The Biden administration has reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas.

The funding announced Monday by the Commerce Department is part of a total investment in the cluster that, with private money, is expected to exceed $40 billion. The government support comes from the CHIPS and Science Act, which President Joe Biden signed into law in 2022 with the goal of reviving the production of advanced computer chips domestically.

German Chancellor Olaf Scholz called for fair competition in trade relations with China while warning about dumping and overproduction as he spoke to students in Shanghai on Monday.

Scholz is visiting China against the background of looming EU tariffs on Chinese-made electric vehicles and other trade-related tensions. The two countries are also split over how to handle Russia's invasion of Ukraine.

Asian stocks pulled back while European markets opened higher on Monday as worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.

The future for the S&P 500 gained 0.5%, and that for the Dow Jones Industrial Average was 0.4% higher.

U.S. Treasury Secretary Janet Yellen and her team are leaving China and returning to Washington after trying to tackle the major questions of the day between the countries. Here's a look at what she tried to accomplish, what was achieved, and where things stand for the world's two largest economies:

UNFAIR TRADE PRACTICES

European equities dipped in early trading Tuesday while Asian stocks closed mostly higher, as investors mainly focused on a U.S. inflation report and what it means for interest rate cuts by the Federal Reserve.

Oil prices advanced.

BELGRADE, Serbia (AP) — Serbia is close to signing a deal on the purchase of 12 French Rafale multi-purpose fighter jets, the Serbian president announced Tuesday, in what would mark a shift from its traditional military supplier Russia.

President Aleksandar Vucic spoke during his two-day visit to Paris and talks with French President Emmanuel Macron as well as French defense officials including Rafale manufacturer Dassault Aviation.

Lebanon is facing tough times, but amidst the challenges, a beacon of hope shines bright. The 3rd edition of the Middle East Clean Energy (MECE) is set to take place in Beirut from May 8 to May 10, 2024. This exciting event showcases the latest advancements in clean and renewable energy, offering a glimpse into a greener future for Lebanon and the region.

Why You Should Care About Clean Energy:

Turkey and Israel announced tit-for-tat trade barriers on Tuesday as relations between them further deteriorated amid the war in Gaza.

Turkey, a staunch critic of Israel's military actions in Gaza, first announced that it was restricting exports of 54 types of products to Israel with immediate effect. The products include aluminum, steel, construction products, jet fuel and chemical fertilizers. Responding to the Turkish trade restrictions, Israel said it was preparing a ban on products from Turkey.

Global shares mostly rose Monday as investors looked ahead to earnings reports from top global companies and a consumer prices report that will be a gauge for U.S. inflation.

France's CAC 40 gained 0.4% in early trading to 8,095.02, while Germany's DAX edged up 0.5% to 18,258.45. Britain's FTSE 100 inched up less than 0.1% to 18,258.45. U.S. shares were set to drift lower with Dow futures down 0.1% at 39,198.00. S&P 500 futures fell nearly 0.1% to 5,248.50.

The Biden administration will push China to change an industrial policy that poses a threat to U.S. jobs, Treasury Secretary Janet Yellen said Monday after wrapping up four days of talks with Chinese officials.

She also said in Beijing they had "difficult conversations" about national security, including American concerns that Chinese companies are supporting Russia in its war in Ukraine.