Trump slaps 30 pct tariff on imports from Iraq, Libya, Algeria
Trump also said the same rate would be levied against Algeria and Libya.
In letters posted to his Truth Social platform, Trump stated that US tariffs would also be imposed on Brunei, Moldova, and the Philippines at a rate of 25 percent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
35 minutes ago
- Arab News
Oil Updates — prices steady amid bearish Trump tariff outlook, weaker US dollar
SINGAPORE: Oil prices were steady on Thursday as investors weighed the potential impact of US President Donald Trump's tariffs on global economic growth, while a weaker dollar and signs of strong US gasoline demand underpinned prices. Brent crude futures were up 4 cents at $70.23 a barrel by 8:00 a.m. Saudi time. US West Texas Intermediate crude fell 1 cent to $68.37 a barrel. On the demand side, macro uncertainty has led to a more cautious buying environment, particularly in Asia, said analytics firm Kpler in a note, while adding that geopolitical risk premiums have faded with the Israel-Iran ceasefire holding. On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50 percent tariff on exports to the US, after a public spat with his Brazilian counterpart Luiz Inacio Lula da Silva. He has also announced plans for tariffs on copper, semiconductors and pharmaceuticals, and his administration sent tariff letters to the Philippines, Iraq and others, adding to over a dozen letters issued earlier in the week, including for powerhouse US suppliers South Korea and Japan. As policymakers remain worried about the inflationary pressures from Trump's tariffs, only 'a couple' of officials at the Federal Reserve's June 17-18 meeting said they felt interest rates could be reduced as soon as this month, the minutes released on Wednesday showed. Higher interest rates make borrowing more expensive and reduce demand for oil. Supporting oil prices, however, is a weaker US dollar in today's Asia trading session, said OANDA senior analyst Kelvin Wong. A weaker dollar lifts oil prices by making it cheaper for holders of other currencies. Also supporting prices, US crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Gasoline demand rose 6 percent to 9.2 million barrels per day last week, the EIA said. Global daily flights were averaging 107,600 in the first eight days of July, an all-time high, with flights in China reaching a five-month peak and port and freight activities indicating 'sustained expansion' in trade activities from last year, JP Morgan said in a client note. 'Year to date, global oil demand growth is averaging 0.97 million barrels per day, in line with our forecast of 1 million barrels per day,' the note said. Additionally, there is doubt the recent increase in production quotas announced by OPEC+ will result in an actual increase in production, as some members are already exceeding their quotas, said Tony Sycamore, an analyst at IG. 'And others, like Russia, are unable to meet their targets due to damaged oil infrastructure,' he said. OPEC+ oil producers are set to approve another big output boost for September, as they complete both the unwinding of voluntary production cuts by eight members, and the UAE's move to a larger quota.
Al Arabiya
an hour ago
- Al Arabiya
Rubio to meet Russia's Lavrov in Kuala Lumpur, US and Russia say
US Secretary of State Marco Rubio will meet with Russian Foreign Minister Sergey Lavrov on the sidelines of the ASEAN foreign ministers' meeting in Kuala Lumpur on Thursday, the US State Department and Russia's foreign ministry said. It would be the second in-person meeting between Rubio and Lavrov, and comes at a time when US President Donald Trump has grown increasingly frustrated with Russian President Vladimir Putin as the war in Ukraine drags on. The first meeting between the top diplomats took place in Saudi Arabia in February as part of the Trump administration's effort to re-establish bilateral relations and help negotiate an end to the war. 'I can confirm: such a meeting is being worked out,' TASS state news agency cited Russian Foreign Ministry spokeswoman Maria Zakharova as saying on Thursday. Trump, who returned to power this year promising a swift end to the war that began in 2022, had taken a more conciliatory tone toward Moscow in a departure from predecessor Joe Biden's staunch support for Kyiv. But on Tuesday, a day after Trump approved sending US defensive weapons to Ukraine, he aimed unusually direct criticism at Putin, saying the Kremlin leader's statements on moving towards peace were 'meaningless.' Trump has also said he was considering supporting a bill that would impose steep sanctions on Russia, including 500 percent tariffs on nations that buy Russian oil, gas, uranium and other exports. When asked on Wednesday about Trump's criticism of Putin, the Kremlin said Moscow was 'calm' regarding the criticism and that it would continue to try to fix a 'broken' US-Russia relationship. At a conference of Ukraine-friendly nations in Rome on Wednesday, Trump's Ukraine envoy Keith Kellogg met Ukrainian President Volodymyr Zelenskyy in what Kyiv described as a 'substantive' conversation. Russia targeted Ukraine with a record 728 drones early on Wednesday, the latest attack in a series of escalating air assaults in recent weeks that have involved hundreds of drones in addition to ballistic missiles, straining Ukrainian air defenses at a perilous moment in the war. In his first visit to Asia since taking office, Rubio is in Kuala Lumpur to meet with the 10-member Association of Southeast Asian Nations and with senior Malaysian government officials. The trip is part of an effort to renew US focus on the Indo-Pacific and look beyond the conflicts in the Middle East and Europe that have consumed much of the Trump administration's attention, with Rubio balancing dual responsibilities as secretary of state and national security adviser.
Arab News
an hour ago
- Arab News
PKK disarmament to take a few months in Iraq, Turkiye ruling party says
ISTANBUL: The handover of weapons by the outlawed Kurdistan Workers Party (PKK) in Iraq, following its decision to disband, should be completed within a few months, a spokeperson for Turkiye's ruling AK Party said late on to broadcaster NTV, Omer Celik said a confirmation mechanism, including officials from Turkish intelligence and the armed forces, will oversee the handover process.'The disarmament ... process (in Iraq) needs to be completed within three to five months... If it exceeds this period, it will become vulnerable to provocations,' Celik said on PKK, which has been locked in a bloody conflict with the Turkish state for more than four decades, decided in May to disband and end its armed militants are set to begin handing over weapons in the northern Iraqi city of Sulaymaniyah on Friday as part of the peace process with the PKK launched its insurgency against Turkiye in 1984 — originally with the aim of creating an independent Kurdish state — the conflict has killed more than 40,000 people, imposed a huge economic burden and fueled social tensions.
