Latest news with #MinistryOfCommerce
Times of Oman
5 hours ago
- Business
- Times of Oman
Rising demand for freelance digital work in Oman
Muscat: Oman is witnessing rapid growth in its freelance digital work sector, fueled by shifts in the global job market and digital economy trends. This surge is supported by national initiatives designed to empower youth and offer sustainable income through various digital platforms. Government Support and Legal Frameworks: Azza bint Ibrahim Al-Kindi, Director of Commercial Affairs and E-Commerce at the Ministry of Commerce, Industry, and Investment Promotion, stated that e-commerce is now one of the most prominent freelance fields. A key initiative is the 'Freelance License Record,' allowing Omanis to engage in online commerce legally with minimal fees and clear regulatory frameworks. Benefits of E-Commerce: She emphasized the low startup costs compared to traditional stores and the expanded consumer reach through digital platforms, which help Omani businesses access regional and global markets. Empowering Youth & Entrepreneurs: Freelance digital work enhances the skills of young Omanis and offers a flexible way to diversify income. Over 200 activities are now eligible for freelance licenses, with the "Ma'roof Oman" platform helping verify licensed digital stores to boost consumer trust. Driving the Digital Economy: This sector supports job creation in areas like marketing, design, and software development. It promotes innovation, tech skills, and economic diversification. Strategic Initiatives Under Oman Vision 2040: Oman's National E-Commerce Plan (2022–2027) includes training programs to help entrepreneurs join platforms like Amazon and Noon. Other efforts include developing IT competencies through the "Makeen" program and encouraging SME integration into global supply chains.
LBCI
a day ago
- Business
- LBCI
China slaps extended tariffs on EU toluidine imports amid trade tensions
In a move signaling continued trade friction with the European Union, China's Ministry of Commerce announced Friday it will extend anti-dumping duties on toluidine imports from the bloc for another five years, starting June 28. The renewed tariffs target German chemical giant Lanxess Deutschland GmbH with a 19.6% duty, while other EU producers will face a significantly higher rate of 36.9%. The decision follows a review of market conditions and pricing practices that Beijing says unfairly disadvantage domestic manufacturers. Toluidine, a key chemical used in dyes, pharmaceuticals, and pesticides, has been at the center of trade scrutiny due to its strategic industrial applications. The extension of duties underscores China's broader efforts to shield its chemical sector from foreign competition and comes amid a backdrop of rising global trade protectionism. Reuters
Al Jazeera
a day ago
- Business
- Al Jazeera
Has Trump struck a trade deal with China – and what about other countries?
The United States has reached an agreement with China on accelerating shipments of rare earth minerals to the US, amid efforts to end a trade war between the world's two biggest economies. US President Donald Trump said on Thursday that the US had signed a deal with China the previous day, without providing more details, adding that he expects to soon have a trade deal with India as well. Thursday's announcement follows talks in Geneva in May, which led the US and China to reduce mutual tariffs. In June, talks in London set a framework for negotiations. Thursday's announcement appeared to formalise that agreement. 'The [Trump] administration and China agreed to an additional understanding for a framework to implement the Geneva agreement,' a White House official said on Thursday. China also confirmed the framework for a deal, with its Ministry of Commerce stating that it will review and approve applications for items subject to export control rules. What do we know about the US-China deal? During US-China trade talks in Geneva, Beijing committed to removing non-tariff countermeasures imposed against the US following Donald Trump's 'Liberation Day' announcement on April 2. That was when Washington announced so-called 'reciprocal' import duties but later paused most of them, with the exception of its 145 percent tariff on China, for 90 days to allow for negotiations. This pause is due to come to an end on July 9. In retaliation, China imposed its own tariff of 125 percent on US goods, suspended exports on a wide range of critical minerals, upending supply chains crucial to US carmakers, semiconductor companies and military contractors. But on Thursday, US Commerce Secretary Howard Lutnick told Bloomberg TV that 'they're [China] going to deliver rare earths to us', and once they do that 'we'll take down our countermeasures'. Those US countermeasures include export curbs on materials such as ethane, which is used to make plastic, and chip software. A spokesperson for the Chinese Commerce Ministry said on Friday: 'In recent days, after approval, both sides have further confirmed details on the framework.' The spokesperson added: 'The Chinese side will review and approve eligible applications for export of controlled items in accordance with the law. The US side will correspondingly cancel a series of restrictive measures taken against China.' In early June, China granted temporary export licences to rare earth suppliers of the top three US automakers, according to two sources familiar with the matter, as supply chain disruptions began to surface from export curbs on those materials. This week's deal, which Lutnick said was signed on Wednesday, would amount to a wider agreement by codifying the terms laid out in Geneva, including a commitment from China to deliver rare earths to all US firms. Why are Chinese rare earth minerals so vital? China's export of rare earth elements is central to ongoing trade negotiations with the US. Beijing has a virtual monopoly of critical minerals, mining 70 percent of the world's rare earths and processing roughly 90 percent of their supply. Critical minerals, a group of 17 elements which are essential to numerous manufacturing processes, have become particularly important for the auto industry, which relies on rare earth magnets for steering systems, engines and catalytic converters. Car manufacturers have already complained about factories being brought to a near halt because of supply chain shortages of rare earths and the magnets they are used to make. A Ford executive said earlier this week that the company was living 'hand to mouth'. Rare earths are also vital for the transition to clean energy and are used in an array of products, including wind turbines, smartphones and televisions. They are also used to make fighter jets, missile systems and AI processors. What other trade deals does Trump claim to be close to agreeing? Lutnick told Bloomberg that Trump is also preparing to finalise a suite of trade deals in the coming weeks, ahead of his July 9 deadline for reinstating higher trade tariffs, which he paused on April 9. 'We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind,' he said. Lutnick didn't specify which nations would be part of that first wave of trade pacts. Earlier on Thursday, however, Trump suggested the US was nearing an agreement with India. Indian trade officials, led by chief negotiator Rajesh Agarwal, are expected to hold meetings in Washington for two days this week, Bloomberg News has reported. In recent months, US officials have also held talks with countries, including Vietnam, South Korea, Japan and the EU. So far, only the United Kingdom has reached a trade agreement with the US, while China secured lower reciprocal tariffs in Geneva. Still, the pact with the UK left several questions unaddressed, including the discount rates applied to certain British metal exports. Which deals is the US still struggling to strike? The majority of America's major trade partners – from Canada to Vietnam and South Korea – are all expected to have fraught discussions with Washington before reciprocal tariffs expire in early July. Most countries are hoping to have tariffs whittled down by as much as possible, and, failing that, to extend the July deadline, but there is no certainty yet for any of them. Talks which have been particularly tricky include: A major question mark remains over an agreement with the European Union, which ran a $235.6bn trade surplus with the US in 2024. The hurdle facing EU leaders and the European Commission, which oversees trade issues for the 27-member bloc, is whether to accept an 'asymmetrical' trade deal with the US, under which terms could be more favourable to the US in order to get a deal done faster. Some member states are thought to be opposed to tit-for-tat retaliation, preferring a quick tariff deal over a perfect one. But others disagree. France has rejected the notion of any deal skewed in favour of the US and is instead pushing for a complete removal of tariffs. Japan is keen on settling all potential US tariffs in one fell swoop. But a sticking point in negotiations has been the 25 percent tariffs on cars and car parts imposed by Trump. Washington is focused on autos because that sector is responsible for most of its trade deficit with Japan. But Tokyo views its automotive industry as a key pillar in its economy as it generates about 10 percent of gross domestic product (GDP). On Thursday, Japan's chief trade negotiator, Ryosei Akazawa, reiterated Tokyo's position, telling reporters: 'We consider the 25 percent automobile tariff to be unacceptable.' Could the US extend its tariffs deadline past July? President Trump could decide to extend the deadline for reimposing tariffs on most of the world's countries, the White House said on Thursday. Trump's July deadline for restarting tariffs is 'not critical', White House Press Secretary Karoline Leavitt told reporters. 'Perhaps it could be extended, but that's a decision for the president to make,' Leavitt said. She also said that if any of those countries refuse to make a trade deal with the US by the deadlines, 'the president can simply provide these countries with a deal'. 'And that means the president can pick a reciprocal tariff rate that he believes is advantageous for the United States, and for the American worker,' she added. Meanwhile, White House National Economic Council Director Kevin Hassett told Fox Business on Tuesday: 'We know that we're very, very close to a few countries.'
Yahoo
a day ago
- Business
- Yahoo
US, China formalize deal on rare earth shipments in trade breakthrough
China on Friday signaled it would approve the export of rare earth minerals to the US, hours after White House officials said the two sides had reached a deal, in what would be a major breakthrough following weeks of negotiations over US access to the key materials. Rare earths – essential in everything from everyday electronics to fighter jets – had become a key focus of trade frictions between the world's two largest economies in recent weeks as their tit-for-tat tariff escalation morphed into a supply chain struggle. 'China will approve the export application of controlled items that meet the conditions in accordance with the law. The United States will cancel a series of restrictive measures taken against China accordingly,' China's Ministry of Commerce said in a statement. The statement was framed as a response to a question that specifically referenced how 'China will accelerate the export of rare earths to the United States.' The Chinese statement followed comments from US President Donald Trump and his Commerce Secretary Howard Lutnick Thursday confirming that the two sides had reached a deal. The agreement appears to formalize an understanding reached between the two sides earlier this month in London, which the US at the time said needed to be approved by Trump and Chinese leader Xi Jinping. On Thursday, US Commerce Secretary Howard Lutnick was quoted by Bloomberg News as saying that China is 'going to deliver rare earths to us' and once they do that, 'we'll take down our countermeasures,' referring to the export curbs US imposed on China in May as US officials accused Beijing of not honoring a deal reached that month in Geneva, by holding up rare earth exports. At a White House event on Thursday Trump said: 'we just signed with China yesterday,' without elaborating. In its statement Friday, China's Commerce Ministry said it hoped that the two sides could 'continuously enhance consensus, reduce misunderstandings, strengthen cooperation, and jointly promote the healthy, stable and sustainable development of China-US economic and trade relations.' China controls around 90% of global rare earth processing, according to the International Energy Agency. The two countries last month in Geneva reached an agreement to de-escalate hefty tariffs that had resulted in a de-facto trade embargo, but that agreement quickly fell apart due to the Trump administration's frustrations that China was not lifting export controls on rare earths that it had imposed following Trump's so-called reciprocal tariffs placed on China in April. The US, in retaliation, imposed export curbs on chips software, ethane and jet engines, while threatening to revoke the US visas of Chinese students. China said it was complying with the agreement and blamed Washington for reneging on its promises. Officials from both sides then returned to the negotiating table in London in June. Following those talks, Trump announced a deal had been reached, pending approval from both national leaders, and that both sides had agreed to ease export restrictions. The US will also allow Chinese college students to attend American universities, Trump suggested. 'Magnets and any necessary rare earths will be supplied up front by China,' he wrote on social media at the time. Reuters reported this week that the US Commerce Department has allowed ethane traders to load ethane on vessels bound for China. But it has prohibited them from unloading in China without authorization – signs experts interpret as the administration is preparing to lift the curbs. Under the dual use licensing regime China introduced for rare earths in April, exporters are required to seek approvals for each shipment to customers in any country and submit documentation to verify the intended end use of these materials. While China has in recent weeks repeatedly said that it has been 'speeding up' approvals of rare earth export licenses for 'compliant' applications, experts and industry insiders have told CNN that many companies are still struggling to secure sufficient supplies of these critical elements and magnets. Analysts also expect China's dual use export restrictions still prohibit shipments to military suppliers, leaving US defense contractors without access to such materials.
New York Times
a day ago
- Business
- New York Times
China Confirms Trade Framework With U.S. to Lift Export Controls
China said on Friday that it had confirmed details of a trade framework with the Trump administration that includes an agreement for Beijing to speed up exports of critical minerals to the United States and for Washington to lift recent export controls on China. 'China will review and approve applications for the export of controlled items,' China's Ministry of Commerce said in a statement, and 'the United States will correspondingly cancel a series of restrictive measures it has taken against China.' The statement echoed remarks that Commerce Secretary Howard Lutnick had made hours earlier, telling Bloomberg News that the United States would 'take down' their export controls once China began delivering rare earth minerals. It is unclear if the agreement is what President Trump was referring to when he said at a White House event on Thursday that his administration had 'signed' a trade deal with China. The Ministry of Commerce said Chinese and American trade negotiators had 'maintained close communication' after meeting in London on June 9 and 10. The two sides had previously met in Geneva in May. The meetings were held to stabilize ties between the two superpowers and to call a truce in an escalating trade war in which both sides slapped sky-high tariffs on each other's goods. Tensions flared after the meeting in Geneva as Chinese rare earths exports to the United States slowed to a trickle. China dominates the supply and processing of rare earths, a vital component of many modern technologies, including semiconductors, robots and aircraft. The Trump administration responded to the slowdown by imposing restrictions of U.S. exports of ethane, jet engines and chip software to China. These were the countermeasures that Beijing most likely expects to be canceled in return for loosening exports of rare earths. The announcements come days after China said it strengthened controls on two chemicals that can be used to make fentanyl. That move was seen as an olive branch from Beijing, which Washington has long complained does not do enough to stop the synthetic opioid crisis in the United States. It remains to be seen if the lifting of export controls from both sides will smooth the way to wider trade talks on fundamental issues frustrating the Trump administration, such as getting China to purchase significantly more American goods and granting more U.S. companies access to China's economy. While China has said it will not back down from a trade war with the United States, analysts have said it is in Beijing's interests to come to a broader agreement. The Chinese economy remains sluggish because of a property crisis and a dip in consumer confidence. Berry Wang contributed research.
