US envoy visits Damascus, says Syria-Israel conflict ‘solvable'
The United States envoy to Syria says the conflict between Israel and Syria is 'solvable' as he visited the capital, Damascus and praised the interim government, as the political and economic thaw between the nation and Western powers continues apace.
Thomas Barrack, who raised the flag over the US ambassador's residence for the first time since it closed in 2012 amid Syria's civil war, said solving the issues between Syria and Israel needed to start with 'dialogue'.
'I'd say we need to start with just a non-aggression agreement, talk about boundaries and borders,' he told journalists on Thursday.
In recent months, the US has begun rebuilding ties with Syria under its new administration.
Earlier in May, the US also lifted sanctions on the country in a surprise announcement, offering a nation devastated by nearly 14 years of war a critical lifeline. The European Union followed suit days later.
Barrack said that Syria would also no longer be deemed by the US as a state sponsor of 'terrorism', saying the issue was gone 'with the [former President Bashar al-Assad regime being finished', but added that the US Congress still had a six-month review period.
'America's intent and the president's vision is that we have to give this young government a chance by not interfering, not demanding, by not giving conditions, by not imposing our culture on your culture,' Barrack said.
Reporting from Damascus, Al Jazeera's Mahmoud Abdel Wahed said the warming ties between Syria, the US and other Western countries were a 'major shift in the political dynamic of the region'.
Wahed explained that as Foreign Minister Asaad al-Shaibani continues to meet representatives from Western countries and officials from the European Union and the United Nations, it will bring 'a lot of benefits' for the new Syrian administration and the Syrian people.
'This is some kind of recognition of the new leadership – giving a chance to the new leadership to boost its economy, to bring more Western investment to help the government rebuild war-torn Syria,' he added.
Since the 1967 Arab-Israeli war and Israel's subsequent occupation of the Syrian Golan Heights, the two countries have had a fraught relationship.
Shortly after al-Assad was deposed in December following a lightning offensive by opposition fighters, Israel seized more Syrian territory near the border, claiming it was concerned about the interim administration led by Ahmed al-Sharaa.
Israel has carried out frequent attacks in Syria both during the al-Assad rule and since his ouster.
During a meeting between US President Donald Trump and al-Sharaa in Riyadh, Saudi Arabia, earlier in May, the US leader urged al-Sharaa to normalise relations with Israel.
While al-Sharaa has not commented on possible normalisation with Israel, he has supported a return to the terms of a 1974 ceasefire agreement that created a United Nations buffer zone in the Golan Heights.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
35 minutes ago
- CNBC
South Korea exports fall as tariffs hit U.S., China shipments
South Korea's exports fell in May for the first time in four months, as shipments to the United States and China dropped on global trade conflict triggered by U.S. President Donald Trump's sweeping tariffs. Exports from Asia's fourth-largest economy, an early bellwether for global trade, declined 1.3% from the same month last year to $57.27 billion, government data showed on Sunday. "Declines in exports to both the United States and China, the two biggest markets, suggest U.S. tariff measures are having an impact on the global economy as well as our exports," said South Korean Industry and Trade Minister Ahn Duk-geun. The first decline since January followed rises as strong chip sales had offset downward pressure from Trump's tariff threats. The May decline, however, was milder than the 2.7% fall forecast in a Reuters poll of economists. On a working-day adjusted basis, exports in fact rose 1.0%. China and the United States agreed in mid-May to a 90-day truce, significantly unwinding their tariffs on each other, after months of back-and-forth retaliatory measures, but Trump on Friday accused Beijing of violating the agreement and threatened to take tougher action. He also said he would double global tariffs on steel and aluminum to 50%. Trump's "reciprocal tariffs", including 25% duties on South Korea, are on a 90-day pause for negotiations. South Korea's May shipments to the United States fell 8.1% and those to China fell 8.4%. Exports to the European Union rose 4.0%, those to Southeast Asian countries fell 1.3%, while those to Taiwan surged 49.6%. Exports of semiconductors jumped 21.2%, thanks to robust demand for advanced memory chips, but car exports fell 4.4% due to U.S. tariffs and production at Hyundai Motor's new factory in the U.S. state of Georgia, according to the ministry. South Korea's imports fell 5.3% to $50.33 billion, bringing the monthly trade balance to a surplus of $6.94 billion, the biggest since June 2024.
Miami Herald
2 hours ago
- Miami Herald
Stock market whipsaws on latest tariff tirade, triggers TACO trade
Investors may not be fans of stock market volatility, but that doesn't bother President Trump. His back-and-forth trade and tariff war updates have sent stocks on a roller coaster ride since he announced tariffs on Canada, Mexico, and China in February. The stock market's nerve-racking swings include a 19% tumble from mid-February through early April, and a 20% rally since April 9, when Trump paused many reciprocal tariffs that rocked stocks after they were announced on April 2. Don't miss the move: Subscribe to TheStreet's free daily newsletter Investors have oscillated between pessimism that tariffs would send the U.S. into economic stagnation or recession, and optimism that negotiations would tame the worst of tariffs' bite. The seesaw pattern continued this week. Stocks tumbled on Friday, May 23, when Trump threatened 50% tariffs on the European Union, only to rally on Tuesday after Trump said he'd delay implementing them on the EU until July. The volatility continued on Friday, May 30. The S&P 500 lost over 1% at session lows after Trump made a bold accusation on China trade, only to recover most of the day's losses on hopes that cooler heads would again prevail over the weekend. Image source:The on-and-off again nature of Trump's trade war and the stock market's reaction to it has led to investors buying dips to profit from potential easing of rhetoric amid negotiations. Profitable dip buying has led to the coining of the "TACO" trade, where TACO stands for "Trump Always Chickens Out." The phrase is credited to Financial Times writer Robert Armstrong, who noticed the phenomenon. Related: Jamie Dimon sends terse message on stocks, economy The sell-off and rally from last Friday and Tuesday are perfect examples of the TACO trade in action. Trump made a huge, eye-popping threat, only to back away from it, claiming positive trade talk developments. Those who bought low on the S&P 500 last Friday and sold high on Tuesday pocketed a quick 2.7%. The returns were even better for those risk-tolerant enough to try their hands at technology stocks. Buying the dip in the Nasdaq 100 or high-flying artificial intelligence stock Palantir delivered 3.2% and 6%, respectively. Stocks' action on May 30 suggests many think that Trump's latest tough talk toward China may be similarly walked back, resulting in gains. The S&P 500 and Nasdaq finished May 30th up 1.3% and 1.5% from their intraday low. Palantir gained 6.1% from its low. President Trump kicked off a major trade war with China in April when he set reciprocal tariffs at 34%, bringing total tariffs to 54%, including the 'fentanyl' tariff. China responded in kind, and the tit-for-tat eventually left China's tariffs at 145% and China's US tariffs at 125%. Those rates were high enough to effectively shutter trade between the two economic giants, which caused ripples in supply chains, sending retailers heavily reliant on low-cost apparel and electronics scrambling. Related: Secretary Bessent sends message on Walmart price increases due to tariffs Absent relief, most began to assume a recession driven by tariff-driven inflation was inevitable. Those fears were mitigated when Trump surprised everyone, announcing he would roll back China tariffs to 30% on May 14 for 90 days in a sign of good faith after what appeared to be positive initial trade talks. Unfortunately, that optimism faded quickly after Trump delivered a stark rebuke of China on May 30. "Two weeks ago, China was in grave economic danger! The very high Tariffs I set made it virtually impossible for China to TRADE into the United States marketplace," wrote Trump on Truth Social. "I was what was happening and didn't like it, for them, not for us. I made a FAST DEAL with China... Everybody was happy!... The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!" More Economic Analysis: Hedge-fund manager sees U.S. becoming GreeceA critical industry is slamming the economyReports may show whether the economy is toughing out the tariffs Trump's frustration with China is evident, and the implications for markets aren't great. China may be negotiating tough, like Trump, so it may take longer to seal a deal, or the final agreement may not include much more in tariff relief. If so, recession worry will escalate. Stock market participants, however, don't seem concerned, embracing the TACO trade fully on Friday. Will that bet pay off? We'll have to wait and see if Trump's rhetoric eases over the coming days. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Hamilton Spectator
3 hours ago
- Hamilton Spectator
Trans Mountain could take on more pipeline projects if private sector can't: CEO
CALGARY - The CEO of Crown-owned pipeline operator Trans Mountain Corp. says it could take on other market-expanding pipeline projects if necessary, but that it would be preferable for the private sector to take the lead. Trade tumult in recent months with the United States — Canada's biggest customer for its crude oil — has intensified calls for Canada to build infrastructure that would allow its resources to flow to other global buyers. When the expanded Trans Mountain pipeline began shipping Alberta crude to the B.C. Lower Mainland just over a year ago, oilsands producers were finally able to meaningfully access lucrative Asian markets. Trans Mountain CEO Mark Maki said in an interview Friday there's an appetite for more pipeline egress to the Pacific coast and elsewhere. 'The U.S. is a great customer. It will always be a great customer, but diversification of markets for the country is important,' he said. He said Trans Mountain's owner — the Government of Canada — would prefer the private sector lead the way. 'If that can't happen, and it's in the national interest, Trans Mountain is here,' Maki said. His remarks came after Trans Mountain reported its operational and financial results for the first three months of 2025. Since oil started flowing through the expansion in May of last year, 266 crude vessels have been loaded, and third-party information suggests the destinations have been split between the U.S. West Coast and Asia. The expanded pipeline shipped an average of about 757,000 barrels per day during the quarter — below its capacity of 890,000 barrels per day. Maki said if the pipeline were running full, western Canadian heavy crude would see a steeper price discount against the easier-to-refine light crude sold on the global market. That would eat into the margins of Alberta producers. 'You really don't want us 100 per cent full … What's important really is to keep a little bit of slack in the system,' he said. As of now, the supply of crude hasn't caught up with takeaway capacity. 'But when that happens, the crude differential blows out. And so having a little bit of wiggle room is important.' Trans Mountain said there are economical ways to boost the pipeline's capacity if needed, such as adding chemical agents to reduce friction, which would enable more crude to flow through the line. Other options could include adding pumping horsepower or pipe segments. Those projects could together add up to 300,000 barrels per day of capacity. Trans Mountain said quarterly net income was $148 million, down from $158 million a year earlier. Its earnings before interest, taxes, depreciation and amortization — a measure it says reflects the performance of its underlying business — were $568 million, compared to the $36 million it brought in a year earlier, before the pipeline expansion had started up. During the quarter, $311 million was paid to its parent Canada TMP Finance Ltd., which is itself owned by the Canada Development Investment Corp. That consisted of $148 million in interest payments and $163 million in cash dividends. The original Trans Mountain pipeline has been operating since the 1950s. In 2013, U.S. energy company Kinder Morgan filed a proposal to expand it at a cost of $5.4 billion, touching off a contentious regulatory review process marked by protests and legal challenges. Kinder Morgan suspended work in 2018 and shortly thereafter sold the pipeline to the federal government for $4.5 billion. By the time the expansion project was completed, its cost had ballooned to $34 billion. Maki said there's no hurry to bring Trans Mountain back into private hands. He said the expanded pipeline should get a little more operating history under its belt so a potential buyer can ascribe the proper value to it. A dispute over the tolls customers pay to use the line, currently before the Canada Energy Regulator, also needs to be sorted out, he said. There is also interest in potential Indigenous equity ownership in the line — when the time is right. Trans Mountain is in a 'transitional' year where it is starting to pay dividends and is continuing some of the cleanup work from the pipeline construction. Next year will be a 'much more normal' one, Maki said. 'And so really probably at that point and out would make sense to start thinking about that.' This report by The Canadian Press was first published May 30, 2025.
