Rwanda, Congo agree on outline for economic integration framework as part of peace deal, US says
The tenets agreed on Friday summarize the framework, which includes elements of cooperation on energy, infrastructure, mineral supply chains, national parks and public health.
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Arab News
an hour ago
- Arab News
Swiss president rushes to US to avert steep tariffs
'The aim is to present a more attractive offer to the United States in a bid to lower the level of reciprocal tariffs,' said the governmentUS President Donald Trump had originally threatened in April to slap a 31-percent tariffZURICH: Switzerland's president and economy minister were due to fly to Washington on Tuesday in a last-minute push to stop steep new tariffs that have blindsided the Alpine faces a 39-percent duty, one of the highest among the dozens of economies that will be hit by new tariffs expected to come into force from Karin Keller-Sutter and Economy Minister Guy Parmelin were heading to Washington 'to facilitate meetings with the US authorities at short notice and hold talks with a view to improving the tariff situation for Switzerland,' the government said in a statement.'The aim is to present a more attractive offer to the United States in a bid to lower the level of reciprocal tariffs for Swiss exports, taking US concerns into account.'US President Donald Trump had originally threatened in April to slap a 31-percent tariff on he surprised the export-driven country last week when he decided to hike the rate to 39 percent despite numerous discussions between Swiss and US officials aimed at reaching a Swiss government noted that the country will be hit by much higher tariffs than what other wealthy economies, such as Britain, Japan or the European Union, are Swiss government held an emergency meeting on the extraordinary meeting, the government 'reaffirmed that it was keen to pursue talks with the United States on the tariff situation,' Tuesday's statement said.'For this reason,' the president and the economy minister 'are to travel to Washington on Tuesday.'US Trade Representative Jamieson Greer, however, indicated on Sunday that the tariffs on global trading partners which are coming into force this week were unlikely to change.'These tariff rates are pretty much set,' Greer told CBS television's Face the Nation who is also the country's finance minister, and Parmelin, who is also the vice president, will be accompanied by a small delegation, including the heads of the economy and international finance government said it will 'issue a statement as soon as there are any relevant developments for the public.'Swiss companies have urged the government to negotiate a lower United States is a key trading partner for Switzerland, taking 18.6 percent of its total exports last year, according to Swiss customs has said Trump believes that Switzerland 'steals' from the United States by enjoying a trade surplus of 40 billion Swiss francs ($50 billion).Pharmaceuticals represented 60 percent of Swiss goods exports to the United States last year, followed by machinery and metalworking at 20 percent and watches at eight chocolate industry has also warned that the tariffs were a 'tough blow.'
Al Arabiya
an hour ago
- Al Arabiya
India hits back at Trump's threat over Russian oil purchases
India's ruling party and main opposition condemned on Tuesday a threat by US President Donald Trump to raise tariffs on goods from India over its Russian oil purchases, in a show of political unity as a trade rift deepens with Washington. Trump had already in July announced 25 percent tariffs on Indian imports, and US officials have cited a range of geopolitical issues standing in the way of a US-India trade accord. Manish Tewari, a member of parliament and leader of the opposition Congress, said Trump's 'disparaging remarks hurt the dignity and self-respect of Indians.' 'The time has come to call out this constant bullying and hectoring,' he added. BJP Vice President Baijayant Jay Panda quoted Henry Kissinger - the most powerful US diplomat of the Cold War era - in a post on X: 'To be an enemy of America can be dangerous, but to be a friend is fatal.' Legendary US Secretary of State & NSA, Dr Henry Kissinger's timeless statement: "To be an enemy of America can be dangerous, but to be a friend is fatal." — Baijayant Jay Panda (@PandaJay) August 5, 2025 India's Foreign Ministry said the country was being unfairly singled out over its purchases of Russian oil, and highlighted continued trade between Moscow and both the United States and the European Union, despite the war in Ukraine. 'It is revealing that the very nations criticizing India are themselves indulging in trade with Russia,' it said in a statement issued late on Monday. 'It is unjustified to single out India,' the ministry said. It said the EU conducted 67.5 billion euros ($78.02 billion) in trade with Russia in 2024, including record imports of liquefied natural gas (LNG) reaching 16.5 million metric tons. The United States, the statement said, continues to import Russian uranium hexafluoride for use in its nuclear power industry, palladium, fertilizers and chemicals. It did not give a source for the export information. The US embassy and the EU's delegation in New Delhi did not immediately respond to a request for comment. Both the United States and EU have sharply scaled back their trade ties with Russia since it launched a full-scale invasion of Ukraine in February 2022. In 2021, Russia was the EU's fifth-largest trading partner, with goods exchange worth 258 billion euros, according to the EU executive European Commission. Sudden rift India is the biggest buyer of seaborne crude from Russia, importing about 1.75 million barrels per day of Russian oil from January to June this year, up 1 percent from a year ago, according to data provided to Reuters by trade sources. It has faced pressure from the West to distance itself from Moscow since Russia invaded Ukraine. New Delhi has resisted, citing its longstanding ties with Russia and economic needs. India's National Security Adviser Ajit Doval is likely to travel to Russia this week on a scheduled visit, two government sources said. Foreign Minister S Jaishankar is expected to visit in the coming weeks. The sudden rift between India and the US has been deepening since July 31, when Trump announced the 25 percent tariff on goods being shipped to the US and for the first time threatened unspecified penalties for buying Russian oil. Trump has said that from Friday he will impose new sanctions on Russia as well as on countries that buy its energy exports, unless Moscow takes steps to end the war with Ukraine. The trade tensions have caused concern about the potential impact on India's economy. The equity benchmark BSE Sensex .BSESN closed down 0.38 percent, while the rupee dropped 0.17 percent versus the dollar.
Al Arabiya
4 hours ago
- Al Arabiya
EU suspends tariffs retaliation after Trump trade deal
The EU announced Tuesday the suspension of its retaliatory tariffs on US goods worth 93 billion euros ($107 billion) after Brussels struck a deal with Washington last month. 'The commission has today adopted the necessary legal procedures to suspend the implementation of our EU countermeasures, which were due to kick in on August 7,' EU trade spokesman Olof Gill said.
