Latest news with #economicagreements
Wall Street Journal
12 hours ago
- Business
- Wall Street Journal
Canada's Carney Pledges Deeper Ties With Allies to Offset U.S. Trade Uncertainty
OTTAWA–Canadian Prime Minister Mark Carney said he will pursue new strategic economic agreements with allies regardless of the outcome of talks between Washington and Ottawa to resolve the current trade row. Carney's remarks Monday in Brussels came as he and senior European Union officials agreed on a new bilateral relationship that envisages closer ties between Canada and the bloc on defense, digital policy, supply chains, and security.
BreakingNews.ie
13-05-2025
- Business
- BreakingNews.ie
Trump and Saudi prince sign agreements as US leader begins Middle East tour
Donald Trump has signed a host of economic and bilateral co-operation agreements in Saudi Arabia as he kicked off a four-day Middle East trip with a focus on dealmaking with a key regional ally. The US president's visit came against a backdrop of shared concerns about Iran's nuclear programme and the war in Gaza. Advertisement Crown Prince Mohammed bin Salman, the Saudi de facto ruler, warmly greeted Mr Trump as he stepped off Air Force One at King Khalid International Airport in the Saudi capital. Crown Prince Mohammed bin Salman welcomes Donald Trump to Riyadh (Alex Brandon/AP) The two leaders then retreated to a grand hall at Riyadh airport, where Mr Trump and his aides were served traditional Arabic coffee by waiting attendants wearing ceremonial gun belts. 'I really believe we like each other a lot,' Mr Trump said later during a brief appearance with the crown prince at the start of a bilateral meeting. They later signed more than a dozen agreements to increase co-operation between their governments' militaries, justice departments and cultural institutions. Advertisement Additional economic agreements were expected to be sealed later at a US-Saudi investment conference convened for the occasion. Prince Mohammed has already committed to 600 billion dollars (£450 billion) in new Saudi investment in the US, but Mr Trump teased a trillion dollars (£750 million) would be even better. The pomp began before Mr Trump even landed, as Royal Saudi Air Force F-15s provided an honorary escort for Air Force One as it approached the kingdom's capital — an exceptionally rare sight. Donald Trump and Prince Mohammed bin Salman at the Royal Palace (Alex Brandon/AP) Mr Trump and Prince Mohammed also took part in a formal greeting and lunch at the Royal Court at Al Yamamah Palace, gathering with guests and aides in an ornate room with blue and gold accents and massive crystal chandeliers. Advertisement As he greeted business leaders with Mr Trump by his side, Prince Mohammed was animated and smiling. It was a stark contrast to his awkward fist bump with then-president Joe Biden, who looked to avoid being seen on camera shaking hands with the prince during a 2022 visit to the kingdom. Mr Biden had visited as he tried to alleviate soaring prices at the pump for motorists at home and around the globe. At the time, Prince Mohammed's reputation had been badly damaged by a US intelligence determination that found he had ordered the 2018 killing of journalist Jamal Khashoggi. But that dark moment appeared to be a distant memory for the prince as he rubbed elbows with high-profile business executives — including Blackstone Group chief executive Stephen Schwarzman, BlackRock boss Larry Fink and Tesla and SpaceX chief Elon Musk — in front of the cameras and with Mr Trump by his side. Advertisement Later, the crown prince will fete Mr Trump with an intimate state dinner at Ad-Diriyah, a Unesco heritage site which is the birthplace of the first Saudi state and the site of a major development project championed by the crown prince. The two leaders pose for a photo after exchanging documents (Alex Brandon/AP) Saudi Arabia and fellow Opec+ nations have already helped their cause with Mr Trump early in his second term by stepping up oil production. He sees cheap energy as a key component to lowering costs and stemming inflation for Americans. The Republican president has also made the case that lower oil prices will hasten an end to the Russia-Ukraine war. Saudi Arabia and the next two destinations on his Middle East trip – Qatar and the United Arab Emirates — are places where the Trump Organisation, run by Mr Trump's two oldest sons, is developing major property projects. They include a high-rise tower in Jeddah, a luxury hotel in Dubai and a golf course and villa complex in Qatar. Advertisement He is trying to demonstrate that his transactional strategy for international politics is paying dividends as he faces criticism from Democrats who say his global tariff war and approach to Russia's war on Ukraine are isolating the US from allies. He is expected to announce deals with the three wealthy countries that will touch on artificial intelligence, expanding energy co-operation and perhaps new arms sales to Saudi Arabia. The administration this month announced initial approval to sell 3.5 billion dollars (£2.6 billion) of air-to-air missiles for Saudi Arabia's fighter jets.
CTV News
13-05-2025
- Business
- CTV News
Trump and Saudi crown prince sign a host of agreements as U.S. leader begins 4-day Mideast tour
U.S. President Donald Trump speaks with Saudi Crown Prince Mohammed bin Salman during a coffee ceremony at the Royal Terminal of King Khalid International Airport in Riyadh, Saudi Arabia, Tuesday, May 13, 2025. (AP Photo/Alex Brandon) RIYADH, Saudi Arabia — U.S. President Donald Trump signed a host of economic and bilateral cooperation agreements in Saudi Arabia on Tuesday as he kicked off a four-day Middle East trip with a focus on dealmaking with a key Mideast ally while shared concerns about Iran's nuclear program and the war in Gaza dragged on in the background. Crown Prince Mohammed bin Salman, the Saudi de facto ruler, warmly greeted Trump as he stepped off Air Force One at King Khalid International Airport in the Saudi capital. The two leaders then retreated to a grand hall at the Riyadh airport, where Trump and his aides were served traditional Arabic coffee by waiting attendants wearing ceremonial gun belts. 'I really believe we like each other a lot,' Trump said later during a brief appearance with the crown prince at the start of a bilateral meeting. They later signed more than a dozen agreements to increase cooperation between their governments' militaries, justice departments and cultural institutions. Additional economic agreements were expected to be inked later Tuesday at a U.S.-Saudi investment conference convened for the occasion. Prince Mohammed has already committed to some $600 billion in new Saudi investment in the U.S., but Trump teased $1 trillion would be even better. Fighter jet escort The pomp began before Trump even landed. Royal Saudi Air Force F-15s provided an honorary escort for Air Force One as it approached the kingdom's capital -- an exceptionally rare sight. Trump and Prince Mohammed also took part in a formal greeting and lunch at the Royal Court at Al Yamamah Palace, gathering with guests and aides in an ornate room with blue and gold accents and massive crystal chandeliers. As he greeted business titans with Trump by his side, Prince Mohammed was animated and smiling. It was a stark contrast to his awkward fist bump with then-President Joe Biden, who looked to avoid being seen on camera shaking hands with the prince during a 2022 visit to the kingdom. Biden had decided to pay a visit to Saudi Arabia as he looked to alleviate soaring prices at the pump for motorists at home and around the globe. At the time, Prince Mohammed's reputation had been badly damaged by a U.S. intelligence determination that found he had ordered the 2018 killing of journalist Jamal Khashoggi. But that dark moment appeared to be distant memory for the prince as he rubbed elbows with high-profile business executives -- including Blackstone Group CEO Stephen Schwarzman, BlackRock CEO Larry Fink and Tesla and SpaceX CEO Elon Musk -- in front of the cameras and with Trump by his side. Later, the crown prince will fete Trump with an intimate state dinner at Ad-Diriyah, a UNESCO heritage site that is the birthplace of the first Saudi state and the site of a major development project championed by the crown prince. Oil production Saudi Arabia and fellow OPEC+ nations have already helped their cause with Trump early in his second term by stepping up oil production. Trump sees cheap energy as a key component to lowering costs and stemming inflation for Americans. The Republican president has also made the case that lower oil prices will hasten an end to the Russia-Ukraine war. But Saudi Arabia's economy remains heavily dependent on oil, and the kingdom needs a fiscal break-even oil price of $96 to $98 a barrel to balance its budget. It's questionable how long OPEC+, of which Saudi Arabia is the leading member, is willing to keep production elevated. The price of a barrel of Brent crude closed Monday at $64.77. Qatar and UAE next Trump picked the kingdom for his first stop, because it has pledged to make big investments in the U.S., but he ended up traveling to Italy last month for Pope Francis' funeral. Riyadh was the first overseas stop of his first term. The three countries on Trump's itinerary -- Saudi Arabia, Qatar and the United Arab Emirates -- are places where the Trump Organization, run by Trump's two oldest sons, is developing major real estate projects. They include a high-rise tower in Jeddah, a luxury hotel in Dubai and a golf course and villa complex in Qatar. Trump is trying to demonstrate that his transactional strategy for international politics is paying dividends as he faces criticism from Democrats who say his global tariff war and approach to Russia's war on Ukraine are isolating the U.S. from allies. He's expected to announce deals with the three wealthy countries that will touch on artificial intelligence, expanding energy cooperation and perhaps new arms sales to Saudi Arabia. The administration this month announced initial approval to sell $3.5 billion worth of air-to-air missiles for Saudi Arabia's fighter jets. But Trump arrived in the Middle East when his top regional allies, Israel and Saudi Arabia, are far from neatly aligned with his approach. Trump's decision to skip Israel remarkable, expert says Before the trip, Trump announced Washington was halting a nearly two-month U.S. airstrike campaign against Yemen's Houthis, saying the Iran-backed rebels have pledged to stop attacking ships along a vital global trade route. The administration didn't notify Israel -- which the Houthis continue to target -- of the agreement before Trump publicly announced it. It was the latest example of Trump leaving the Israelis in the dark about his administration's negotiations with common adversaries. In March, Israeli Prime Minister Benjamin Netanyahu wasn't notified by the administration until after talks began with Hamas about the war in Gaza. And Netanyahu found out about the ongoing U.S. nuclear talks with Iran only when Trump announced them during an Oval Office visit by the Israeli leader last month. 'Israel will defend itself by itself,' Netanyahu said last week following Trump's Houthi truce announcement. 'If others join us -- our American friends -- all the better.' William Wechsler, senior director of the Rafik Hariri Center and Middle East Programs at the Atlantic Council, said Trump's decision to skip Israel on his first Middle East visit is remarkable. 'The main message coming out of this, at least as the itinerary stands today, is that the governments of the Gulf ... are in fact stronger friends to President Trump than the current government of Israel at this moment,' Wechsler said. Restarting efforts to normalize Israel-Saudi ties Trump, meanwhile, hopes to restart his first-term effort to normalize relations between the Middle East's major powers, Israel and Saudi Arabia. Trump's Abraham Accords effort led to Sudan, the UAE, Bahrain and Morocco agreeing to normalize relations with Israel. But Riyadh has made clear that in exchange for normalization it wants U.S. security guarantees, assistance with the kingdom's nuclear program and progress on a pathway to Palestinian statehood. There seems to be scant hope for making headway on a Palestinian state with the Israel-Hamas war raging and the Israelis threatening to flatten and occupy Gaza. Prince Mohammed last week notably hosted Palestinian Vice President Hussein al-Sheikh in Jeddah on the official's first foreign visit since assuming office in April. ------ By Zeke Miller, Aamer Madhani And Jon Gambrell Madhani reported from Dubai, United Arab Emirates.
BreakingNews.ie
13-05-2025
- Business
- BreakingNews.ie
Saudi crown prince welcomes Trump to kingdom as he begins Middle East tour
Crown Prince Mohammed bin Salman welcomed President Donald Trump to Saudi Arabia on Tuesday as the US leader began a four-day Middle East tour. Mr Trump, as he did in his first term, is paying an early visit to the kingdom after the crown prince promised to pump hundreds of billions of dollars in new investments in the United States. Advertisement The US administration said it intended to use the trip to launch economic agreements with the Saudis as well as the governments of Qatar and United Arab Emirates later this week. But behind closed doors, the leaders of all three countries are aiming to get a bead on US efforts to dismantle Iran's nuclear programme, end the war in Gaza, hold down oil prices and more.
Yahoo
13-05-2025
- Business
- Yahoo
Saudi crown prince welcomes Trump to kingdom as he begins Middle East tour
Crown Prince Mohammed bin Salman welcomed President Donald Trump to Saudi Arabia on Tuesday as the US leader began a four-day Middle East tour. Mr Trump, as he did in his first term, is paying an early visit to the kingdom after the crown prince promised to pump hundreds of billions of dollars in new investments in the United States. The US administration said it intended to use the trip to launch economic agreements with the Saudis as well as the governments of Qatar and United Arab Emirates later this week. But behind closed doors, the leaders of all three countries are aiming to get a bead on US efforts to dismantle Iran's nuclear programme, end the war in Gaza, hold down oil prices and more.
