Trump says EU and US have ‘reached a deal' on trade
'We have reached a deal. It's a good deal for everybody,' Trump told reporters after talks with von der Leyen at his golf resort in Turnberry, Scotland. The EU chief also hailed it as a 'good deal.'
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Al Arabiya
an hour ago
- Al Arabiya
DR Congo, Rwanda outline deal on mining, economic cooperation: US
The Democratic Republic of Congo (DRC) and Rwanda have reached an outline economic cooperation accord during their first talks since signing a peace deal, the United States said late Friday. A peace agreement reached in June aimed to end decades of conflict in eastern Congo. It was overseen by Washington which has sought to increase its access to the region's vast mineral wealth. The 'economic integration framework' initialed on Friday is part of the peace accord, the US State Department said . It is designed, according to the peace deal, to introduce greater transparency into supply chains for critical minerals such as coltan and lithium and should be effective by the end of September. The State Department said the two countries had agreed to coordinate 'in areas including energy, infrastructure, mining, national park management and tourism, and public health,' without giving further details. Eastern DRC, a region bordering Rwanda with abundant natural resources, saw a fresh surge of violence this year when the M23 armed group, backed by Rwandan troops, captured the key cities of Goma and Bukavu. After months of broken truces, the DRC and M23 signed a declaration of principle on June 19 reaffirming their commitment to a permanent ceasefire. Two days earlier, the Kinshasa government inked an agreement with US group Kobold Metals, which specializes in exploring for critical metals. DRC President Felix Tshisekedi said in April he had met US envoy Massad Boulos to discuss access to minerals. Coveted minerals The DRC is the world's leading producer of cobalt. It also has deposits of gold and other valuable minerals including coltan, a metallic ore that is vital in making phones and laptops, and lithium, which is essential for electric car batteries. On Thursday and Friday, representatives from the DRC and Rwanda, alongside observers from the United States, Qatar and the African Union, held their first meetings in Washington since signing the peace deal. The US said the economic framework and a meeting on Thursday of the countries' peace deal monitoring committee were 'significant step,' saying the African neighbors were 'taking meaningful actions to advance security and economic cooperation.' The peace deal has been welcomed by the African Union and the United Nations, even if analysts remain skeptical about the chances of long-term peace while militias still hold sway in much of eastern DRC. The UN says thousands have been killed in the recent unrest and hundreds of thousands displaced. Rwanda denies providing military support to the M23 but says its security has long been threatened by the presence in the region of the Democratic Forces for the Liberation of Rwanda (FDLR), established by ethnic Hutus linked to the massacres of Tutsis in the 1994 Rwandan genocide. Kinshasa and the M23 have given themselves until August 8 to start talks on a comprehensive peace accord, to be signed by August 17. Analysts view such deadlines as unrealistic, especially given the M23's reluctance to withdraw from areas it controls.
Asharq Al-Awsat
3 hours ago
- Asharq Al-Awsat
Suez Canal Chief: No Fee Exemptions, Even for US Ships
The head of Egypt's Suez Canal Authority (SCA) has dismissed US President Donald Trump's call to allow American ships to transit the vital waterway for free, insisting that Egypt remains committed to international treaties that prohibit preferential treatment. Speaking to Asharq Al-Awsat, SCA Chairman Osama Rabie said Egypt 'respects international maritime conventions,' referencing the 1888 Constantinople Convention, which guarantees free navigation through the canal under equal terms for all nations. 'There can be no distinction between ships in terms of services or commercial and financial preferences that favor one country over another,' Rabie said. 'This is not a stance against the United States, but rather a reflection of Egypt's commitment to impartiality — a principle that assures all nations of fair treatment.' Trump, who is seeking a return to the White House in November, argued in an April post on his Truth Social platform that US military and commercial vessels should be granted free access to both the Suez and Panama Canals. 'These canals wouldn't exist without the United States,' he wrote. The Suez Canal, a key source of foreign currency for Egypt, has suffered a sharp downturn in revenue and traffic since Yemen's Iran-aligned Houthi group began targeting ships in the Red Sea in late 2023, prompting many shipping lines to reroute via the longer and costlier Cape of Good Hope. 'We're facing a major crisis,' Rabie said, noting that daily transits have dropped to 30–35 vessels from more than 65 a day before the escalation. Annual canal revenue plunged 61% to $3.9 billion in the first half of 2024, down from $10.2 billion in 2023, Rabie added. A total of 13,213 ships passed through the canal in 2024, compared to 26,434 in 2023, before the outbreak of war in Gaza. Despite mounting pressure to safeguard maritime routes, Egypt has refused to join any military coalition targeting the Houthis. 'It is not Egypt's policy to engage in military alliances or attack an Arab country — after all, Yemen is a fellow Arab state,' Rabie said. Since November, the Houthis have carried out more than 150 missile and drone attacks on vessels they say are linked to Israel, in retaliation for the war in Gaza. The assaults have sunk four ships, damaged several others, and killed at least 10 seafarers. The Iran-backed group also hijacked the Galaxy Leader vessel in a high-profile act of piracy. In April, a US-led operation launched in December 2023 under the name 'Operation Prosperity Guardian' began leading strikes on Houthi targets from the northern Red Sea. Egypt declined to join both that initiative and Trump's earlier campaign, 'Operation Rough Rider,' unveiled in March. Rabie expressed frustration at the ongoing war in Gaza, warning that continued violence would prolong the canal's downturn. 'A few months ago, traffic showed slight improvement following a ceasefire, but then the Houthis resumed attacks — hitting two ships in the past fortnight alone,' he said. 'Now, with conditions in Gaza deteriorating, our situation is worsening as well.' On Monday, the Houthis declared a 'fourth phase' of their maritime blockade against Israel, vowing to target all ships linked to Israeli ports 'regardless of their nationality or destination.' Still, Rabie remains optimistic that shipping through the Suez Canal will rebound once the war ends. 'If the fighting stops, the Houthis will have no justification to attack vessels in the Red Sea. We're hopeful that peace comes soon,' he said. 'Major ships have diverted to the Cape of Good Hope because it's currently safer, despite the higher costs and longer transit times,' he added. 'They've told us they'll return as soon as the war ends because no alternative can match the Suez Canal's advantages. Global shipping firms know this.' Rabie urged international insurance companies to reduce premiums for vessels transiting the Red Sea, arguing that soaring insurance costs have contributed to the diversion of large ships away from the canal. 'Today, the total cost of passing through the Red Sea — including insurance — has exceeded the cost of the longer Cape route, driving many vessels to abandon the canal despite the longer journey,' he said. To lure shipping traffic back, Egypt has introduced incentives, including up to 15% discounts on transit fees for container ships weighing 130,000 tons or more, whether laden or empty. 'We're doing all we can,' Rabie said. 'But until the security situation stabilizes, we're facing an uphill battle.'
Al Arabiya
4 hours ago
- Al Arabiya
Breaking: India will buy Russian oil despite Trump's threats: Report
Indian officials have said they would keep purchasing oil from Russia despite the threat of penalties that US President Donald Trump said he would impose, the New York Times reported on Saturday. Reuters could not immediately verify the report.
