President Donald Trump on Friday announced the U.S. government has secured a 10% stake in struggling Silicon Valley pioneer Intel in a deal completed just a couple weeks after he depicted the company’s CEO as unfit for the job.
“The United States of America now fully owns and controls 10% of INTEL, a Great American Company that has an even more incredible future,” Trump wrote in a post.
The remarkable turn of events makes the U.S. government one of Intel’s largest shareholders at a time that it is in the process of jettisoning more than 20,000 workers as part of its latest attempt to restructure under recently hired CEO Malaysian-born Lip-Bu Tan.
It looked like Tan might be on shaky ground already after some lawmakers raised national security concerns about his past investments in Chinese companies while he was a venture capitalist. Trump latched on to those concerns, demanding that Tan resign.
But Trump backed off after Tan professed his allegiance to the U.S. in a public letter and went to the White House to meet with the president. Trump then hailed Tan as “highly respected” CEO.
European postal services suspend shipment of packages to US over import tariffs
Multiple postal services around Europe say they are suspending the shipment of many packages to the United States amid a lack of clarity over new import duties. Postal services in Germany, Denmark, Sweden and Italy say they will stop shipping most merchandise to the U.S. effective immediately. France and Austria will follow Monday, and the United Kingdom Tuesday. From Aug. 29, international goods that were previously exempt from U.S. tariffs will be subject to import duties. That applies to merchandise worth over $800. Letters, books, gifts and small parcels worth less than $100 will continue to be exempt.
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