated the creator economy, it lost ground during the rise of short-form video platforms like TikTok. But <a target="_blank" href="https://www.businessinsider.com/youtube-is-taking-a-victory-lap-dominating-creator-economy-tv-2024-7">YouTube has once again cemented itself</a> as influencers' favorite among all creative options.</li><li>Will tech experience a red wave? Billionaires are coming out in full force to support Donald Trump, whose running mate is venture capitalist-turned-senator JD Vance. That attitude could make <a target="_blank" href="https://www.businessinsider.com/donald-trump-vcs-in-silicon-valley-2024-7">more startups openly supportive of the former president</a>, as investors anticipate a Trump administration to be startup-friendly.</li><li>Advice from a Gen Z data scientist on getting a job in the industry. Although AI jobs are all the rage, most colleges don't have AI-specific degrees yet. To land a job, this JPMorgan data scientist says to <a target="_blank" href="https://www.businessinsider.com/gen-z-data-scientist-personal-ai-project-important-land-job-2024-7">prioritize hands-on experience over formal education</a> and advises building AI projects.</li></ol><h2 id="2fa3bedc-3fca-4f91-9b0c-0ffedc5963ce">3 things in business</h2><div type="image" title="Two record players with drastically different sized vinyls" height="1500" width="2000" msid="111840552" hostid="261" sizebytes="396200"></div><ol><li>Spotify rewards quantity over quality (Business Insider's Version) (From the Vault) (Insider Today Remix). Streaming apps like Spotify and Apple Music have changed the way users interact with music. That incentivizes artists to keep dropping iterations of the same songs and albums — <a target="_blank" href="https://www.businessinsider.com/spotify-tiktok-taylor-swift-beyonce-muse-streaming-quantity-over-quality-2024-7">or simply make more</a>.</li><li>Men's insecurities are big business. As the direct-to-consumer health industry has boomed, so have men's health startups. Companies like Hims and Ro <a target="_blank" href="https://www.businessinsider.com/online-health-hims-young-men-prescriptions-doctors-shame-fears-2024-7">promise to help with everything from hair loss to fertility</a>. They have men right where they want them: insecure and ready to pay for a solution.</li><li>Elon Musk is embracing Texas. Will other business leaders follow suit? The Tesla CEO <a target="_blank" href="https://www.businessinsider.com/elon-musk-wants-move-spacex-x-headquarters-texas-tesla-california-2024-7">seems to think so</a>, but many tech companies that moved there in the past have faced a lot of problems. A lot of their workers <a target="_blank" href="https://www.businessinsider.com/tech-workers-moved-to-austin-regrets-2023-8">just don't like it</a> as much as California.</li></ol><h2 id="b4826f7d-247a-4490-a12c-22536b4ab327">In other news</h2><ul><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/biden-tests-positive-for-covid-19-2024-7">Biden tests positive for COVID-19</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/official-partners-brokerage-exit-alexander-brothers-scandal-2024-7">Star luxury broker is leaving firm shaken by rape allegations against Alexander brothers</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/steve-bannon-filmed-jeffrey-epstein-trump-friendship-documentary-tapes-2024-7">Steve Bannon filmed Jeffrey Epstein for 15 hours. His 'documentary' has never surfaced</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/bob-iger-willow-bay-majority-owners-of-angel-city-fc-2024-7">Bob Iger and his wife ink a deal with the world's most valuable women's sports team</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/smartphones-ban-gen-z-school-12-hour-day-social-media-2024-7">This school has 12-hour days, 'relaxing' meals — and no smartphones</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/newsom-jabs-musk-endorsing-trump-saying-he-bent-the-knee-2024-7">Gavin Newsom slams Elon Musk for endorsing Donald Trump, saying he 'bent the knee.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/biden-virtual-roll-vote-explainer-democratic-nomination-drop-out-election-2024-7">Most Democrats want Biden to step aside, making a plan to crown him the nominee early even more controversial</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/warner-bros-discovery-wbd-zaslav-struggles-streaming-media-strategy-analysis-2024-7">David Zaslav's Warner Bros. Discovery experiment has failed, Bank of America's top media analyst says. Here are the company's 3 best paths forward</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/amd-ai-vp-gpu-shortage-nvidia-lock-in-2024-7">AMD's AI head explains how it's tackling Nvidia's 'lock-in' and the GPU shortage with an open-source approach</a>.</li></ul><h2 id="93f8f0c9-60f7-40da-abdb-59a901e27bce">What's happening today</h2><ul><li>Donald Trump will give his acceptance speech at the Republican National Convention. It's his first public speech since last weekend's assassination attempt, which <a target="_blank" href="https://www.businessinsider.com/donald-trump-new-speech-rnc-assassination-attempt-2024-7">he said he rewrote</a> after the shooting.</li><li>Netflix, KeyCorp and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> are reporting.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

You Searched For "Trade Association" and got 12 results

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Rep. Byron Donalds didn't properly disclose up to $1.6 million in stock trades, violating federal law

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