China retaliates with extra 15% tariffs on some US imports
The new tariffs mainly include US agricultural commodities, including corn and soybeans, with new fees of 15% and 10%, respectively.
The retaliatory measures from China's Ministry of Finance and Ministry of Commerce came just as additional US tariffs took effect on Chinese goods, marking an escalation of the trade war between the two largest economies in the world.
The White House confirmed that the additional customs duties of 10% on Chinese imports will enter into force today, bringing new tariffs in just one month to 20%.
The Chinese Ministry of Commerce said in a statement that Beijing strongly opposes the additional US tariffs on China, adding that this action will harm trade relations between the two countries.
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Asharq Al-Awsat
16 hours ago
- Asharq Al-Awsat
Vision 2030 Boosted Saudi Arabia's Ability to Reassess Spending
Saudi Arabia's Ministry of Finance said the kingdom is now better equipped to reassess its spending priorities during times of economic uncertainty, crediting reforms under Vision 2030 for enhancing its financial agility. In comments to Asharq Al-Awsat following the release of the International Monetary Fund's Article IV consultation report, the ministry highlighted the economy's resilience and capacity to absorb external shocks, as recognized by the IMF. The report praised Saudi efforts to diversify its economy, implement fiscal plans, and maintain monetary stability. There is no need for Saudi Arabia to further cut spending even if oil prices decline, IMF mission chief Amine Mati told Asharq Al-Awsat after the Fund's Executive Board endorsed the findings. The Finance Ministry said the kingdom's decades of experience in energy markets, combined with the accelerated institutional learning driven by Vision 2030, have sharpened its ability to time spending adjustments in response to oil revenue fluctuations and rising geopolitical tensions. 'With over half a century of experience in energy and development planning, and the accelerated expertise gained over the past decade through Vision 2030, the Kingdom now knows when to reassess its spending priorities amid revenue drops and regional challenges,' the ministry said. During periods of global economic strain or low oil prices, Saudi Arabia has continued to evaluate the management of major development projects and strategies tied to Vision 2030 to sustain steady economic growth and maintain fiscal health, the ministry added. The kingdom, it said, no longer follows procyclical fiscal policies but focuses instead on achieving financial balance, ensuring public spending supports long-term economic growth. This approach echoes earlier remarks by Finance Minister Mohammed Al-Jadaan, who in April 2024 said the Vision 2030 roadmap would be adjusted as needed to align with evolving conditions. The ministry said its cautious and flexible fiscal strategy had already enabled the achievement—or near-achievement—of many targets. 'The government, while confident in its performance, is not complacent. It continues to push forward to safeguard the economy from global crises.' The report, it said, reflected growing international recognition of the kingdom's success in transforming its economy—especially the non-oil sector—under a comprehensive vision aimed at fiscal sustainability and economic diversification. Global Recognition and Institutional Praise The ministry pointed to repeated global economic reports that have acknowledged Saudi Arabia's achievements in implementing fiscal reforms, preserving monetary stability, and driving diversification. 'Recognition of these successes continues to grow—and with it, the scrutiny and detail of assessments, particularly in the non-oil sector,' it said, citing the 2025 Article IV report as the most recent example, following IMF staff's routine consultations with Saudi government and private-sector officials. While the report acknowledged risks linked to oil price fluctuations, it credited Saudi Arabia for adopting structural reforms and building a robust fiscal framework. The report also commended the kingdom's commitment to long-term planning aimed at preserving development goals and fiscal sustainability in the face of uncertainty. The IMF praised Saudi Arabia's long-term vision to support economic transformation, stating that it had improved the resilience of the economy and broadened its policy toolkit to weather global shocks. It also noted that continued reform was vital to mitigate downside risks amid persistent global uncertainty. A Regional and Global Economic Force The Finance Ministry said the IMF underscored the kingdom's growing role as a regional and global economic player. Saudi Arabia represents half of the Gulf Cooperation Council's economy and holds foreign assets worth $1.5 trillion, with a net international investment position equivalent to 59% of GDP. The report concluded that the ongoing economic transformation—driven by structural reforms, prudent policymaking, and periodic expenditure re-evaluations—had significantly strengthened Saudi Arabia's resilience, positioning it to better navigate rising uncertainty. Oil production is expected to gradually recover to 11 million barrels per day by 2030, according to the report. While this remains below the sustainable capacity of 12.3 million barrels, the projection aligns with supply-demand dynamics in global markets. Non-oil growth is forecast to pick up modestly by 2027, driven by rising investment in new infrastructure and the upgrading of existing facilities as Saudi Arabia prepares to host major global events, including the 2027 AFC Asian Cup, the 2029 Asian Winter Games, Expo 2030, and the 2034 FIFA World Cup. Structural Reforms at the Core Medium-term non-oil growth is expected to hover around 3.5%, supported by steady private-sector investment and sustained annual injections of at least $40 billion by the Public Investment Fund into the domestic economy. The IMF stressed the importance of continued structural reforms to preserve non-oil growth momentum and deepen economic diversification. Since 2016, Saudi Arabia has overhauled business regulations, labor laws, and capital markets, the report noted. Recent legal changes—including an updated investment law, revisions to the labor code, and a new commercial registration framework—have boosted investor confidence and contractual certainty, while supporting productivity gains, the ministry said. A Resilient Economy Amid Uncertainty The Finance Ministry said the report reaffirmed the government's view that the ongoing economic transformation had materially enhanced the economy's resilience to external shocks, and that Saudi Arabia was well-placed to withstand mounting global uncertainty. It said domestic economic and fiscal projections suggest real non-oil GDP growth could exceed the IMF's own estimates, reaching 4% to 5% over the medium term, driven by robust domestic demand, strong investment, and accelerating reform momentum. Sustained Growth Prospects The IMF expressed confidence in the continued strength of domestic demand, including through government-led projects, which are expected to fuel growth despite subdued global commodity prices and broader uncertainty. It projected real non-oil GDP growth of 3.4% in 2025, supported by ongoing implementation of Vision 2030 initiatives through both public and private investments, as well as strong credit growth, which is expected to cushion the effects of lower oil revenues. The report acknowledged the progress of Saudi reforms and called for continued efforts—especially in areas like enhancing human capital by aligning Saudis' skills with a modern labor market, expanding access to finance, and accelerating digital transformation. The integration of artificial intelligence into public services is also seen as a key driver of economic diversification. Strengthening financial institutions and pressing ahead with reforms will further enhance the kingdom's ability to withstand oil price volatility, the ministry concluded.
Leaders
a day ago
- Leaders
Putin, US Envoy Witkoff Meet in Moscow ahead of Ukraine Ceasefire Deadline
The Russian President, Vladimir Putin, hosted the US Special Envoy, Steve Witkoff, in the Kremlin on Wednesday as the deadline set by US President, Donald Trump, for Moscow to agree a ceasefire in Ukraine looms. Putin-Witkoff Meeting According to Russian news agency TASS, the meeting lasted for around 3 hours, with the presence of Russian Presidential Aide, Yury Ushakov, who described the meeting as 'useful and constructive.' Earlier on Wednesday, Witkoff arrived in Moscow, where he was received by the Russian Direct Investment Fund CEO and special presidential envoy for economic cooperation, Kirill Dmitriev. The two officials also had a walk in Zaryadye Park in downtown Moscow. Deadline Looming Witkoff's visit to Russia marks the fifth since the start of the year. It came two days ahead of the deadline set by the US President, Donald Trump, for Russia to end the war in Ukraine. Trump threatened Moscow with new economic sanctions if it did not reach a ceasefire Ukraine by August 8. He also threatened heavy tariffs on countries that buy Russian exports, particularly India and China – two of the largest Russian oil buyers. Putin's Options Putin seemed to be unmoved by Trump's threats, insisting that his demands to end the war in Ukraine remained unchanged and signaling that the war's momentum was in Russia's favor. It was not clear what he might propose to Witkoff to avert Trump's threats. One of the options could be proposing a moratorium on air strikes by Russia and Ukraine, Reuters reported citing Bloomberg and independent Russian news outlet The Bell. Although this would not meet the US' demand of a full and immediate ceasefire, it might offer some relief to both sides. Anti-Submarine Drill In a separate development, Russia and China conducted an anti-submarine exercise in the Sea of Japan – days after Trump said he had moved nuclear submarines closer to Russia. The exercise was part of a broader series of joint naval drills. On Wednesday, Russia's Defense Ministry said that the Russian and Chinese navies have practiced hunting and destroying an enemy submarine. 'As a result of effective joint actions, the 'enemy' submarine was promptly detected and mock-destroyed,' it said in a statement. Trump's decision to reposition nuclear submarines followed an online row with Russia's former president and the deputy chairman of the Security Council of the Russian Federation, Dmitry Medvedev. Short link : Post Views: 12
Saudi Gazette
3 days ago
- Saudi Gazette
Three convicted in Riyadh for commercial concealment in mobile accessories trade
Saudi Gazette report RIYADH — The Ministry of Commerce has publicly named two Saudi citizens and a Yemeni resident after they were convicted of engaging in a commercial concealment scheme involving the sale of mobile phone accessories in Riyadh. According to a ruling by the Criminal Court in Riyadh, the Saudi business owner and his agent were found guilty of allowing the Yemeni resident to operate the business independently, without a foreign investment license. The resident was granted full control over the establishment's operations and was found to have financial dealings far exceeding his declared income as a sales representative, transferring illicit profits abroad. The court imposed a SR15,000 fine to be shared among the convicted individuals, revoked the business license, cancelled the commercial registration, and ordered the business to be liquidated. It also mandated the collection of all due taxes, zakat, and government fees. The convicted Saudis were banned from engaging in commercial activity, while the Yemeni national will be deported and barred from re-entering the Kingdom for work. The Ministry of Commerce reaffirmed that under the Anti-Concealment Law, penalties can reach up to five years in prison and SR5 million in fines, along with the seizure of illicit funds once a final verdict is issued.
