Gabon's president says his country open to investment, needs help processing minerals
'We are not poor countries. We are rich countries when it comes to raw materials. But we need partners to support us and help us develop those resources with win-win partnerships,' Nguema said at a mini-summit at the White House.
He warned other countries could seize the initiative if the US did not. 'Our country is free, open to one and all. You are welcome to come and invest. Otherwise other countries might come instead of you,' he said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
eNCA
6 hours ago
- eNCA
US economy returns to growth in second quarter on tariff turbulence
The US economy returned to growth in the second quarter, government data showed Wednesday, but analysts flagged distortions from swings in trade flows over President Donald Trump's tariffs. The world's biggest economy expanded by an annual rate of 3.0 percent in the April to June period, beating economists' expectations and reversing a 0.5 percent decline in the first three months of the year, said the Department of Commerce. This swiftly prompted Trump to ramp up pressure for an interest rate cut, saying on social media that Federal Reserve Chair Jerome Powell "must now lower the rate." Trump's comments come hours before the Fed announces its latest interest rate decision. A consensus forecast by had expected a 2.5 percent GDP growth rate. Second quarter growth "was bolstered by a sharp reversal in trade flows skewed by the tariffs," said Nationwide chief economist Kathy Bostjancic. An underlying GDP measure slowed to "slowed to a sluggish 1.2 percent from 1.9 percent in the first quarter," painting a more accurate picture of economic activity, she added. Real consumer and business spending advanced only moderately, after households brought forward purchases, she said. Businesses meanwhile held off spending on heightened policy uncertainty. At the start of the year, companies rushed to stock up on products to avoid the worst of Trump's threatened tariff hikes -- but the build-up has been unwinding. "The increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP," said the Commerce Department. The uptick also reflected an increase in consumer spending, the report said. The imports surge in the first quarter led to the largest drag on GDP growth from net exports on record, analysts at Goldman Sachs noted recently. Analysts anticipated a bounce back as imports cooled but said this might not be sustainable. Economists have also warned that Trump's tariff hikes could cause an inflation uptick, which in turn stands to erode households' spending power and influence consumption patterns. Since returning to the presidency, Trump has rolled out wave after wave of fresh duties. These included a 10 percent levy on almost all US partners, higher duties on steel, aluminum and auto imports, alongside separate actions against Canada and Mexico, blaming them for illegal immigration and illicit fentanyl flows. Washington separately took aim at the world's number two economy, China, as Beijing pushed back on US tariffs. Both countries ended up imposing tit-for-tat duties on each other's products, reaching triple-digit levels and snarling trade flows before they agreed to temporarily lower levies. After talks in the Swedish capital of Stockholm this week, negotiators signaled there could be an extension of the truce -- although the final call depends on Trump. - Shifting to lower gear - "Beneath the topline figure, the economy is switching to a lower gear but not going in reverse," said Oxford Economics' lead US economist Bernard Yaros. The economy's resilience will allow the Fed to "hold still and assess the unfolding tariff impact on consumer prices before pivoting to interest rates cuts in December," he added. For now, he said that "consumers are slowing their spending but not heading for the bunkers outright." Analysts are monitoring the impact of Trump's tariffs on inflation, with economists expecting to learn more from data in the summer months. All eyes are also on official employment data due Friday, after figures from payroll firm ADP showed Wednesday that private sector hiring beat expectations, increasing by 104,000 jobs in July and indicating a healthy economy. "The consumer is hanging in there, but still on edge until the trade deals are done," said Heather Long, chief economist at the Navy Federal Credit Union. "Meanwhile, business investment tanked in the second quarter. Companies do not want to invest in equipment, buildings or hiring with this much uncertainty," she added. "There's no recession in sight, but certainty is needed to get the economy fully back on track," she said. By Beiyi Seow
eNCA
7 hours ago
- eNCA
Trump hits India with 25% tariff and 'penalty' over Russia ties
US President Donald Trump said Wednesday that imports from India will face 25 percent tariffs, while also announcing an unspecified "penalty" over New Delhi's purchases of Russian weapons and energy. The measures will kick in on Friday, Trump posted on his Truth Social platform, adding to a bevy of other tariff hikes set to take effect the same day. In a separate post, Trump said the August 1 deadline "stands strong, and will not be extended." Trump has issued multiple delays to his so-called "reciprocal" tariffs since first announcing them in early April, while instituting an interim 10 percent baseline. The 25 percent tariff on India would be marginally lower than the rate announced in April, but is higher than those of other Asian countries that have struck preliminary trade agreements with Washington. India, the world's most populous country, was one of the first few major economies to engage the Trump administration in broader trade talks. But six months later, Trump's sweeping demands and India's reluctance to fully open its agricultural and dairy sectors have so far prevented New Delhi from sealing a deal. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump said Wednesday morning. He added that India has "always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE." In addition to the 25 percent tariff, India will face "a penalty for the above," Trump said, without any specification. The measure comes as the 79-year-old Republican has signaled he intends to tighten US pressure on Moscow to halt fighting in Ukraine and negotiate a peace deal. On Tuesday, Trump said he was giving Russian President Vladimir Putin 10 days -- which would mean the end of next week -- to change course in Ukraine or face new tariffs. He had previously threatened to impose "secondary tariffs" that would target Russia's remaining trade partners -- such as China and India -- seeking to impede Moscow's ability to survive already sweeping Western sanctions. - China trade talks - Trump has set out to upend the global economy by trying to leverage US economic power to squeeze trading partners with tariffs and force foreign companies to move to the United States. He has already announced deal outlines with five countries -- Britain, Vietnam, Japan, Indonesia and the Philippines -- as well as the one with the 27-nation EU. US and Chinese officials held talks this week in Stockholm on extending a trade truce that has temporarily lowered tariffs from soaring triple-digits. While no deal was announced at the meetings, both sides are eying an extension ahead of the August 12 deadline. Meanwhile Trump has threatened Brazil with 50 percent tariffs beginning Friday -- in part to pressure the South American ally to shut down the trial of far-right former president Jair Bolsonaro on coup charges.
TimesLIVE
8 hours ago
- TimesLIVE
Ivory Coast President Ouattara, 83, in pole position for fourth term
Ivory Coast President Alassane Ouattara's decision to seek re-election in October means the world's top cocoa-producing nation will again have to wait on his promise to pass the baton to a new generation of political leaders. But the 83-year-old former international banker is hoping a strong economy and a weak field of challengers will propel him to a fourth term, extending a period of relative stability after the civil war that brought him to power in 2011. Ouattara made his announcement on Tuesday, saying his health was not an issue. With the country's most high-profile opposition politicians ruled ineligible, he is the clear front-runner. A US-trained economist whose resume includes stints as governor of the West African central bank (BCEAO) and deputy managing director of the International Monetary Fund (IMF), Ouattara has long pitched himself as a savvy technocrat capable of delivering steady growth. The numbers back him up, with the IMF projecting GDP to increase to 6.3% this year, in line with the average over the past decade.
