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Epoch Times
24-05-2025
- Business
- Epoch Times
US Treasury Grants Sanctions Relief to Syria
The United States on Friday granted sanctions relief to Syria to help the country rebuild its economy following the collapse of Bashar al-Assad's regime last year. It follows President Donald Trump's surprise announcement during his recent Middle East tour that he intended to lift sanctions. The Treasury said it has issued a general license, known as GL25, which will effectively lift sanctions by authorizing transactions with the new Syrian government, as well as Syria's financial sector and petroleum-related services. It also authorizes transactions with certain The move is expected to pave the way for new investment and private sector activity in Syria, which the Treasury said aligns with President Donald Trump's 'America First strategy.' 'This is just one part of a broader U.S. government effort to remove the full architecture of sanctions imposed on Syria due to the abuses of the Bashar al-Assad regime,' the Treasury said in a Related Stories 5/21/2025 5/13/2025 'The United States government is committed to supporting a Syria that is stable, unified, and at peace with itself and its neighbors,' it added, noting that sanctions relief was granted with the understanding that Syria will not provide a safe haven for terrorist organizations. The State Department also Secretary of State Marco Rubio said the waiver would help to facilitate the provision of electricity, energy, water, and sanitation in Syria, and enable the flow of humanitarian aid across the war-torn country. 'Today's actions represent the first step in delivering on the President's vision of a new relationship between Syria and the United States,' Rubio said in a The Syrian Foreign Ministry issued a The move follows Trump's meeting with al-Sharaa in Saudi Arabia on May 14. Rubio stated that Trump has made clear his expectation to al-Sharaa that sanctions relief must be followed by 'prompt action by the Syrian government on important policy priorities.' 'President Trump is providing the Syrian government with the chance to promote peace and stability, both within Syria and in Syria's relations with its neighbors,' Rubio said. Prior to the meeting, Trump 'I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness,' Trump said during the Saudi-U.S. Investment Forum in Riyadh on May 13. The United States The European Council also Ryan Morgan and Reuters contributed to this report.
The Star
23-05-2025
- Business
- The Star
How Trump's trade war is upending global economy
U.S. President Donald Trump attends the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025. REUTERS/Brian Snyder/File Photo U.S. President Donald Trump's tariff decisions since he took office on January 20 have shocked financial markets and sent a wave of uncertainty through the global economy. Here is a timeline of the major developments: February 1 - Trump imposes 25% tariffs on Mexican and most Canadian imports and 10% on goods from China, demanding they curb the flow of fentanyl and illegal immigrants into the United States. February 3 - Trump suspends his threat of tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement. The U.S. does not reach such a deal with China. February 7 - Trump delays tariffs on de minimis, or low-cost, packages from China until the Commerce Department can confirm that procedures and systems are in place to process them and collect tariff revenue. February 10 - Trump raises tariffs on steel and aluminium to a flat 25% "without exceptions or exemptions". March 3 - Trump says 25% tariffs on goods from Mexico and Canada will take effect from March 4 and doubles fentanyl-related tariffs on all Chinese imports to 20%. March 5 - The president agrees to delay tariffs for one month on some vehicles built in Canada and Mexico after a call with the CEOs of General Motors and Ford and the chair of Stellantis. March 6 - Trump exempts goods from Canada and Mexico under a North American trade pact for a month from the 25% tariffs. March 26 - Trump unveils a 25% tariff on imported cars and light trucks. April 2 - Trump announces global tariffs with a baseline of 10% across all imports and significantly higher duties on some of the U.S.' biggest trading partners. April 9 - Trump pauses for 90 days most of his country-specific tariffs that kicked in less than 24 hours earlier following an upheaval in financial markets that erased trillions of dollars from bourses around the world. The 10% blanket duty on almost all U.S. imports stays in place. Trump says he will raise the tariff on Chinese imports to 125% from the 104% level that took effect a day earlier. This pushes the extra duties on Chinese goods to 145%, including the fentanyl-related tariffs imposed earlier. April 13 - The U.S. administration grants exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China. April 22 - The Trump administration launches national security probes under Section 232 of the Trade Act of 1962 into imports of both pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors. May 4 - Trump imposes a 100% tariff on all movies produced outside the U.S. May 9 - Trump and British Prime Minister Keir Starmer announce a limited bilateral trade agreement that leaves in place 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports. May 12 - The U.S. and China agree to temporarily slash reciprocal tariffs. Under the 90-day truce, the U.S. will cut the extra tariffs it imposed on Chinese imports to 30% from 145%, while China's duties on U.S. imports will be slashed to 10% from 125%. May 13 - The U.S. cuts the low value "de minimis" tariff on China shipments, reducing duties for items valued at up to $800 to 54% from 120%. May 23 - Trump says he is recommending a straight 50% tariff on goods from the European Union starting on June 1. He also warned Apple it would face 25% tariff if phones it sold in the U.S. were manufactured outside of the country. - Reuters
Yahoo
21-05-2025
- Business
- Yahoo
Is Elon Musk Losing Clout In White House? Report Flags Sharp Drop In Trump Mentions, Truth Social Posts, Official Briefings
The once prominent figure of Elon Musk in President Donald Trump's administration appears to be reportedly fading in a gradual manner. The Tesla Inc. (NASDAQ:TSLA) CEO, who was frequently mentioned by Trump and his administration, has not been referenced in over a month. What Happened: The frequency of Musk's mentions in Trump's speeches, social media posts, White House briefings and fundraising emails has seen a significant drop. The White House, when questioned about this change, did not directly address Musk's absence but confirmed that the mission of Musk's Department of Government Efficiency (DOGE) would continue, as per a recent POLITICO report. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — The Trump administration has notably distanced itself from Elon Musk online. While Trump mentioned Musk about four times per week in February and March, he hasn't referenced him at all on Truth Social since early April, reveals the publication. POLITICO's analysis suggests that Musk's reduced visibility may benefit the GOP politically, as he has become increasingly unpopular—more so than Trump, according to polls. His involvement in a recent lost judicial race in Wisconsin, where he was a key funder and campaign issue, highlighted this. Meanwhile, his DOGE continues cost-cutting efforts, but these have been overshadowed by debates over tariffs and the budget. Despite the decrease in public attention, Republicans still view Musk favorably and anticipate his support in upcoming elections. Conversely, Democrats are capitalizing on Musk's declining popularity in key electoral It Matters: Notably, Elon Musk distanced himself from active participation in the White House and DOGE to focus more on Tesla after the EV maker suffered a 71% decline in profits in the first quarter while his products and showrooms suffered vandalisms. Musk stated he would be "allocating far more' of his time to Tesla from May. Despite stepping back from his role leading the DOGE, Elon Musk's close alignment with President Donald Trump, was seen by his prominent participation in the recent Saudi-U.S. Investment Forum in Riyadh with Trump and other tech CEOs. Musk showcased his Tesla's Optimus humanoid robot. Musk stated that both Saudi Crown Prince Mohammed bin Salman and President Trump were 'impressed' by the robot's demonstration. Shortly after the forum, Musk secured a deal for SpaceX's Starlink services in Saudi Arabia, prompting Senate Democrats to call for an investigation into possible ethics violations. They accused the Trump administration of assisting SpaceX in securing foreign deals. Read Next: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest before it's too late. Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.30/share! Image via Shutterstock Send To MSN: Send to MSN Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Is Elon Musk Losing Clout In White House? Report Flags Sharp Drop In Trump Mentions, Truth Social Posts, Official Briefings originally appeared on
Web Release
20-05-2025
- Business
- Web Release
Hovnanian Enterprises Announces Strategic Partnership Between K. Hovnanian M.E. and Saudi Arabia's NHC
Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder across the United States, announced the signing of a strategic Memorandum of Understanding (MOU) between its Middle East subsidiary, K. Hovnanian M.E. Investments, LLC, and Saudi Arabia's leading real estate developer NHC. The MOU was signed by Mr. Mohammad Albuty, Chief Executive Officer of NHC, and Ara K. Hovnanian, Chairman of the Board, President, and Chief Executive Officer of Hovnanian Enterprises, Inc., and formalized at the Saudi-U.S. Investment Forum in Riyadh on May 13, 2025, during President Donald J. Trump's historic visit to the Kingdom. The signing of the MOU builds on the official visit of His Excellency Majed bin Abdullah Al-Hogail, Minister of Municipal Rural Affairs and Housing, to the United States, reflecting the continued cooperation and growing investment partnerships between the two sides. The MOU builds on the ongoing collaboration between K. Hovnanian M.E. and NHC and includes forming joint working groups and pursuing opportunities within NHC projects, all in support of Vision 2030 and the creation of vibrant, livable communities across Saudi Arabia. In line with President Trump's visit, these efforts seek to expand U.S. investment and strengthen commercial ties with Saudi Arabia. Hovnanian, with its extensive experience in delivering over 376,000 homes in the United States over nearly 70 years, will continue to leverage this expertise through K. Hovnanian M.E. Investments, LLC, which has been active in Saudi Arabia through a joint venture with Hamad Bin Mohammed Bin Saedan Company since 2013 and delivered over 2,450 homes to Saudi homebuyers. 'Hovnanian has a strong heritage in developing quality homes and we will be exploring collaborative opportunities to enhance the lives of Saudi citizens through innovative developments that focus on improving the quality of life of all those who live in and visit our developments.', Albuty said. 'We're proud to deepen our partnership with NHC and honored to sign this agreement during such a historic visit,' said Ara K. Hovnanian. 'Saudi Arabia's bold transformation under Vision 2030 presents a unique opportunity to contribute our decades of homebuilding experience to one of the most ambitious housing initiatives in the world. We look forward to building communities that reflect the Kingdom's energy, ambition, and vision for the future.'
Mid East Info
20-05-2025
- Business
- Mid East Info
Hovnanian Enterprises Announces Strategic Partnership Between K. Hovnanian M.E. and Saudi Arabia's NHC - Middle East Business News and Information
MATAWAN, N.J. — Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder across the United States, announced the signing of a strategic Memorandum of Understanding (MOU) between its Middle East subsidiary, K. Hovnanian M.E. Investments, LLC, and Saudi Arabia's leading real estate developer NHC. The MOU was signed by Mr. Mohammad Albuty, Chief Executive Officer of NHC, and Ara K. Hovnanian, Chairman of the Board, President, and Chief Executive Officer of Hovnanian Enterprises, Inc., and formalized at the Saudi-U.S. Investment Forum in Riyadh on May 13, 2025, during President Donald J. Trump's historic visit to the Kingdom. The signing of the MOU builds on the official visit of His Excellency Majed bin Abdullah Al-Hogail, Minister of Municipal Rural Affairs and Housing, to the United States, reflecting the continued cooperation and growing investment partnerships between the two sides. The MOU builds on the ongoing collaboration between K. Hovnanian M.E. and NHC and includes forming joint working groups and pursuing opportunities within NHC projects, all in support of Vision 2030 and the creation of vibrant, livable communities across Saudi Arabia. In line with President Trump's visit, these efforts seek to expand U.S. investment and strengthen commercial ties with Saudi Arabia. Hovnanian, with its extensive experience in delivering over 376,000 homes in the United States over nearly 70 years, will continue to leverage this expertise through K. Hovnanian M.E. Investments, LLC, which has been active in Saudi Arabia through a joint venture with Hamad Bin Mohammed Bin Saedan Company since 2013 and delivered over 2,450 homes to Saudi homebuyers. 'Hovnanian has a strong heritage in developing quality homes and we will be exploring collaborative opportunities to enhance the lives of Saudi citizens through innovative developments that focus on improving the quality of life of all those who live in and visit our developments.', Albuty said. 'We're proud to deepen our partnership with NHC and honored to sign this agreement during such a historic visit,' said Ara K. Hovnanian. 'Saudi Arabia's bold transformation under Vision 2030 presents a unique opportunity to contribute our decades of homebuilding experience to one of the most ambitious housing initiatives in the world. We look forward to building communities that reflect the Kingdom's energy, ambition, and vision for the future.'
