Taiwan meets with US for tariff talks in South Korea
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Al Arabiya
4 hours ago
- Al Arabiya
US Treasury chief says Trump could leverage sanctions at Putin meeting
US Treasury Secretary Scott Bessent on Wednesday said sanctions or secondary tariffs could grow if President Donald Trump's meeting with Russian President Vladimir Putin does not go well, calling on European leaders to also leverage sanctions. Developing
Arab News
6 hours ago
- Arab News
Pakistan to cut auto tariffs over 5 years, eyes car exports after tractors and motorcycles
ISLAMABAD: Pakistan will gradually cut tariffs on the auto sector over the next five years and work on a strategy to expand exports, Commerce Minister Jam Kamal Khan told industry representatives on Wednesday, as the government seeks to strengthen the local market and boost overseas sales. Khan met auto industry stakeholders in Islamabad and announced the formation of a committee, comprising officials from the Commerce Ministry, the Federal Board of Revenue and the Ministry of Industries, to address sector challenges. The minister invited the industry to participate in the upcoming industrial policy and said healthy competition was increasing in Pakistan's auto market. 'After tractors and motorcycles, we will now also export cars,' Khan said, adding that the government would prepare 'a strategy for the development and exports of the auto sector' and that tariffs 'will be gradually reduced over the next five years.' Khan said imported used cars should meet quality and environment-friendly standards and linked new export prospects to a recently signed US tariff reduction agreement. Under the deal, Washington has cut import duties on Pakistani goods to 19 percent, a move the government says will improve competitiveness for products including automobiles. 'The tariff reduction agreement with the US has created new opportunities for auto exports,' the minister said. Industry representatives told the meeting that new technologies had increased production costs, and urged protection for local manufacturers from the import of used vehicles. Pakistan's automobile industry is one of the fastest-growing sectors, contributing around 7 percent of Large Scale Manufacturing (LSM) and accounting for 7–16 percent of the manufacturing GDP depending on the metric used. It employs millions, and local assembly is dominated by established players like Honda, Toyota, Suzuki, Hyundai, Kia, and newcomers such as MG and Haval. The market includes motorcycles, tractors, cars, and commercial vehicles, but remains highly concentrated among a few brands. The fiscal year 2025–26 budget introduced several changes impacting the auto industry. A new Green Tax was applied to internal combustion engine vehicles, ranging from 1 percent to 3 percent of vehicle value depending on engine size and origin . The industry also flagged an imbalance in GST rates — 8.5 percent on hybrid electric vehicles versus 18 percent on fully electric vehicles — raising concerns over a policy disconnect with the Automotive Industry Development and Export Policy (AIDEP) 2021–2026 provisions. Experts warn that high taxes, policy uncertainty, and weak industrial support were curbing demand. Recent vehicle sales dropped 49 percent month-on‑month in July 2025, partly due to pre-budget rushes and subsequent tax adjustments . The sector also faces structural challenges including limited localization of parts, high production costs, and fragile capacity utilization (around 24 percent). Policy instability, particularly regarding tariff reductions and fiscal incentives, risks discouraging investment, and experts say long-term industrial support is necessary to prevent local manufacturing decline. Inflation, currency volatility, and macroeconomic uncertainty further weigh on consumer demand and financing.
Arab News
10 hours ago
- Arab News
South Korea prosecutors raid party HQ after ex-first lady arrested
SEOUL: South Korean prosecutors raided the headquarters of the former party of jailed ex-president Yoon Suk Yeol on Wednesday to gather evidence in an election meddling case against his wife, a day after she was arrested on corruption and other charges. Former first lady Kim Keon Hee was arrested late Tuesday on a range of charges including stock manipulation and corruption, prosecutors said. Her arrest came hours after Seoul Central District Court reviewed the prosecutors' request for an arrest warrant against the 52-year-old. The court granted the warrant, citing the risk of tampering with evidence, after prosecutors submitted an 848-page opinion laying out Kim's alleged 'unlawful acts.' Prosecutors said Wednesday they raided the People Power Party office to collect evidence of Kim's alleged meddling in parliamentary elections. Yoon quit the party in May after his removal from office but endorsed its candidate in the snap presidential election that was won by the Democratic Party's Lee Jae Myung. Opposition leader Song Eon-seog slammed the raid as 'nothing short of gangster behavior.' 'I cannot contain my outrage at the Lee Jae Myung administration's ruthless political persecution and retaliation against the opposition, spearheaded by the special prosecution,' Song said at a news briefing. With the arrest, South Korea now has a former president and first lady both behind bars for the first time in the nation's history. The charges against Kim include violations of capital market and financial investment laws, as well as political funds laws. The arrest caps a dramatic fall for the former first couple after Yoon's stunning martial law declaration on December 3, which saw soldiers deployed to parliament but was swiftly voted down by opposition MPs. Yoon, a former top prosecutor, was impeached and removed from office in April over the martial law declaration, prompting the country to hold a snap election in June. He has been in detention since July 10. Last week, Kim underwent hours-long questioning by prosecutors, who filed for an arrest warrant the next day. 'I sincerely apologize for causing trouble despite being a person of no importance,' Kim said as she arrived at the prosecutors' office on Wednesday. Controversy has long surrounded Kim, with lingering questions about her alleged role in stock manipulation. Public criticism was reignited in 2022 when a left-wing pastor filmed himself presenting her with a Dior handbag that she appeared to accept. She is also accused of interfering in the nomination process for MPs in Yoon's party, a violation of election laws. Yoon, as president, vetoed three special investigation bills passed by the opposition-controlled parliament that sought to probe the allegations against Kim, with the last veto issued in late November. A week later, Yoon declared martial law. Investigators also searched an interior company allegedly linked to Kim in connection with suspected favoritism in repairs to the presidential office. While she would typically have been held at the same detention center as her husband, prosecutors on Monday requested that she be detained at a separate facility about 20 kilometers (13 miles) away. Her Presidential Security Service protection was terminated once the warrant was issued. Kim can be held for up to 20 days as prosecutors prepare to formally indict her, legal expert Kim Nam-ju told AFP. 'Once Kim is indicted, she could remain detained for up to six months,' the lawyer said. The former first lady can challenge the warrant in court as unlawful, 'but given the current circumstances, there appears to be a high risk of evidence destruction, making it unlikely that the warrant will be revoked and the individual released,' he added. 'Another option is bail, but this too is not granted if there are concerns about the destruction of evidence.'
