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Korea Herald
14-05-2025
- Business
- Korea Herald
Trump: US to lift Syria sanctions, $600b in Saudi deals
RIYADH (Reuters) -- US President Donald Trump kicked off his trip to the Gulf on Tuesday with a surprise announcement that the United States will lift long-standing sanctions on Syria, and claiming a $600 billion commitment from Saudi Arabia to invest in the US. The US agreed to sell Saudi Arabia an arms package worth nearly $142 billion, according to the White House which called it the largest "defense cooperation agreement" Washington has ever done. The end of sanctions on Syria would be a huge boost for a country that has been shattered by more than a decade of civil war. Rebels led by current President Ahmed al-Sharaa toppled President Bashar al-Assad last December. Speaking at an investment forum in Riyadh at the start of a deals-focused trip that also brought a flurry of diplomacy, Trump said he was acting on a request to scrap the sanctions by Saudi Arabia's de facto ruler, Prince Mohammed bin Salman. "Oh what I do for the crown prince," Trump said, drawing laughs from the audience. He said the sanctions had served an important function but that it was now time for the country to move forward. The move represents a major US policy shift. The US declared Syria a state sponsor of terrorism in 1979, added sanctions in 2004 and imposed further sanctions after the civil war broke out in 2011. Syrian Foreign Minister Asaad al-Shibani said on social media platform X that the planned move marked a "new start" in Syria's path to reconstruction. Trump has agreed to briefly greet Sharaa in Saudi Arabia on Wednesday, a White House official said. Trump and the Saudi crown prince signed an agreement covering energy, defense, mining and other areas. Trump has sought to strengthen relations with the Saudis to improve regional ties with Israel and act as a bulwark against Iran. The agreement covers deals with more than a dozen US defense companies for areas including air and missile defense, air force and space, maritime security and communications, a White House fact sheet said. It was not clear whether the deal included Lockheed F-35 jets, which sources say have been discussed. The Saudi prince said the total package could reach $1 trillion when further agreements are reached in the months ahead. Saudi Arabia is one of the largest customers for US arms, and the two countries have maintained strong ties for decades based on an arrangement in which the kingdom delivers oil and the superpower provides security. But relations were strained after the 2018 murder of US-based Saudi journalist Jamal Khashoggi by Saudi agents in Istanbul caused a global uproar. US intelligence concluded that bin Salman approved an operation to capture or kill Khashoggi, a prominent critic, but the Saudi government has denied any involvement. Trump did not mention the incident during his visit and called bin Salman an "incredible man." "I really believe we like each other a lot," Trump said. Trump will go on from Riyadh to Qatar on Wednesday and the United Arab Emirates on Thursday in a trip that is focused on investment rather than security matters in the Middle East. Several US business leaders attended the event, including: Elon Musk, the Tesla chief who has led a government-downsizing effort for Trump in Washington; OpenAI CEO Sam Altman; BlackRock CEO Larry Fink and Blackstone CEO Stephen Schwarzman. Trump was shown speaking with several Saudi officials, including sovereign wealth fund governor Yasir al-Rumayyan, Aramco CEO Amin Nasser and investment minister Khalid al-Falih as he viewed models for the kingdom's flashy, multibillion-dollar development projects. Bin Salman has focused on diversifying the Saudi economy in a major reform program dubbed Vision 2030 that includes "Giga-projects" such as NEOM, a futuristic city the size of Belgium. Oil generated 62 percent of Saudi government revenue last year. The kingdom has scaled back some of its ambitions as rising costs and falling oil prices weigh on it. Trump has not scheduled a stop in Israel, raising questions about where the close ally stands in Washington's priorities as Trump presses Israeli Prime Minister Benjamin Netanyahu to agree to a new ceasefire deal in the 19-month-old Gaza war. Israel's military operations against Hamas in Gaza and Hezbollah in Lebanon, and its assassinations of the two Iran-allied groups' leaders, have at the same time given Trump more leverage by weakening Tehran and its regional allies. Trump said it was his "fervent hope" that Saudi Arabia would soon normalize relations with Israel, following other Arab states that did so during his first 2017-2021 term. "But you'll do it in your own time," he said. Netanyahu's opposition to the creation of a Palestinian state makes progress with the Saudis unlikely, sources told Reuters. Trump on Tuesday called Iran "the most destructive force" in the Middle East and warned that the US will never allow it to obtain a nuclear weapon. He said he was willing to strike a new deal with the Islamic Republic but only if its leaders changed course. "I want to make a deal with Iran," he said. "But if Iran's leadership rejects this olive branch... we will have no choice but to inflict massive maximum pressure."
The Hindu
13-05-2025
- Business
- The Hindu
Trump says U.S. to lift Syria sanctions, secures $600 billion Saudi deal
President Donald Trump announced on Tuesday (May 13, 2025) that the U.S. will lift long-standing sanctions on Syria, and secured a $600 billion commitment from Saudi Arabia to invest in the United States on a trip to the Gulf. The U.S. agreed to sell Saudi Arabia an arms package worth nearly $142 billion, according to the White House which called it "the largest defence cooperation agreement" Washington has ever done. The surprise announcement about sanctions on Syria would be a huge boost for a country that has been shattered by more than a decade of civil war. Rebels led by current President Ahmed al-Sharaa toppled President Bashar al-Assad last December. Speaking in Riyadh, Mr. Trump said he was acting on a request to scrap the sanctions by Saudi Arabia's de facto ruler, Prince Mohammed bin Salman. "Oh what I do for the crown prince," Mr. Trump said, drawing laughs from the audience. He said the sanctions had served an important function but that it was now time for the country to move forward. The United States declared Syria a state sponsor of terrorism in 1979, added sanctions in 2004 and imposed further sanctions after the civil war broke out in 2011. Syrian Foreign Minister Asaad Shibani said on X that the planned move marked a "new start" in Syria's path to reconstruction. Trump has agreed to briefly greet Sharaa in Saudi Arabia on Wednesday, a White House official said. Mr. Trump and the Saudi crown prince signed an agreement covering energy, defence, mining and other areas. Mr. Trump has sought to strengthen relations with the Saudis to improve regional ties with Israel and act as a bulwark against Iran. The agreement covers deals with more than a dozen U.S. defence companies in areas including air and missile defence, air force and space advancement, maritime security and communications, the fact sheet said. The Saudi prince said the deal included investment opportunities worth $600 billion, including deals worth $300 billion that were signed during Mr. Trump's visit. "We will work in the coming months on the second phase to complete deals and raise it to $1 trillion," he said. Saudi Arabia is one of the largest customers for U.S. arms. Reuters reported in April the U.S. was poised to offer the kingdom an arms package worth well over $100 billion. "I really believe we like each other a lot," Mr. Trump said during a meeting with the crown prince, Saudi Arabia's de facto ruler. The U.S. and Saudi Arabia had discussed Riyadh's potential purchase of Lockheed F-35 jets, two sources briefed on discussions told Reuters, referring to a military aircraft that the kingdom is long thought to have been interested in. It was not immediately clear whether those aircraft were covered in the deal announced on Tuesday. Mr. Trump, who was accompanied by U.S. business leaders including billionaire Elon Musk, will go on from Riyadh to Qatar on Wednesday and the United Arab Emirates on Thursday. He has not scheduled a stop in Israel, a decision that has raised questions about where the close ally stands in Washington's priorities, and the focus of the trip is on investment rather than security matters in the Middle East. "While energy remains a cornerstone of our relationship, the investments and business opportunities in the kingdom have expanded and multiplied many, many times over," Saudi Investment Minister Khalid al-Falih said. "As a result ... when Saudis and Americans join forces very good things happen, more often than not great things happen when those joint ventures happen," he said before Mr. Trump's arrival. Mr. Trump told the investment forum that relations with Saudi Arabia will be even stronger. He was shown speaking with Riyadh's sovereign wealth fund governor Yaser al-Rumayyan, Aramco CEO Amin Nasser, and Falih as he toured a hall that showed off models for the kingdom's flashy, multi-billion-dollar development projects. Mr. Trump called the Saudi crown prince a friend and said they have a good relationship, according to a pool report from the Wall Street Journal, adding that Saudi investment would help create jobs in the U.S. BIG INVESTMENTS Business leaders at the investment forum included Larry Fink, the CEO of asset management firm BlackRock; Stephen A. Schwartzman, CEO of asset manager Blackstone; and Treasury Secretary Scott Bessent. Mr. Musk chatted briefly with both Mr. Trump and the crown prince, who is otherwise known as MbS, during a palace reception for the U.S. President. Top U.S. businessmen including Musk, the Tesla and SpaceX chief, and OpenAI CEO Sam Altman joined Mr. Trump for a lunch with MbS. MbS has focused on diversifying the Saudi economy in a major reform program dubbed Vision 2030 that includes "Giga-projects" such as NEOM, a futuristic city the size of Belgium. Oil generated 62% of Saudi government revenue last year. The kingdom has scaled back some of its ambitions as rising costs and falling oil prices weigh. Saudi Arabia and the U.S. have maintained strong ties for decades based on an ironclad arrangement in which the kingdom delivers oil and the superpower provides security in exchange. Mr. Trump left Israel off his schedule, although he wants Israeli Prime Minister Benjamin Netanyahu to agree to a new ceasefire deal in the 19-month-old Gaza war. Israel's military operations against Hamas in Gaza and Hezbollah in Lebanon, and its assassinations of the two Iran-allied groups' leaders, have at the same time given Mr. Trump more leverage by weakening Tehran and its regional allies. U.S. and Iranian negotiators met in Oman at the weekend to discuss a potential deal to curb Tehran's nuclear program. Mr. Trump has threatened military action against Iran if diplomacy fails. Mr. Trump told the investment forum he wants to offer Iran a new and better path toward a more helpful future. If no new nuclear deal is reached, he said, Tehran will face maximum pressure. Mr. Trump's Middle East envoy, Steve Witkoff, said last week he expected progress imminently on expanding accords brokered by Mr. Trump in his 2017-21 first term under which Arab states including the UAE, Bahrain and Morocco recognised Israel. Mr. Trump said it was his "fervent hope" that Saudi Arabia would soon sign its own normalisation agreement with Israel, adding, "But you'll do it in your own time." Still, Mr. Netanyahu's opposition to a permanent stop to the war in Gaza or to the creation of a Palestinian state makes progress on similar talks with the Saudis unlikely, sources told Reuters.
The Hindu
13-05-2025
- Business
- The Hindu
Trump says U.S. to lifts Syria sanctions, secures $600 billion Saudi deal
President Donald Trump announced on Tuesday (May 13, 2025) that the U.S. will lift long-standing sanctions on Syria, and secured a $600 billion commitment from Saudi Arabia to invest in the United States on a trip to the Gulf. The U.S. agreed to sell Saudi Arabia an arms package worth nearly $142 billion, according to the White House which called it "the largest defence cooperation agreement" Washington has ever done. The surprise announcement about sanctions on Syria would be a huge boost for a country that has been shattered by more than a decade of civil war. Rebels led by current President Ahmed al-Sharaa toppled President Bashar al-Assad last December. Speaking in Riyadh, Mr. Trump said he was acting on a request to scrap the sanctions by Saudi Arabia's de facto ruler, Prince Mohammed bin Salman. "Oh what I do for the crown prince," Mr. Trump said, drawing laughs from the audience. He said the sanctions had served an important function but that it was now time for the country to move forward. The United States declared Syria a state sponsor of terrorism in 1979, added sanctions in 2004 and imposed further sanctions after the civil war broke out in 2011. Syrian Foreign Minister Asaad Shibani said on X that the planned move marked a "new start" in Syria's path to reconstruction. Trump has agreed to briefly greet Sharaa in Saudi Arabia on Wednesday, a White House official said. Mr. Trump and the Saudi crown prince signed an agreement covering energy, defence, mining and other areas. Mr. Trump has sought to strengthen relations with the Saudis to improve regional ties with Israel and act as a bulwark against Iran. The agreement covers deals with more than a dozen U.S. defence companies in areas including air and missile defence, air force and space advancement, maritime security and communications, the fact sheet said. The Saudi prince said the deal included investment opportunities worth $600 billion, including deals worth $300 billion that were signed during Mr. Trump's visit. "We will work in the coming months on the second phase to complete deals and raise it to $1 trillion," he said. Saudi Arabia is one of the largest customers for U.S. arms. Reuters reported in April the U.S. was poised to offer the kingdom an arms package worth well over $100 billion. "I really believe we like each other a lot," Mr. Trump said during a meeting with the crown prince, Saudi Arabia's de facto ruler. The U.S. and Saudi Arabia had discussed Riyadh's potential purchase of Lockheed F-35 jets, two sources briefed on discussions told Reuters, referring to a military aircraft that the kingdom is long thought to have been interested in. It was not immediately clear whether those aircraft were covered in the deal announced on Tuesday. Mr. Trump, who was accompanied by U.S. business leaders including billionaire Elon Musk, will go on from Riyadh to Qatar on Wednesday and the United Arab Emirates on Thursday. He has not scheduled a stop in Israel, a decision that has raised questions about where the close ally stands in Washington's priorities, and the focus of the trip is on investment rather than security matters in the Middle East. "While energy remains a cornerstone of our relationship, the investments and business opportunities in the kingdom have expanded and multiplied many, many times over," Saudi Investment Minister Khalid al-Falih said. "As a result ... when Saudis and Americans join forces very good things happen, more often than not great things happen when those joint ventures happen," he said before Mr. Trump's arrival. Mr. Trump told the investment forum that relations with Saudi Arabia will be even stronger. He was shown speaking with Riyadh's sovereign wealth fund governor Yaser al-Rumayyan, Aramco CEO Amin Nasser, and Falih as he toured a hall that showed off models for the kingdom's flashy, multi-billion-dollar development projects. Mr. Trump called the Saudi crown prince a friend and said they have a good relationship, according to a pool report from the Wall Street Journal, adding that Saudi investment would help create jobs in the U.S. BIG INVESTMENTS Business leaders at the investment forum included Larry Fink, the CEO of asset management firm BlackRock; Stephen A. Schwartzman, CEO of asset manager Blackstone; and Treasury Secretary Scott Bessent. Mr. Musk chatted briefly with both Mr. Trump and the crown prince, who is otherwise known as MbS, during a palace reception for the U.S. President. Top U.S. businessmen including Musk, the Tesla and SpaceX chief, and OpenAI CEO Sam Altman joined Mr. Trump for a lunch with MbS. MbS has focused on diversifying the Saudi economy in a major reform program dubbed Vision 2030 that includes "Giga-projects" such as NEOM, a futuristic city the size of Belgium. Oil generated 62% of Saudi government revenue last year. The kingdom has scaled back some of its ambitions as rising costs and falling oil prices weigh. Saudi Arabia and the U.S. have maintained strong ties for decades based on an ironclad arrangement in which the kingdom delivers oil and the superpower provides security in exchange. Mr. Trump left Israel off his schedule, although he wants Israeli Prime Minister Benjamin Netanyahu to agree to a new ceasefire deal in the 19-month-old Gaza war. Israel's military operations against Hamas in Gaza and Hezbollah in Lebanon, and its assassinations of the two Iran-allied groups' leaders, have at the same time given Mr. Trump more leverage by weakening Tehran and its regional allies. U.S. and Iranian negotiators met in Oman at the weekend to discuss a potential deal to curb Tehran's nuclear program. Mr. Trump has threatened military action against Iran if diplomacy fails. Mr. Trump told the investment forum he wants to offer Iran a new and better path toward a more helpful future. If no new nuclear deal is reached, he said, Tehran will face maximum pressure. Mr. Trump's Middle East envoy, Steve Witkoff, said last week he expected progress imminently on expanding accords brokered by Mr. Trump in his 2017-21 first term under which Arab states including the UAE, Bahrain and Morocco recognised Israel. Mr. Trump said it was his "fervent hope" that Saudi Arabia would soon sign its own normalisation agreement with Israel, adding, "But you'll do it in your own time." Still, Mr. Netanyahu's opposition to a permanent stop to the war in Gaza or to the creation of a Palestinian state makes progress on similar talks with the Saudis unlikely, sources told Reuters.
