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The Latest Breaking News from Commerce Department

How the 'chips-plus' bill grew by nearly 1,000 pages - Roll Call

A handful of senators said they wouldn’t support a semiconductors incentive bill unless it also included science provisions.

Roll Call

Biden: "We're not going to be in a recession"

The Commerce Department will release its initial estimate of second-quarter growth on Thursday.

Axios

Democrats blast Commerce Department for overseeing heavy increase in gun exports

WASHINGTON — Democrats in the House and Senate are rebuking the Biden administration over a decision to leave in place a Trump-era regulatory change that detractors argue caused gun exports to soar, including to countries with poor human rights track records.

Tribune News Service

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Democrats blast Commerce for overseeing heavy increase in gun exports - Roll Call

Countries with high rates of gun violence and problematic human rights records are among the top destinations for U.S. firearms.

Roll Call

Lawmakers press Commerce secretary over Big Tech ties

WASHINGTON — Two influential progressive lawmakers are raising concerns about what they say is excessive corporate influence at the Commerce Department, escalating a clash between the left wing of the Democratic Party and Commerce Secretary Gina Raimondo.

Tribune News Service

Exclusive-U.S. probes China's Huawei over equipment near missile silos

The Biden administration is investigating Chinese telecoms equipment maker Huawei over concerns that U.S. cell towers fitted with its gear could capture sensitive information from military bases and missile silos that the company could then transmit to China, two people familiar with the matter said.

Reuters

Secret memo links citizenship question to apportionment

Some Trump administration officials had initial doubts that it was legal to put a citizenship question on the 2020 census but pressed forward and attempted to add it anyways

The Independent UK

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Documents detail the secret strategy behind Trump's census citizenship question push

Newly released documents confirm the Trump administration's push for a citizenship question was part of a bid to alter the census numbers used to divide up seats in Congress and the Electoral College.

WEKU

Retail Sales Rebound In June Amid Record High Gas Prices, Job Market Gains

Inflation and gas prices boosted retail sales last month, but the closely-tracked control group number also points to firming consumer strength.

The Street

Biden administration reviewing China chip export policies, official says

The Biden administration is reviewing policies for the export of some semiconductor chips to China to ensure that advanced technological know-how does not ending up in Beijing, a top Commerce Department official said during a congressional hearing on Thursday.

Reuters

A new bill could help protect the census after Trump-era interference

After years of census meddling by former President Donald Trump's administration, Rep. Carolyn Maloney, D-N.Y., has introduced a bill that could help protect future counts from interference.

WEKU

China not giving material support for Russia's war in Ukraine -U.S. official

The United States has not seen China evade sanctions or provide military equipment to Russia, a senior U.S. official said on Thursday, adding that enforcement measures taken earlier in the week targeted certain Chinese companies, not the government.

Reuters

US inflation high but stable in May as spending slows

Washington (AFP) - A key US inflation measure showed price increases held steady in the 12 months ended in May, while consumer spending growth slowed sharply, a good sign in the battle against soaring prices.

AFP

US prices high but stable in May, spending slows

AFP

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Irish Mirror

US blacklists five Chinese companies for supporting Russian military

The Group of Seven economic powers includes Canada, France, Germany, Italy, Japan, the UK and the US.

The Street

Fed Delivers 75 Basis Point Rate Hike, Largest Since 1994: Stocks Leap As Powell Says Big Hikes Won't Be 'Common'

The Federal Reserve made its largest rate hike in nearly three decades Wednesday, and signaled sharper increases over the coming months, sending Treasuries yields higher and stocks lower.

The Street

Retail Sales Slump In May As Surging Inflation, Record High Gas Prices Bites Spending

Record high prices boosted gasoline sales, but the extra cash needed to fill American tanks was pulled from discretionary spending in the world's biggest economy.

The Street

Stocks Mixed, Inflation, DocuSign, AMD, Stitch Fix In Focus - Five Things You Must Know

Stock futures edge lower with inflation in focus; Peak inflation debate may not be decided in complex CPI data; DocuSign shares crumble after Q2 earnings miss, muted outlook; AMD shares gain on robust near-term outlook for chip sector and Stitch Fix shares slump after Q3 loss, job cuts

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The Street

Walmart, Amazon, Home Depot Stock Slump As Target Signals Big Summer Discounts For Overstocked Retailers

Retailers are sitting on some of the highest levels of inventory in two years, while consumers are getting lashed by surging inflation. That could mean big summer discounts for cash-strapped shoppers.

WEKU

Biden allows solar panel imports while also moving to boost domestic production

The Biden administration will invoke the Defense Production Act to increase U.S. manufacturing of solar panels while declaring a two-year tariff exemption on panels from Southeast Asia.

The Independent UK

Biden waives solar panel tariffs, seeks to boost production

President Joe Biden plans to invoke the Defense Production Act to increase U.S. manufacturing of solar panels while declaring a two-year tariff exemption on panels from Southeast Asia

Los Angeles Times

Biden aims to jump-start solar energy projects stalled by probe

WASHINGTON — President Joe Biden will look to boost the new energy sector with actions Monday aimed at increasing the production and installation of solar panels, according to a senior administration official.

Axios

Biden administration to invoke Defense Production Act for solar industry, other clean tech

Solar developers say an ongoing trade enforcement probe has stalled new projects.

Roll Call

Biden taps brakes on solar tariffs, moves to boost clean energy - Roll Call

The White House says a Commerce Department investigation of solar-energy components from China will continue, but stops tariffs for two years.

The Street

Macy's Stock Soars On Q1 Earning Beat, 2022 Profit Forecast Boost As Shoppers Defy Inflation Gloom

"While macroeconomic pressures on consumer spending increased during the quarter, our customers continued to shop," said CEO Jeff Gennette.

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