{"id":82326,"date":"2025-08-14T14:01:19","date_gmt":"2025-08-14T14:01:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/82326\/"},"modified":"2025-08-14T14:01:19","modified_gmt":"2025-08-14T14:01:19","slug":"trumps-export-deal-with-nvidia-and-amd-may-be-unconstitutional","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/82326\/","title":{"rendered":"Trump\u2019s export deal with Nvidia and AMD may be unconstitutional"},"content":{"rendered":"

Good morning. The U.S. government\u2019s unprecedented 15% revenue-sharing agreement<\/a> with Nvidia and AMD on Chinese chip sales could be coming to a company near you. U.S. Treasury Secretary Scott Bessent called it a \u201cbeta test\u201d in a Bloomberg TV interview yesterday, adding, \u201cwe could see it in other industries over time.\u201d<\/p>\n

This comes at a time when new tariffs are bringing in enough money to slow the growth of America\u2019s $37 trillion national debt<\/a>, according to the Committee for a Responsible Federal Budget.<\/p>\n

If, as Bessent argues, the White House chips deal passes muster because there are no national security concerns that necessitate export controls on these particular products, another issue remains: Article 1, Section 9, of the U.S. Constitution, otherwise known as \u201cthe export clause,\u201d states plainly that \u201cNo Tax or Duty shall be laid on Articles exported from any State<\/a>.\u201d<\/p>\n

When efforts to impose excise taxes have gone before the Supreme Court in the past, such as the United States v. IBM<\/a> or the United States v. United States Shoe Corp.<\/a>, the Court ruled in favor of business. In the first instance, IBM<\/a> successfully fought a tax on insurance for goods bound for export. In the second, the United States Shoe Corp. was spared a fee on exports going through U.S. ports.\u00a0<\/p>\n

In both instances, the Supreme Court cited the export clause as grounds to bar the government from collecting money on goods destined for sale abroad. But those decisions were rendered in 1996 and 1998, respectively. Today\u2019s court could take a different stance, especially when it comes to the power of the Executive branch. <\/p>\n

With Beijing and Washington weaponizing exports<\/a> and policies around tariffs and export controls shifting on a daily basis, what\u2019s next is unclear. I\u2019m curious to get thoughts from business leaders on how the current policy environment is impacting their strategy for global growth. Send your thoughts to the email below and thanks for joining the conversation.<\/p>\n

Contact CEO Daily via Diane Brady at\u00a0diane.brady@fortune.com<\/a>.\n<\/p>\n

Top news<\/p>\n

Trump warns Putin of \u201csevere consequences\u201d prior to Ukraine talks<\/p>\n

The two leaders will meet<\/a> in Alaska on Friday. Trump wants a ceasefire and warned Moscow of \u201cvery severe consequences\u201d if he does not get one.\u00a0<\/p>\n

Putin has little to lose<\/p>\n

Experts say the Russian leader will likely try to expand the talks by offering various trade deals to Trump and asking for sanctions to be lifted. Ukraine and Europe will not accept any kind of \u201cswap\u201d which results in Russia permanently occupying more Ukrainian territory, and Russia is unlikely to agree to retreat\u2014making a ceasefire deal difficult. Some experts say Putin is skilled at manipulating Trump<\/a>.<\/p>\n

The president is unhappy with the media coverage so far<\/p>\n

He posted<\/a> on Truth Social: \u201cVery unfair media is at work on my meeting with Putin. Constantly quoting fired losers and really dumb people like John Bolton, who just said that, even though the meeting is on American soil, \u2018Putin has already won.\u2019 What\u2019s that all about? We are winning on EVERYTHING. \u2026 If I got Moscow and Leningrad free, as part of the deal with Russia, the Fake News would say that I made a bad deal!\u201d<\/p>\n

Bullish IPO soars<\/p>\n

The crypto exchange\u2019s stock popped<\/a> 84% when it went public yesterday, and its stock was temporarily paused from trading. The expectation was for a rise of around 30%. The stock closed at $68, with a market cap of $10 billion.\u00a0<\/p>\n

Crypto is eating banks\u2019 lending assets<\/p>\n

Banks are rushing to offer stablecoins to consumers. Payments for those crypto tokens must be used to buy the bonds that keep the coins value pegged 1:1 with the dollar. That means deposited cash that would normally sit on the banks\u2019 books and be available for loans is shrinking, the NY Times reports<\/a>. \u201cYou don\u2019t need a lot of deposit flight to really buckle the banks,\u201d said Mike Cagney, head of the digital lender Figure.\u00a0<\/p>\n

AI search race<\/p>\n

Perplexity rolled out its new Comet search engine to Pro users on Wednesday\u2014here\u2019s how it measures up against Google<\/a>.<\/p>\n

The benefits of AI keep not showing up<\/p>\n

Companies are expected to spend $62 billion this year on AI, but 8 in 10 companies report<\/a>\u00a0 \u201cno significant bottom-line impact\u201d from the new technology. In fact, 42% of companies dropped their AI efforts last year, according to S&P Global. The AI hype cycle may be entering \u201cthe trough of disillusionment,\u201d the low point in the evolution of new tech that precedes a long, slow climb into actual productivity, according to research firm Gartner.<\/p>\n

Goldman Sachs doubles down on tariff research<\/p>\n

On Wednesday, Goldman Sachs economist David Mericle doubled down<\/a> on the bank\u2019s research that American consumers will bear the majority of tariff-related costs, following criticism of the bank from President Trump. \u201cIf the most recent tariffs, like the April tariff, follow the same pattern that we\u2019ve seen with those earliest February tariffs, then eventually, by the fall, we estimate that consumers would bear about two-thirds of the cost,\u201d Mericle explained to CNBC\u2019s Squawk on the Street.<\/p>\n

The markets<\/p>\n

S&P 500 futures were flat this morning, premarket, after the index closed up 0.32% yesterday. STOXX Europe 600 was up 0.2% in early trading. The U.K.\u2019s FTSE 100 was flat in early trading. Japan\u2019s Nikkei 225 was down 1.45%. China\u2019s CSI 300 was flat. The South Korea KOSPI was flat. India\u2019s Nifty 50 was flat. Bitcoin rose to $121.7K.<\/p>\n

Around the watercooler<\/p>\n

How Binance\u2019s Yi He became \u2018the most powerful woman in crypto\u2019\u2014and steered the company past its biggest ordeal<\/a> by Jeff John Roberts<\/p>\n

Elon Musk broadens his long-running feud with OpenAI\u2019s Sam Altman by bringing in a third party: Apple<\/a> by Beatrice Nolan<\/p>\n

Ray Dalio was so broke early in his career he had to borrow $4,000 from his dad\u2014and learned 2 key lessons that set him on the road to billionaire status<\/a> by Nick Lichtenberg<\/p>\n

Switzerland warns its companies that no, they can\u2019t dodge Trump\u2019s tariffs by routing goods through the tiny neighboring country of Liechtenstein<\/a> by Sasha Rogelberg<\/p>\n

CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.\n<\/p>\n

This is the web version of CEO Daily, a newsletter of must-read global insights from CEOs and industry leaders. Sign up<\/a> to get it delivered free to your inbox.<\/p>\n","protected":false},"excerpt":{"rendered":"Good morning. The U.S. government\u2019s unprecedented 15% revenue-sharing agreement with Nvidia and AMD on Chinese chip sales could…\n","protected":false},"author":2,"featured_media":82327,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,57492],"class_list":["post-82326","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ceo-daily"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/82326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=82326"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/82326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/82327"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=82326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=82326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=82326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}