Trump Calls for Intel CEO Resignation, Raises Tariffs on India

President Trump calls for Intel CEO Lip-Bu Tan's resignation and raises tariffs on India due to its purchase of Russian oil. The EU plans to suspend countermeasures against the US for 6 months. American Eagle shares rise after Trump praises the company's jeans, which are "flying off the shelves."

In a series of high-profile moves, former U.S. President Donald Trump has called for the resignation of Intel (INTC) CEO Lip-Bu Tan and raised tariffs on India due to its purchase of Russian oil. Meanwhile, the EU has announced a six-month suspension of countermeasures against the U.S., and American Eagle shares have risen following positive remarks from Trump about the company's jeans.

Intel CEO Lip-Bu Tan Faces Resignation Demand

Trump called for Tan's immediate resignation on his Truth Social platform, citing unspecified conflicts of interest [1]. Tan responded by calling reports about his career "misinformation" and emphasizing his 40+ years in the industry, stating he has always operated within the highest legal and ethical standards [1]. Tan's appointment as Intel's CEO in March was met with investor optimism, with the stock rising significantly after the news [1]. However, Trump's demand for Tan's resignation has led to a 2% drop in Intel's shares in pre-market trading [2].

Trump Raises India Tariffs Over Russian Oil

Trump signed an executive order raising tariffs on India to a cumulative 50% over its continued purchase of Russian oil [3]. The new levy will take effect 21 days after August 7, adding pressure on the South Asian economy. Trump also hinted at potential tariffs on China for its Russian oil purchases [3]. These tariffs are part of Trump's broader effort to pressure Moscow into ending its war against Ukraine [3].

EU Suspends Countermeasures Against the U.S.

The EU has announced a six-month suspension of countermeasures against the U.S. in response to the U.S.'s tariffs on European steel and aluminum products [3]. The move comes as both sides seek to de-escalate trade tensions and explore opportunities for cooperation.

American Eagle Shares Rise

American Eagle shares have risen following positive remarks from Trump about the company's jeans, which he described as "flying off the shelves" [3]. The company has benefited from the former president's praise, with shares climbing after his comments.

Market Reaction and Future Implications

The potential for further management turmoil at Intel raises concerns about additional delays and challenges as the company strives to catch up with its competitors in the AI chip market. Intel has not yet responded to requests for comment on Trump's statement or Senator Cotton's letter [2].

References:

[1] https://finance.yahoo.com/news/intel-ceo-responds-after-trump-calls-for-resignation-122344026.html
[2] https://theoutpost.ai/news-story/trump-demands-intel-ceo-lip-bu-tan-s-resignation-over-alleged-china-ties-18820/
[3] https://www.investing.com/news/commodities-news/oil-prices-jump-from-2mth-low-as-trump-hikes-india-tariffs-over-russian-crude-4174963