Kuwait oil price up 79 cents to $71.65 pb
Globally, price of Brent crude went up by 67 cents to USD 69.18 pb, and West Texas Intermediate crude rose by 78 cents to USD 66.03 pb.
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Gulf Today
10 hours ago
- Gulf Today
US and China to resume tariff talks in effort to extend truce
Senior US and Chinese negotiators meet in Stockholm on Monday to tackle longstanding economic disputes at the centre of the countries' trade war, aiming to extend a truce keeping sharply higher tariffs at bay. China is facing an August 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached a preliminary deal in June to end weeks of escalating tit-for-tat tariffs. Without an agreement, global supply chains could face renewed turmoil from duties exceeding 100%. The Stockholm talks, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, take place a day after European Commission President Ursula von der Leyen meets Trump at his golf course in Scotland to try to clinch a deal that would likely see a 15% baseline tariff on most EU goods. Trade analysts on both sides of the Pacific say the discussions in the Swedish capital are unlikely to produce any breakthroughs but could prevent further escalation and help create conditions for Trump and Chinese President Xi Jinping to meet later this year. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia H20 AI chips and other goods halted by the United States. So far, the talks have not delved into broader economic issues. They include US complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that US national security export controls on tech goods seek to stunt Chinese growth. 'Stockholm will be the first meaningful round of U.S.-China trade talks,' said Bo Zhengyuan, Shanghai-based partner at China consultancy firm Plenum. Trump has been successful in pressuring some other trading partners, including Japan, Vietnam and the Philippines, into deals accepting higher US tariffs of 15% to 20%. He said there was a 50-50 chance that the US and the 27-member European Union could also reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. Two of Trump's top trade officials, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, will attend the Scotland talks and then travel to Stockholm. Analysts say the U.S.-China negotiations are far more complex and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries. In the background of the talks is speculation about a possible meeting between Trump and Xi in late October. Trump has said he will decide soon whether to visit China in a landmark trip to address trade and security tensions. A new flare-up of tariffs and export controls would likely derail any plans for a meeting with Xi. 'The Stockholm meeting is an opportunity to start laying the groundwork for a Trump visit to China,' said Wendy Cutler, vice president at the Asia Society Policy Institute. Bessent has already said he wants to work out an extension of the August 12 deadline to prevent tariffs snapping back to 145% on the US side and 125% on the Chinese side. Still, China will likely request a reduction of multi-layered US tariffs totaling 55% on most goods and further easing of US high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the US trade deficit with China, which reached $295.5 billion in 2024. China is currently facing a 20% tariff related to the US fentanyl crisis, a 10% reciprocal tariff, and 25% duties on most industrial goods imposed during Trump's first term. Bessent has also said he would discuss with He the need for China to rebalance its economy away from exports toward domestic consumer demand. The shift would require China to put an end to a protracted property crisis and boost social safety nets to encourage household spending. Michael Froman, a former US trade representative during Barack Obama's administration, said such a shift has been a goal of US policymakers for two decades. 'Can we effectively use tariffs to get China to fundamentally change their economic strategy? That remains to be seen,' said Froman, now president of the Council on Foreign Relations think-tank. Reuters
Gulf Today
17 hours ago
- Gulf Today
ADFD advances Maldives aviation sector through inauguration of Velana International Airport project
Aligned with its commitment to its strategic sustainable development goals, Abu Dhabi Fund for Development (ADFD) participated in the inauguration of the Velana International Airport, a landmark project that aims to significantly enhance Maldives' infrastructure. With a total investment of Dhs 330.5 million (USD 90 million) from ADFD, the project was implemented in two phases, receiving co-financing from Saudi Fund for Development, Kuwait Fund for Arab Economic Development, and OPEC Fund for International Development. This cooperation highlights the shared commitment of regional development institutions to support high impact projects in developing nations to contribute to an inclusive, sustainable growth. Attending the inauguration ceremony, which coincided with Maldives' 60th independence anniversary, were Dr. Mohamed Muizzu, President of the Republic of Maldives, Mohamed Saif Al Suwaidi, Director-General of ADFD, and Rahma Bin Abdulrahman Al Shamsi, UAE Ambassador to the Republic of Maldives, along with senior officials from both nations and from Saudi Fund for Development, Kuwait Fund for Arab Economic Development, and OPEC Fund for International Development. ADFD's funding played a critical role in enhancing the operational capacity of Velana International Airport, accommodating over 7 million passengers annually meeting the nation's growing travel demand. The project included the expansion of the airport's western passenger terminal, the implementation of 26 passenger boarding bridges, and the construction of a state-of-the-art international terminal. These enhancements reinforce the Maldives' position as a key hub for commercial, tourism, and investment activities, and underscore the Fund's commitment to supporting impactful, sustainable projects that improve the quality of life in communities. Dr. Mohamed Muizzu, President of the Republic of Maldives, during the ceremony, expressed his sincere appreciation to His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, for the continuous support from the UAE to advance Maldives' national goals. He said: 'ADFD's financing of Velana International Airport, in partnership with international collaborators, reflects our shared commitment to achieving sustainable development goals and demonstrates a long-term strategic vision for infrastructure development and growth in developing nations. The opening of this airport will further enhance the Maldives' position in the global aviation sector.' Mohamed Saif Al Suwaidi, Director-General of ADFD, highlighted that this collaborative development is a testament to ADFD's dedication to supporting the sustainable development goals of its partner nations. He reaffirmed the Fund's mission towards strengthening strategic partnerships between regional development institutions and international organizations, fostering broader and more sustainable developmental impacts. Al Suwaidi said: 'Through our partnership with the Government of Maldives and regional development institutions, we have collectively contributed to country's economic and social growth. Coinciding with the Maldives' Independence Day celebrations, the inauguration of Velana International Airport underscores our ongoing commitment to ensuring greater resource efficiency and supporting our partner nations to build a resilient economy and prosperous future.' ADFD's partnership with Maldives dates to 1978. Over the past four decades, the Fund financed 11 strategic projects with a total investment of Dhs 1.11 billion, spanning across key sectors including transportation, tourism, healthcare, and energy. ADFD played a critical role in supporting Maldives' economic activities and enabling the country to achieve its sustainable development objectives. WAM
Khaleej Times
17 hours ago
- Khaleej Times
Pakistan says it's close to US trade deal, Washington gives no timeline
Pakistani Foreign Minister Ishaq Dar said on Friday the United States and Pakistan were "very close" to a trade deal that could come within days, but comments from the U.S. after Dar met with Secretary of State Marco Rubio mentioned no timeline. "I think we are very close to finalizing a deal with U.S. Our teams have been here in Washington, discussing, having virtual meetings and a committee has been tasked by the prime minister to fine-tune now," Dar said in a discussion at the Atlantic Council think tank in Washington. "It's not going to be months, not even weeks, I would say (just) days," he said. Under U.S. President Donald Trump, Washington has attempted to renegotiate trade agreements with many countries that he threatened with tariffs over what he calls unfair trade relations. Many economists dispute Trump's characterization. The U.S. State Department and Pakistan's foreign ministry, in separate statements after Rubio's meeting with Dar, said the two stressed in their discussion the importance of expanding trade and ties in critical minerals and mining. A post by Rubio on X after the meeting and the State Department's statement mentioned no timeline for finalizing a trade deal. The Pakistan foreign ministry also said Dar "appreciated the pivotal role" by Trump and Rubio "in de-escalating tensions between Pakistan and India by facilitating a ceasefire." The State Department statement did not mention India. Trump has repeatedly taken credit for the India-Pakistan ceasefire he announced on social media on May 10 after Washington held talks with both sides. India disputes Trump's claims that the ceasefire resulted from his intervention and trade threats. India's position is that New Delhi and Islamabad must resolve problems directly with no outside involvement. An April 22 militant attack in India-administered Kashmir killed 26 men and sparked heavy fighting between the nuclear-armed Asian neighbors in the latest escalation of a decades-old rivalry. India struck Pakistan on May 7 and the two nations exchanged hostilities, killing dozens across three days. The ceasefire was declared on May 10. New Delhi blamed the April attack on Pakistan, which denied responsibility and called for a neutral investigation. Washington condemned the attack but did not blame Islamabad.
