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The Latest Breaking News from Commerce Department

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

The Independent UK

White House adds new restrictions on chip exports to China

The Biden administration announced new restrictions on China’s access to U.S. semiconductor technology, adding measures aimed at stopping Beijing’s push to develop its own chip industry and advance the country’s military capabilities.

Tribune News Service

Secretive chip startup may help Huawei circumvent US sanctions

When the US government blacklisted Huawei Technologies Co. as a national security threat, it cut the Chinese company off from buying American semiconductors and other critical technologies. Now Huawei may have a path around those restrictions.

Tribune News Service

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Former Trump aide jailed after admitting possession of child sexual abuse images

Adam Hageman was arrested in November 2020 after federal agents raided his home

The Independent UK

US Imposes Sanctions on Russia over Annexation of Swath of Ukraine

The United States on Friday imposed sweeping sanctions on Russia over its declared annexation of a swath of Ukraine, targeting hundreds of people and companies, including those in Russia's military-industrial complex and lawmakers. Washington acted after Russian President Vladimir Putin on Friday proclaimed the biggest annexation in Europe since World…

Asharq Al-Awsat

The Fed Panicked When The Job Market Had Already Cooled; Here's The Proof

Did the Fed go overboard to try and weaken the job market and tame inflation? New Treasury data suggests job growth was already slowing.

Investors Business Daily

U.S. adds Iran cargo planes flying to Russia to export violation list

The U.S. Commerce Department on Monday said it will add three Iranian cargo planes serving Russia to a list of aircraft believed to violate U.S. export controls under the Biden administration's sanctions.

Reuters

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A bill to block census interference passed the House. Its Senate path is unclear

The U.S. House has passed a bill that could help protect the 2030 census and other future head counts from political interference. But it's not clear how much support the bill has in the Senate.

WEKU

US retail sales see surprise bounce in August

Washington (AFP) - US consumers buying cars and going to restaurants and bars in August drove a surprise bounce in retail sales, even as spending on gasoline fell as prices at the pump dropped, according to government data Thursday.

AFP

Retail Sales Nudge Higher In August As Gas Prices Ease, But Hot Inflation Caps Gain

Retail sales bounced higher in August, thanks in part to declining gas prices, but gains were capped by hotter-than-expected inflation pressures.

The Street

Census meddling is targeted in bill, recommendations

Democratic lawmakers are intent on making sure that unprecedented efforts by the Trump administration to politicize the 2020 census never happen again

The Independent UK

Tech & Science Daily: Biden to hit China with chip curbs over AI fears

Plus! Will King Charles III be world’s greenest monarch?

Evening Standard

Raimondo announces strategy to boost US chip manufacturing ahead of Biden’s Ohio trip

WASHINGTON — Commerce Secretary Gina M. Raimondo on Tuesday unveiled a strategy for the Commerce Department’s disbursal of $50 billion that Congress approved to boost domestic manufacturing of semiconductor chips, saying she expected the first money to flow in the spring of 2023.

Tribune News Service

Raimondo announces strategy to boost US chip manufacturing ahead of Biden's Ohio trip - Roll Call

Administration unveils strategy for chip spending as Biden and Senate candidate Tim Ryan plan to attend Intel groundbreaking in Ohio.

Roll Call

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Tribune News Service

Biden weighing actions to curb US investment in China technology

WASHINGTON — The Biden administration is considering moves that would restrict U.S. investment in Chinese technology companies amid growing tensions between the United States and China, according to people familiar with the matter.

Tribune News Service

Biden says he'll attend Detroit Auto Show because he's 'a car guy'

WASHINGTON — President Joe Biden said Friday that he'll be attending the Detroit Auto Show later this month because he is "a car guy."

The Street

Retail Sales Stall In July, But Core Spending Gains As Gas Prices Tumble

Core retail sales improved firmly in July, but the headline figure was essentially unchanged as gas prices tumbled from their June record highs.

France 24

Who are the eight economists who decide when the US is in a recession?

The US Commerce Department on Thursday announced that the country’s gross domestic product had fallen for the second consecutive quarter, although President Joe Biden said the economic data overall “doesn’t sound like a recession”. In most countries, two successive quarters of GDP decline qualify as a recession – but not…

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Tribune News Service

Two US cost gauges surpass estimates, stoking inflation concern

Two key U.S. inflation gauges posted larger-than-forecast increases on Friday, heightening concerns that prices will remain persistently high and prompt continued aggressive interest-rate increases from the Federal Reserve.

Los Angeles Times

Why is it so hard to say if this is a recession?

Economists were on high alert Thursday morning awaiting data from the U.S. Commerce Department that might shed light on whether the country is in a recession — a question with vast implications for consumers, employers and electoral politics.

AFP

Recession fears deepen as US economy contracts again

Washington (AFP) - The US economy contracted for a second straight quarter between April and June, according to official data released Thursday, adding fuel to recession fears and creating a headache for President Joe Biden ahead of midterm elections.

AFP

US economy contracts in second quarter, deepening recession fears

Washington (AFP) - The US economy contracted for a second straight quarter between April and June, government data showed Thursday, fueling recession fears just months before key midterm elections in a blow for President Joe Biden.

Tribune News Service

Semiconductor, science bill passes Senate, heads to House

WASHINGTON — A bill to bolster chip manufacturing and scientific research won Senate approval, setting Congress up to clear a trimmed economic competitiveness package after a yearlong-plus push.

Roll Call

Semiconductor, science bill passes Senate, heads to House - Roll Call

A bill to bolster chip manufacturing and scientific research won Senate approval, setting Congress up to clear it by week's end.

WEKU

Another big Fed rate hike is here to battle inflation. Economy hangs in balance

U.S. Federal Reserve raises rates for fourth time in 2022, this time by another three-quarters of a percentage point to battle inflation. It's at a size and pace we haven't seen since the 1980s.

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