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(Reuters) -Indian Prime Minister Narendra Modi met Cristiano Amon, President and CEO of Qualcomm, Modi's office said in a statement on Saturday. "Great to see Qualcomm's commitment towards India's semiconductor and AI missions," Modi said in a post on X. On Friday, China initiated an investigation into the U.S. semiconductor manufacturer over its acquisition of Israel's Autotalks, China's market regulator said. China's State Administration for Market Regulation said the probe would look at whether Qualcomm violated China's antitrust law by not lawfully declaring some details in its acquisition of the Israeli chip designer. (Reporting by Harshita Meenaktshi in Bengaluru. Editing by Mark Potter)

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BERLIN (Reuters) -Europe needs to build up its own digital infrastructure to reduce dependence on U.S. providers, but that does not mean turning away from them completely, Germany's digital minister Karsten Wildberger told Reuters. Some Europeans, unsettled by U.S. President Donald Trump's trade wars to promote U.S. interests, have begun seeking alternatives to the digital services sphere dominated by U.S. tech firms.  To achieve digital sovereignty, Germany and the European Union need to "actively participate in this (sector) as players," not as customers, as is the case now, he said in an interview this week.  "There is a huge growth market for technology, innovation, software, data and artificial intelligence," he said.  Germany and Europe have produced global leaders in their fields, such as Mistral AI, DeepL and Aleph Alpha, he said.  But Wildberger said U.S. companies are still far ahead in sectors such as artificial intelligence and will be needed as partners on Germany's path to its own business models.  "Digital sovereignty doesn't mean protectionism. We want to and must be accessible for the global market," Wildberger said.  "U.S. companies of course also continue to be interested in doing business abroad," he said when asked about concerns that Trump could bring about a sudden end to transatlantic cooperation. But he said that German companies needed to be able to choose between alternatives, for example by choosing where data is stored and who operates the infrastructure. Digital sovereignty also entailed rethinking an entire long and complex supply chain, which stretches from rare earths and chip design to servers and cables, Wildberger added.  (Reporting by Andreas Rinke. Writing by Miranda Murray. Editing by Jane Merriman)

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By Trevor Hunnicutt WASHINGTON (Reuters) -U.S. President Donald Trump revived the trade war against Beijing on Friday, ending an uneasy truce between the two largest economies with promises to sharply hike tariffs in a reprisal against China curbing its critical mineral exports. The president unveiled additional levies of 100% on China's U.S.-bound exports, along with new export controls on "any and all critical software" by November 1, nine days before existing tariff relief is set to expire. Trump also called into question the prospects for a previously announced meeting set for three weeks from now with Chinese President Xi Jinping in South Korea, saying on Truth Social that "now there seems to be no reason to do so." "I haven't canceled," Trump later told reporters at the White House. "I would assume we might have it." Beijing has never confirmed the meeting. The new trade steps were Trump's reaction to China dramatically expanding its rare earth element export controls. China dominates the market for such elements, which are essential to tech manufacturing. "It was shocking," Trump said of China's steps, which did not specifically target Washington. "I thought it was very, very bad." The actions signaled the biggest rupture in relations in six months between Beijing and Washington – the world's biggest factory and its biggest consumer. Many questioned whether an uneasy economic detente reached over the summer can survive. It was a swift and dramatic response by Trump, a Republican who has wielded tariffs paid by U.S. importers against friends and foes. It could escalate a trade war that Washington and Beijing paused earlier this year after painstaking diplomacy. Experts said restrictions on U.S. software shipments to China could be a massive blow to the country's tech industry, including cloud computing and artificial intelligence. Trump also threatened new export controls on airplanes and airplane parts, and a person familiar with the matter said the administration was sketching out other possible targets. Beijing has long called for Washington to abandon unilateral trade restrictions it says undermine global commerce. MARKETS DIVE ON NEW THREATS Trump's trade threats – delivered in a series of social media posts and a public back-and-forth with reporters – sent markets and relations between the world's largest economies into a spiral. China produces over 90% of the world's processed rare earths and rare earth magnets. Many are vital materials in products ranging from electric vehicles to aircraft engines and military radars. Trump's unexpected broadside shook global financial markets, sending the benchmark S&P 500 Index sliding by more than 2%, its biggest one-day drop since April when a steady barrage of tariff announcements by Trump stoked market volatility. Investors fled into the safe haven of gold and U.S. Treasury securities, and the U.S. dollar weakened against a basket of foreign currencies. Tech stocks piled on losses in after-market trading after Trump detailed the tariff and export control measures. "Trump's post could mark the beginning of the end of the tariff truce," said Craig Singleton, a China expert at the Foundation for Defense of Democracies. Singleton said Washington viewed China's export control steps as a betrayal. "Beijing appears to have overplayed its hand." In his first social media post on Friday, Trump said China has been sending letters to countries worldwide saying it planned to impose export controls on every element of production related to rare earths. The reference to letters was an apparent reference to Beijing's policy papers. Trump said he had been contacted by unnamed countries incensed over Beijing's steps and said he was surprised because of the "very good" recent relationship with China. TRUMP CONDEMNS BEIJING'S 'HOSTILE ORDER' Terming China's actions a "hostile order," Trump said he had been forced "to financially counter their move." "For every Element that they have been able to monopolize, we have two," Trump said. The White House and the Chinese embassy in Washington did not respond to a request for comment. A spokesperson for the U.S. Trade Representative declined comment on what countermeasures Trump was contemplating while a spokesperson for the U.S. Treasury did not respond to a request for comment. The two offices have led talks with Beijing on trade. Economic tensions had been rising in recent days. On Thursday, the Trump administration proposed banning Chinese airlines from flying over Russia on routes to and from the U.S. On Friday, the U.S. Federal Communications Commission said on major U.S. online retail websites have removed millions of listings for prohibited Chinese electronics. China's move on Thursday included adding five new elements as well as dozens of pieces of refining technology to its export-restricting control list. It also required foreign rare earth producers that use Chinese materials to comply with its rules. Analysts said the stakes had risen for a positive outcome from a Trump-Xi summit, if it still happens, on the sidelines of the Asia-Pacific Economic Cooperation forum starting October 31 in South Korea. "Things are going to get interesting," said Scott Kennedy, a China business and economics expert at Washington's Center for Strategic and International Studies think tank. "They both are hoping that amping up pressure will lead the other to make concessions in advance of APEC, or they are now re-escalating assuming a deal at APEC is impossible and are gaining leverage for the next round of the fight." (Reporting by Trevor Hunnicutt; additional reporting by David Brunnstrom, Jarrett Renshaw, Steve Holland, David Lawder and Maiya Keidan; Editing by Dan Burns, Deepa Babington and David Gregorio)

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(Reuters) -Bitcoin, the world's largest cryptocurrency by market value, was down by around 5.5% at $114,505 at 1658 ET (2058 GMT) on Friday. (Reporting by Ruchika Khanna in Bengaluru; editing by Diane Craft)

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By Trevor Hunnicutt WASHINGTON (Reuters) -U.S. President Donald Trump on Friday said he was lifting tariffs on Chinese exports to the U.S. to 100% and imposing export controls on "any and all critical software" in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing. "Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying," Trump said on his Truth Social platform. "Also on November 1st, we will impose Export Controls on any and all critical software." The announcement followed an earlier post issued on Friday that signaled new levies against Chinese goods were in the offing while also threatening to cancel a meeting with President Xi Jinping, a broadside against Beijing on Friday that sent markets and relations between the world's largest economies into a spiral. Trump, due to meet Xi in about three weeks in South Korea, complained on social media about what he characterized as China's plans to hold the global economy hostage after China dramatically expanded its rare earth element export controls on Thursday. China dominates the market for such elements, which are essential to tech manufacturing. Trump said there was no reason to hold the meeting with Xi that he had previously announced. Beijing had never confirmed the meeting between the leaders. The remarks signaled the biggest rupture in relations in four months and immediately raised questions about whether an economic detente between Beijing and Washington – the world's biggest factory and its biggest consumer – can survive. (Reporting by Trevor Hunnicutt; additional reporting by David Brunnstrom, David Lawder and Maiya Keidan; Editing by Caitlin Webber and Deepa Babington)

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(Reuters) -Corporate travel and expense company Navan said on Friday it is targeting a valuation of up to $6.45 billion in its U.S. initial public offering. The Palo Alto, California-based firm plans to raise $960 million by offering 36.92 million shares priced between $24 and $26 apiece. Navan plans to list its shares on the Nasdaq under the symbol "NAVN". U.S. IPO activity has rebounded in recent months amid easing trade policy uncertainty and reduced market volatility, reflecting improved investor confidence. The strong debuts of Alliance Laundry and Phoenix Education Partners on Thursday underscore a renewed appetite for risk. However, a U.S. government shutdown threatens to stall the recovery, with the Securities and Exchange Commission suspending IPO reviews as it operates with limited staff. Reuters reported in May that Navan's IPO could value the company at over $8 billion. The firm was valued at $9.2 billion in 2022 after raising $300 million in a Series G funding round. Founded in 2015 as TripActions by Ariel Cohen and Ilan Twig, Navan initially focused on corporate travel management, aiming to modernize services traditionally provided by companies such as American Express and SAP Concur. Over the years, Navan has expanded into corporate payments and expense management, and spread its tentacles across the world. Its clients include Zoom Communications and Lyft, according to its website. Goldman Sachs, Citigroup, Jefferies, Mizuho and Morgan Stanley are among the underwriters for the offering. (Reporting by Prakhar Srivastava in Bengaluru; Editing by Alan Barona)

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By Steve Holland and Michael Erman WASHINGTON (Reuters) -President Donald Trump unveiled a deal with UK-based drugmaker AstraZeneca on Friday under which the company will sell some medicines at a discount to the government's Medicaid health plan, similar to a drug pricing pact reached last week with Pfizer. The deals suggest a framework the White House will use to try to reach its goal of lowering U.S. prescription medicine prices. The president sent letters to 17 leading drugmakers in July telling them to slash prices. Pfizer and Astra are the first two companies to reach a deal with the administration. AstraZeneca will also offer some of its drugs at a discount from their list price through the TrumpRx website planned for next year, CEO Pascal Soriot said at an event in the Oval Office. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay elsewhere or face stiff tariffs. Last month, Trump threatened 100% tariffs, ratcheting up pressure on the pharmaceutical industry to agree to price cuts and shift manufacturing to the U.S., after negotiations broke down earlier this year, lobbyists and executives told Reuters following the Pfizer deal. (Reporting by Steve Holland in Washington and Michael Erman in New Jersey; Additional reporting by Jarrett Renshaw in Washington, Maggie Fick in London, Patrick Wingrove in New York and Mariam E Sunny in Bengaluru; Editing by Caroline Humer and Bill Berkrot)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Trevor Hunnicutt WASHINGTON (Reuters) -U.S. President Donald Trump on Friday said he was raising tariffs on Chinese exports to the U.S. to 100% and imposing export controls on "any and all critical software" in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing. "Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying," Trump posted on his Truth Social platform. "Also on November 1st, we will impose Export Controls on any and all critical software." An earlier post from Trump on Friday signaled new levies against Chinese goods were in the offing, and threatened to cancel a meeting with President Xi Jinping. That broadside against Beijing sent markets and relations between the world's largest economies into a spiral. Trump, due to meet Xi in about three weeks in South Korea, complained on social media about what he characterized as China's plans to hold the global economy hostage. On Thursday, China dramatically expanded its rare earth element export controls. China dominates the market for such elements, which are essential to tech manufacturing. Trump said there was no reason to hold the previously announced meeting with Xi, which Beijing had never confirmed. The actions signaled the biggest rupture in relations in four months between Beijing and Washington – the world's biggest factory and its biggest consumer. Many questioned whether an uneasy economic detente reached over the summer can survive. It was a swift and dramatic response by Trump, a Republican who has wielded tariffs paid by U.S. importers against friends and foes. It could escalate a trade war that Washington and Beijing paused earlier this year after painstaking diplomacy. Beijing has long called for Washington to abandon unilateral trade restrictions it says undermine global commerce. MARKETS TUMBLE ON TARIFF THREATS China produces over 90% of the world's processed rare earths and rare earth magnets. Many are vital materials in products ranging from electric vehicles to aircraft engines and military radars. Trump's unexpected broadside shook global financial markets, sending the benchmark S&P 500 Index sliding by more than 2%, its biggest one-day drop since April when a steady barrage of tariff announcements by Trump stoked market volatility. Investors fled into the safe haven of gold and U.S. Treasury securities, and the U.S. dollar weakened against a basket of foreign currencies. "Trump's post could mark the beginning of the end of the tariff truce," said Craig Singleton, a China expert at the Foundation for Defense of Democracies. Singleton said Washington viewed China's export control steps as a betrayal. "Beijing appears to have overplayed its hand." In his first social media post on Friday, Trump said China has been sending letters to countries worldwide saying it planned to impose export controls on every element of production related to rare earths. He said he had been contacted by unnamed countries incensed over Beijing's steps and said he was surprised because of the "very good" recent relationship with China. TRUMP CONDEMNS BEIJING'S 'HOSTILE ORDER' Terming China's actions a "hostile order," Trump said he had been forced "to financially counter their move" "For every Element that they have been able to monopolize, we have two," Trump said. His follow-up post announcing the levies made no mention of whether he would meet Xi in coming weeks. But earlier on Friday Trump had said: "I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so." Previously, Trump had said he would meet Xi on the sidelines of the Asia-Pacific Economic Cooperation forum being held in Gyeongju, South Korea, starting October 31. The White House and the Chinese embassy in Washington did not immediately respond to a request for comment. A spokesperson for the U.S. Trade Representative declined comment on what countermeasures Trump was contemplating while a spokesperson for the U.S. Treasury did not immediately respond to a request for comment. The two offices have led talks with Beijing on trade. Economic tensions had been rising in recent days. On Thursday, the Trump administration proposed banning Chinese airlines from flying over Russia on routes to and from the U.S. On Friday, the U.S. Federal Communications Commission said on major U.S. online retail websites have removed millions of listings for prohibited Chinese electronics. China's move on Thursday included adding five new elements as well as dozens of pieces of refining technology to its export-restricting control list. It also required foreign rare earth producers that use Chinese materials to comply with its rules. "Beijing must have concluded that the U.S. was not prepared to make significant concessions on tariffs, export controls or Taiwan," said Scott Kennedy, a China business and economics expert at Washington's Center for Strategic and International Studies think tank. China calculated, he said, that if Trump retaliates, "China will be in a better position to weather the storm, and that the U.S. will be the first to back down." (Reporting by Trevor Hunnicutt; additional reporting by David Brunnstrom, David Lawder and Maiya Keidan; Editing by Caitlin Webber, Deepa Babington and David Gregorio)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Steve Holland and Michael Erman WASHINGTON (Reuters) -President Donald Trump unveiled a deal with UK-based drugmaker AstraZeneca on Friday under which the company will sell some medicines at a discount to the government's Medicaid health plan, similar to a drug pricing pact reached last week with Pfizer. The deals suggest a framework the White House will use to try to reach its goal of lowering U.S. prescription medicine prices. The president sent letters to 17 leading drugmakers in July telling them to slash prices. Pfizer and Astra are the first two companies to reach a deal with the administration. AstraZeneca will also offer some of its drugs at a discount from their list price through the TrumpRx website planned for next year, CEO Pascal Soriot said at an event in the Oval Office. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay elsewhere or face stiff tariffs. Last month, Trump threatened 100% tariffs, ratcheting up pressure on the pharmaceutical industry to agree to price cuts and shift manufacturing to the U.S., after negotiations broke down earlier this year, lobbyists and executives told Reuters following the Pfizer deal. (Reporting by Steve Holland in Washington and Michael Erman in New Jersey; Additional reporting by Jarrett Renshaw in Washington, Maggie Fick in London, Patrick Wingrove in New York and Mariam E Sunny in Bengaluru; Editing by Caroline Humer and Bill Berkrot)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Steve Holland and Michael Erman WASHINGTON (Reuters) -President Donald Trump unveiled a deal with UK-based drugmaker AstraZeneca on Friday under which the company will sell some medicines at a discount to the government's Medicaid health plan, similar to a drug pricing pact reached last week with Pfizer. The deals suggest a framework the White House will use to try to reach its goal of lowering U.S. prescription medicine prices. The president sent letters to 17 leading drugmakers in July telling them to slash prices. Pfizer and Astra are the first two companies to reach a deal with the administration. AstraZeneca will also offer some of its drugs at a discount from their list price through the TrumpRx website planned for next year, CEO Pascal Soriot said at an event in the Oval Office. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay elsewhere or face stiff tariffs. Last month, Trump threatened 100% tariffs, ratcheting up pressure on the pharmaceutical industry to agree to price cuts and shift manufacturing to the U.S., after negotiations broke down earlier this year, lobbyists and executives told Reuters following the Pfizer deal. (Reporting by Steve Holland in Washington and Michael Erman in New Jersey; Additional reporting by Jarrett Renshaw in Washington, Maggie Fick in London, Patrick Wingrove in New York and Mariam E Sunny in Bengaluru; Editing by Caroline Humer and Bill Berkrot)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)