Growing pains and absent leaders hang over Brics summit
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CNN
7 hours ago
- CNN
Trump wants to talk business with Africa in hopes of countering China. But a US summit excluded Africa's big players
The White House hosted an 'African leaders' summit of sorts this week. But only five countries from the continent of more than 50 nations were welcome to join. US President Donald Trump hosted a working lunch in Washington, DC, on Wednesday, bringing together the presidents of Mauritania, Guinea-Bissau, Liberia, Senegal, and Gabon for a discussion focused on 'commercial opportunities,' a White House official told CNN. 'This discussion and lunch dialog with African heads of state was arranged because President Trump believes that African countries offer incredible commercial opportunities which benefit both the American people and our African partners,' the White House official said. The multilateral lunch is scheduled for noon in the State Dining Room of the White House. Going into the meeting, Liberia said that the 'high-level summit' intends 'to deepen diplomatic ties, advance shared economic goals, and enhance security cooperation' between Washington and 'select African nations.' However, none of Africa's big players, such as its largest economies South Africa, Nigeria, Egypt and Ethiopia, were asked to attend. These nations are allied to BRICS, a group of emerging economies founded by Brazil, India, and America's adversaries, Russia and China. BRICS members face the threat of being hit with new tariffs from Trump for supporting 'anti-American' policies. During the meeting, the five African leaders heaped praise on Trump as they encouraged him to invest in their countries and develop their plentiful natural resources. The leaders joined the US president for lunch in the State Dining Room, where each leader went around the table thanking Trump for his invitation. 'I didn't know I'd be treated this nicely. This is great. We could do this all day long,' Trump said in response to the flattery. Christopher Afoke Isike, a professor of African politics and international relations at the University of Pretoria, South Africa, describes Trump's handpicked guests for his US summit as 'low-hanging fruit' in his quest to counter Chinese and Russian influence in Africa. 'On one hand, Trump is desperate for some deal to show to his base that he is getting results for America. But some of these also align with his focus on countering Chinese influence in Africa and malign Russian activity which undermines US interests on the continent,' he told CNN. 'Most of the regional powers in Africa are either in BRICS as key members or are aspiring to join as key partners,' Isike said, adding that 'these five countries (attending the US summit) do not fall into that category and as such are a kind of low-hanging fruit.' China is Africa's largest bilateral trading partner while its ally Russia has expanded its footprint on the continent, emerging as a major supplier of military hardware. This is not the first time Trump has hosted a small group of African leaders in the US, deviating from the approach of Barack Obama and Joe Biden, who hosted fuller gatherings of African heads of government while in the White House. During his first term in office — viewed by some as 'dismissive toward Africa' — Trump hosted a 'working lunch' in 2017 with nine African heads of state, whom he described as 'partners for promoting prosperity and peace on a range of economic, humanitarian, and security issues.' 'Africa has tremendous business potential,' Trump said in that meeting, which included the leaders of Nigeria, Ethiopia, and South Africa. Now in his second term, Trump has kept an eye on Africa's mineral wealth, with the US keen to challenge China's access to critical minerals in the region. However, he advocates a transactional policy that swaps charity for strategic US investment. When a peace deal brokered by Trump was signed last month by Rwanda and the Democratic Republic of Congo, which harbors large deposits of minerals critical to the production of electronics, Trump told reporters that the accord allows the US to get 'a lot of the mineral rights from the Congo.' While the signed peace agreement does not specifically forfeit any mineral rights to the US, the document includes a framework 'to expand foreign trade and investment derived from regional critical mineral supply chains,' specifically to 'link both countries, in partnership, as appropriate, with the US government and US investors.' In a statement July 1, US Secretary of State Marco Rubio hailed the end of the US Agency for International Development (USAID), which delivered US humanitarian aid overseas, saying that 'the countries that benefit the most from our generosity usually fail to reciprocate' and that future US aid and investment 'must be in furtherance of an America First foreign policy.' The Trump administration had previously canceled more than 80% of programs at USAID and has imposed 'reciprocal' tariffs on several countries, including many in Africa which Trump said had trade deficits with the US. South Africa has described the 'reciprocal' tariff which is due to take effect on August 1 as not based on 'an accurate representation of available trade data.' Trump has also banned travel for 12 mostly African and Middle Eastern nations – citing security risks – amid an aggressive clampdown on immigration by his administration. A mooted expansion of the travel restrictions would halt travel to the US for swathes of West Africa, if implemented. China, meanwhile, is softening the impact of US tariffs on Africa, announcing last month it would halt charges on imports for nearly all its African partners, except Eswatini (formerly Swaziland) which is friendly toward Taiwan — which China's ruling Communist Party claims as its own, despite never having controlled it. Although small economies, Gabon, Guinea-Bissau, Mauritania, Senegal and Liberia are rich in mineral resources including oil and gas, gold, iron ore, and rare earth elements. At the White House meeting, Gabon's President Brice Oligui Nguema underscored the mineral wealth of their countries and encouraged the US to partner with them to develop their resources. '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,' he said. Nguema also pushed Trump to purchase from Gabon rather than through companies. 'I'm sure that it's more expensive compared to when you can come and buy directly from us,' he said. Discussions at the Trump-hosted summit extended beyond commerce. Nguema addressed his country's efforts to curb piracy in the Gulf of Guinea. 'We can't do it alone. We need a reliable and strong partner that is committed and that takes real action,' he added. The West and Central African nations are also a common departure point for would-be migrants to the US. 'There may be other stakes: migratory trends from West Africa to Nicaragua and then the US,' as well as 'security, as all of those (five) countries have an opening on the Atlantic Ocean,' Ousmane Sene, who heads the Senegal-based research organization, the West African Research Center (WARC), told CNN. Last year, the New York Times reported, citing government data, that the US was seeing an increasing number of African migrants at its southern border — rising from just over 13,000 in 2022 to 58,462 in 2023. Nationals from Mauritania and Senegal were top of the list, the report said. For Dakar-based journalist and political analyst Mamadou Thior, who covered the first US–Africa Leaders' Summit hosted by Obama in 2014, the leaders of the five African nations must 'be as clever as Donald Trump' in talks with the White House. 'Trump is a businessman. So only the interests of America interest him,' Thior said. 'The USAID, which was a key partner for countries like Senegal, no longer exists. It's up to them to talk to Trump, to see what new cooperation they can put forward.' In Isike's view, 'this meeting is going to inaugurate a new US diplomatic model — one that is transactionally tied to economic reform (and) trade outcomes for the US.' Nonetheless, the five African nations 'can expect to leverage private sector partnerships, investment, infrastructural development, and security cooperation with the US,' he said. These nations are not new to high-stakes relations with global powers. They have each been courted by China, which has boosted trade volumes between them and funded infrastructure in Gabon and Senegal. When Guinea-Bissau President Umaro Sissoco Embaló met his Chinese counterpart Xi Jinping in Beijing in September, the former had kind words for the host nation. 'For Africa,' Embaló said, according to a statement by Chinese foreign ministry, 'China represents the future and is a brother.' 'Guinea-Bissau is willing to be a trustworthy friend and partner of China,' he added. Last month, Senegalese Prime Minister Ousmane Sonko was also full of praise for China, thanking it for awarding dozens 'of preparation scholarships' to his nation's athletes and coaches ahead of next year's Summer Youth Olympics. In the same statement, Sonko expressed frustration with the US decision to deny visas to 'several members of the Senegal women's national basketball team' — a leading force in African women's basketball — forcing them to cancel a training camp they had scheduled in the US. With a wider African leaders' summit mooted by the White House for later in the year, Trump has made one thing clear, according to Isike: an urgent shift 'from traditional aid to strategic commerce-driven engagement.' However, the shift is 'a high-stakes gamble that aligns with America's goal to reset its influence in Africa through investment but also to counter China and foster economically self-reliant African partners,' Isike added. 'Enabling Africa to be self-reliant is not because he (Trump) loves Africa, but because he doesn't have patience with countries that only want handouts from the US,' Isike said, adding that 'these trade deals and the meeting (this week) aligns with the US' priority to favor countries that are able to help themselves.' CNN's Alejandra Jaramillo contributed to this report.
Yahoo
13 hours ago
- Yahoo
Trump's new tariffs are wiping out markets and traders
Trump's new tariffs are wiping out markets and traders originally appeared on TheStreet. The new month began on a turbulent note for global markets, as President Donald Trump's fresh round of tariffs triggered a domino effect across stocks and crypto. Traders are reeling from a market-wide sell-off — and the damage is adding up quickly. In the past 24 hours alone, over 188,000 crypto traders were liquidated, with total liquidation losses crossing $805 million, according to Coinglass. The largest single liquidation was a $13.79 million ETH-USD perpetual trade on Binance. Nearly 91% of those liquidations were long positions. Crypto exchanges Bybit and Binance together accounted for more than $540 million in liquidations, as traders scrambled to salvage their bets. Bitcoin, Ether, XRP catches the heat Major cryptocurrencies dropped sharply in response. Bitcoin was trading at $115,443, down more than 2% on the day. Ethereum fell to $3,633, while XRP dropped 2% to $3.03. Dogecoin slid 2.9% to $0.21, as per Kraken. The broader crypto market turned red, with traders citing geopolitical tensions and a sudden collapse in risk appetite as key reasons. On July 31 night, the Trump administration raised tariffs on a broad set of imports. Products transshipped through third countries to evade duties now face a 40% levy. Tariffs on Canadian imports jumped to 35% from 25%. These surprise hikes sent global trade desks into a tailspin. Investors had expected aggressive rhetoric from Trump, but not overnight action. 'It caught everyone flat-footed,' said one anonymous trader to TheStreet Roundtable. 'There was no time to reposition.' Crypto and stocks are in the same boat Traditional equities and crypto aren't moving in opposite directions. Both asset classes are reacting to the same macro storm trade restrictions, inflation uncertainty, and fears of a global slowdown. The flight to safety is real, and risky assets are paying the price. U.S. stocks had their worst day in weeks. The Dow tumbled over 600 points, or 1.3%, while the S&P 500 lost 1.5%. The Nasdaq dropped 2%, dragged down by Amazon's 7% plunge after its light operating income guidance. GE, Caterpillar, and major banks also fell, hurt by concerns over slowing stocks are also tanking today as market jitters rattle even the biggest names. Strategy Inc. (MSTR) is down 5.5% at $379.76, shedding more than $22 in early trading. The sharp drop comes just one day after the company posted blowout earnings. Trump's new tariffs are wiping out markets and traders first appeared on TheStreet on Aug 1, 2025 This story was originally reported by TheStreet on Aug 1, 2025, where it first appeared.
Yahoo
13 hours ago
- Yahoo
Human Rights Watch says Israel committing war crimes in alleged killings at aid sites
The international NGO Human Rights Watch (HRW) on Friday accused Israel of war crimes and violations of international law because of the killings of people near food aid distribution sites in Gaza -- as well as deprivation of food, aid and other basic services. There have been several mass casualty events near the four sites run by the U.S.- and Israeli-backed Gaza Humanitarian Foundation (GHF) since it began operating in late May, HRW said. In a statement in response to the HRW report, the Israel Defense Forces (IDF) said it allows the GHF "to operate independently" in the distribution of aid and that troops operate "in proximity" to make sure food is delivered in an orderly fashion.' MORE: A famine hasn't been declared in Gaza, but that may not matter, experts say The HRW's report came as U.S. Special Envoy to the Middle East Steve Witkoff and U.S. Ambassador to Israel Mike Huckabee visited Gaza on Friday, inspecting food aid delivery. In previous incidents, the IDF has said that it only fires "warning shots" at crowds and when it feels like its personnel are in danger. At least 58 people were killed near Zikim aid distribution center on Wednesday, according to the Hamas-run Gaza Ministry of Health, and another 14 were killed near an aid center in Muraj in southern Gaza, local hospital authorities confirmed to ABC News. In response to the Zikim shooting, the IDF said troops fired "warning shots in the area, not directed at the gathering, in response to the threat posed to them." The Israeli government has also previously claimed that Hamas shoots people waiting in food lines and films the events for propaganda videos. Hamas has denied these claims. "Israeli forces are not only deliberately starving Palestinian civilians, but they are now gunning them down almost every day as they desperately seek food for their families," Belkis Wille, associate crisis and conflict director at HRW, said in a statement. "U.S.-backed Israeli forces and private contractors have put in place a flawed, militarized aid distribution system that has turned aid distributions into regular bloodbaths." HRW called on nations to pressure Israel to stop using deadly force as a crowd control method, to lift restrictions on aid entering Gaza and to end the GHF system. Meanwhile, in its statement, the IDF accused Hamas of starving and endangering the population in order to maintain control over the strip and taking actions "to prevent the success of food distribution in Gaza." "The IDF stresses that, as part of its operational management of the main access routes to the distribution areas, IDF forces are conducting systematic review processes in order to improve the operational response in the area and minimize, as much as possible, any friction between the civilian population and IDF forces," the statement read, in part. "As part of these efforts, IDF forces have recently worked to reorganize the area by installing new fences, placing signs, opening additional routes, and more." "Additionally, following reports of civilian casualties near distribution areas, in-depth examinations were conducted by the Southern Command, and the incidents are under review by the authorized bodies within the IDF," the statement continued. MORE: UK to recognize Palestinian state as Netanyahu considers annexing parts of Gaza Meanwhile, a hunger crisis is reportedly worsening across Gaza. At least 159 people have died from starvation and malnutrition, including at least 90 children, according to the Hamas-run Ministry of Health, since the war began in the wake of the Hamas-led Oct. 7, 2023, terror attack on southern Israel. Aid slowly resumed entry into Gaza after Israel instituted an 11-week total blockade on all humanitarian supplies entering the strip earlier this year. The blockade caused widespread malnutrition and conditions likely to lead to famine, according to the U.N. and aid groups. Israeli officials have long accused Hamas of stealing aid, which Hamas denies. Earlier this week, Israeli Prime Minister Benjamin Netanyahu said the idea that Israel is applying a campaign of starvation in Gaza is "a bold-faced lie," adding that "there is no policy of starvation in Gaza, and there is no starvation in Gaza." However, a new report on Tuesday from the Integrated Food Security Phase Classification, a global initiative monitoring hunger, said that "the worst-case scenario of famine is playing out in the Gaza Strip," and that "access to food and other essential items and services has plummeted to unprecedented levels." Additionally, a USAID analysis appeared to undercut some of the assertions about the extent to which Hamas had allegedly stolen humanitarian aid. A presentation reviewed by ABC News, examining more than 150 reported incidents involving the theft or loss of U.S.-funded humanitarian aid in Gaza, showed that the group failed to find any evidence that Hamas engaged in widespread diversion of aid to cause the amount of hunger seen in the strip. On Friday, Witkoff wrote in a post on X that he and Huckabee spent the previous day meeting with Israeli officials to discuss the humanitarian situation in Gaza "Today, we spent over five hours inside Gaza -- level setting the facts on the ground, assessing conditions, and meeting with [GHF] and other agencies," Witkoff wrote. "The purpose of the visit was to give [President Donald Trump] a clear understanding of the humanitarian situation and help craft a plan to deliver food and medical aid to the people of Gaza." It came amid Trump's plan to expand aid deliveries to Gaza, although there are no signs the White House is moving away from the GHF. Hamas senior official Izzat al-Risheq criticized the visit in a statement. "Witkoff's visit to Gaza is nothing but a publicity stunt aimed at containing the growing outrage over the U.S.-Israeli partnership in starving our people in the Strip," he said. "Witkoff sees in Gaza only what the occupation wants him to see, viewing the ongoing tragedy through a misleading Israeli lens." ABC News' Will Gretsky and Diaa Ostaz contributed to this report.
