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US President Donald Trump signed an executive order on Thursday that imposes a 15% tariff on imported products made from polysilicon, a crucial material used in semiconductors and solar panels.

The order also set minimum import prices on polysilicon and related products. It comes after a national security investigation into the production of the material overseas.

The move is intended to help protect US manufacturers as they face increasing competition from China’s chip industry – a key source of friction between the world’s two largest economies.

The Chinese embassy in Washington said the move “seriously disrupts” trade between the two countries and Beijing will act to protect its companies.

Washington is “abusing state power to go after Chinese businesses,” the embassy said, adding that protectionism will not make the US more competitive.

Trump said in the order, external that he had accepted recommendations by Secretary of Commerce Howard Lutnick to set minimum import prices as well as a 15% tariff on polysilicon and related imports.

The measures are due to take effect in December.

The US will also offer incentives to boost domestic production, it added.

For decades, the US has allowed “foreign firms to weaken United States producers in the polysilicon sector,” said Trump, who has long advocated for the use of tariffs to protect American jobs and boost the economy.

The material is critical in military equipment and electronics, yet imports have led to the US’ share of global polysilicon production to fall from 50% in 2005 to less than 2% in 2024, Trump said.

China holds a near monopoly on the production of polysilicon.

The order is likely to benefit Hemlock Semiconductor and Wacker Chemie, which are the main producers of the material in the US.

The production of computer chips is central to the race between the US and China to develop artificial intelligence (AI). Washington and Beijing have also been locked in a tit-for-tat tariffs war, which has been on hold since May 2025.

Analysts quoted by Chinese state media outlet Global Times said the new tariff marks the latest escalation in Washington’s efforts to limit China’s role in critical technology supply chains.

The move follows other US restrictions on the imports of drones, humanoid robots and other tech products from China.

China announced a range of countermeasures this week, including tighter export controls on drones. Beijing also launched a national security review into imported printers and copiers.

At a meeting with Securities & Exchange Board of India (Sebi) and officials of Department of Economic Affairs here on Wednesday, the high-frequency trading firms said that Reserve Bank of India‘s stern regulations on leverage would force them to shift exposures from entities here to FPIs.

Read more: Most active funds beat benchmark indices last year: Motilal Oswal StudyThe meeting -attended by senior advisors and two European custodian banks representing FPIs and a few MNC trading subsidiaries- comes two months after India eliminated taxes on government securities (G-Secs) for FPIs.

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Since April RBI prohibited banks from funding brokers for proprietary trade or investment, and, more significantly, stipulated that credit to brokers must be backed by 100% collateral.
“No such leverage restriction exists offshore. And since traders here can’t take guarantees from banks overseas, some trades would be routed through FPIs. No one gains from this. The government gets less tax and the market sees less market-making and liquidity-providing trades. And the trading entities can’t cut deals through or as FPIs which they can as a domestic entity,” a person familiar with the discussions told ET.Despite higher tax on Indian subsidiaries — compared with zero tax on derivative profits for FPIs in treaty-friendly jurisdictions like Mauritius and Singapore — several foreign traders have set up shop here to overcome restrictions applicable to FPIs. These include strict position limits for futures and options trades, and the conditions under for short-selling.

“The DEA officials didn’t say anything but were willing to listen – probably after the increase in inflows following tax cuts on G-Secs, though the delay in inclusion of G-secs in Bloomberg index may disappointment many,” said another person.

India scrapped taxes on G-Secs for FPIs through a June ordinance with effect from April 1, 2026. With this, interest withholding tax, along with short-term and long-term capital gains taxes were removed.

“It’s widely felt that rationalisation of STT along with other charges and levies would make transaction charge more competitive. There’s also demand to reduce capital gains tax which has risen over the years, but I don’t know to what extent the government is open to this,” said an industry official who attended the meeting.

STT, applying on stocks, derivatives, and equity-oriented mutual funds, is collected by exchanges directly at the time of transaction. Introduced in 2004 as a small turnover tax after abolishing the long-term capital gains tax, STT continued even after long-term capital gains tax was brought back and tax on equity profits was raised. STT on equity derivatives was hiked in 2026 but it may not have led to a fall in retail losses in F&O.

“Through there was no one from CBDT (Central Board of Direct Taxes), the new uncertainty post Tiger Global was mentioned,” said a source. The Supreme Court verdict on the US investment firm has unsettled foreign investors, changing the way they interpret treaties and indirect transfers.

Tony Righetti

Good afternoon and welcome to Five9’s Second Quarter 2026 Earnings Conference Call. I am Tony Righetti, Senior Vice President of Investor Relations. With me today are Amit Mathradas, Chief Executive Officer; and Bryan Lee, Chief Financial Officer.

During today’s conference call, certain statements will be made that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to, statements regarding our quarterly and full year 2026 guidance, expected improvements in operating and financial metrics, industry trends, including with respect to AI, our strategy, priorities and execution, our product road map and technology investment, our markets, customer demand trends, our market position and opportunity, our capital allocation strategy and other future events or results. Such statements are simply beliefs and predictions that should not be unduly relied upon by investors. Actual events or results may differ materially, and the company undertakes no obligation to update the information in such statements.

These statements are subject to substantial risks and uncertainty that could adversely affect Five9’s future results and cause these forward-looking statements to be

Brent rose 1.4% to $83.65 a barrel as tensions in the Middle East and a lack of clarity on a deal to reopen the crucial waterway lifted the commodity. Oil has climbed over 37% this year.

Treasury futures inched lower in early Asian trading as higher energy prices revived concerns that the Federal Reserve may need to keep interest rates elevated. In the cash market, the Treasury 10-year yield held at 4.68%, after climbing seven basis points during the US session. Government bonds in Australia also fell, sending the yields on the 10-year higher by eight basis points.

A Bloomberg gauge of the dollar’s strength was little changed after posting its biggest gain in two weeks during the New York session. Asian stocks swung between minor gains and losses.

A lack of a deal in the Middle East risks keeping energy prices higher, adding to a market already volatile on the artificial intelligence trade. Attention now turns to Friday’s US employment report for fresh clues on the Federal Reserve’s policy path. A stronger-than-expected payrolls reading would reinforce the case for higher-for-longer interest rates.

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“Near-term risks remain, especially if US data stay firm, oil prices keep inflation concerns alive, or markets continue to price in a more hawkish Federal Reserve rate path,” said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office.
Iran will seek to restrict US and Israeli ships from the Strait of Hormuz and require compensation from countries it considers hostile before allowing passage, according to local media reports on a proposed Iran-Oman agreement to manage the strategic waterway.The reports come as officials in both Washington and Tehran have signaled that an accord may be close. President Donald Trump, who recently stepped back from threats to resume military strikes on Iran, said things are “moving along good” when asked for an update.

Separately, Fars news agency said Iranian naval forces had struck “hostile targets” at the entrance to the strait.

“Wall Street is reversing again from sharp recent gains, as a lack of clarity over the Strait of Hormuz has investors questioning whether the strong rally at the start of the week was justified by perceived improvements in geopolitical negotiations,” said José Torres, senior economist at Interactive Brokers.

US economic data released Thursday highlighted the resilience of the US labor market, leaving inflation as the key variable for the Fed’s September meeting. Initial jobless claims remained below 200,000 for a third consecutive week, while a separate report showed labor productivity accelerated by more than expected in the second quarter as companies worked to offset higher costs.

Traders now turn their attention to Friday’s payrolls report. Economists surveyed by Bloomberg expect employers added 80,000 jobs in July, following a weaker-than-expected gain of 57,000 in June. The report is expected to provide the clearest signal yet on whether the labor market is cooling enough to support expectations for Fed easing later this year.

“Friday’s jobs report is of greater importance for markets given how fast this stock market has rallied over the past week, and ultimately we will need to see a number that is not too hot and not too cold in order for the market to keep grinding higher,” said Clark Bellin at Bellwether Wealth.