Latest news with #USAdministration
Al Arabiya
2 days ago
- Politics
- Al Arabiya
Syria says Trump termination of sanctions opens door for reconstruction, development
Syrian Foreign Minister Asaad al-Shaibani said on Monday that US President Donald Trump's termination of the Syria sanctions program would open 'the doors to long-awaited reconstruction and development,' according to a post by the foreign minister on social media platform X. He said the move would 'lift the obstacle' against economic recovery and open the country to the international community. Trump signed an executive order on Monday to reverse decades-old American sanctions on Syria and 'give these guys a chance,' senior administration officials said. The order dismantles the existing US sanctions architecture on Syria and terminates the national emergency first declared in 2004. It also revokes five executive orders issued by previous administrations that formed the foundation of the sanctions program against Damascus.
Yahoo
2 days ago
- Automotive
- Yahoo
UK vehicle production constraints affect May output: SMMT
UK vehicle production continues to face constraints, with figures from the Society of Motor Manufacturers and Traders (SMMT) revealing a 32.8% decline in May to 49,810 units. It marked the lowest May performance since 1949, excluding 2020's pandemic-affected production. The year-to-date output is down 12.9% to 348,226 units, the lowest since 1953. Car production decreased by 31.5% in May, attributed to ongoing model changeovers, restructuring, and the impact of US tariffs. A total of 47,723 units were produced. Commercial vehicle output also saw a drop of 53.6% to 2,087 units, influenced by the closure of a UK commercial vehicle plant. Car exports dropped by 27.8%, with a 42.1% decline in domestic market output, increasing exports' share to 78.5%. Shipments to the EU and US, the UK's largest markets, decreased by 22.5% and 55.4%, respectively. The US share of exports fell from 18.2% to 11.3% due to a 25% Section 232 tariff imposed by the US administration in March. The UK Government has negotiated a trade agreement expected to take effect by the end of June, potentially alleviating this constraint. Exports to China and Turkey also declined by 11.5% and 51%, respectively. Export volumes of vans, buses, coaches, taxis, and trucks fell by 71.7% year-on-year. The EU remained the largest customer for UK commercial vehicles, accounting for 94.7% of exports, despite a 72.1% drop in volumes. Consequently, the export share of overall commercial vehicle production decreased from 67.9% to 41.4%, with the domestic market becoming the primary destination. Despite current constraints, the sector remains optimistic, according to SMMT. With three new trade deals with the US, EU, and India, the industry aims to leverage the UK Government's industrial and trade strategies. According to the trade body, addressing energy costs, enhancing access to international markets, and stimulating domestic demand could help the UK regain its position among the top 15 automotive manufacturing nations. SMMT chief executive Mike Hawes said: 'While 2025 has proved to be an incredibly challenging year for UK automotive production, there is the beginnings of some optimism for the future. Confirmed trade deals with crucial markets, especially the US and a more positive relationship with the EU, as well as government strategies on industry and trade that recognise the critical role the sector plays in driving economic growth, should help recovery. 'With rapid implementation, particularly on the energy costs constraining our competitiveness, the UK can deliver the jobs, growth and decarbonisation that is desperately needed.' Earlier this month, a survey by Startline revealed that more than seven out of ten UK customers are open to buying cars from emerging Chinese carmakers. "UK vehicle production constraints affect May output: SMMT " was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
6 days ago
- Automotive
- Yahoo
UK vehicle production down by a third in May, as US tariffs hit
UK car and commercial vehicle production fell for the fifth consecutive month in May, down 32.8% to 49,810 units, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT). Excluding 2020, when Covid lockdowns saw factories shuttered or running at greatly reduced capacity, it was the lowest performance for the month since 1949. Year to date, total output is down 12.9% on 2024, to 348,226, the lowest since 1953. Car production declined by 31.5% in the month. The SMMT said the result was 'due primarily to ongoing model changeovers, restructuring and the impact of US tariffs'. Commercial vehicle output was also down sharply, by 53.6% to 2,087 units, as the closure of one of the UK's CV plants continues to impact comparisons with last year. Car production for export fell by 27.8%, although a 42.1% fall in output for the smaller domestic market meant exports comprised a larger share of production, up to 78.5%. Shipments to the EU and US, the UK's two largest markets, fell by 22.5% and 55.4% respectively with the US share of exports declining from 18.2% to 11.3%. This was in large part due to the imposition by the US administration of supplementary 25% Section 232 tariffs on cars from March which depressed demand instantly, forcing many manufacturers to stop shipments. However, with the trade agreement negotiated by government due to come into effect before the end of June, this should 'hopefully be a short-lived constraint', the SMMT said. Declines were also recorded in exports to China and Turkey, down 11.5% and 51.0% respectively. Export volumes of vans, buses, coaches, taxis and trucks also declined in May, down by 71.7% year on year. The EU remained overwhelmingly the sector's biggest customer, accounting for 94.7% of exports, although volumes fell -72.1%. As a result, the export share of overall commercial vehicle production fell from 67.9% to 41.4%, with the domestic market now the primary destination for UK commercial vehicle output.3 Mike Hawes, SMMT Chief Executive, said: 'While 2025 has proved to be an incredibly challenging year for UK automotive production, there is the beginning of some optimism for the future. 'Confirmed trade deals with crucial markets, especially the US and a more positive relationship with the EU, as well as government strategies on industry and trade that recognise the critical role the sector plays in driving economic growth, should help recovery. With rapid implementation, particularly on the energy costs constraining our competitiveness, the UK can deliver the jobs, growth and decarbonisation that is desperately needed.' "UK vehicle production down by a third in May, as US tariffs hit " was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
23-06-2025
- Business
- Reuters
Morning Bid: Now the ball is in Iran's court
A look at the day ahead in European and global markets from Wayne Cole As if there wasn't enough uncertainty in the world already, President Trump has to get the United States embroiled in another Middle East conflict. It's not often a president announces an attack on another country via social media, or that the word "bombs" is used in all caps. The U.S. administration says it's not at war and it will not escalate if Iran makes peace. Then again, it also said it was not aiming at regime change in Iran, until Trump posted on social media about that very prospect. For now the ball is in Tehran's court and it has not yet struck at any U.S. site, although its parliament was reported to have approved an attempt to close the Strait of Hormuz. Iranian media said such a move would need approval by the Supreme National Security Council. Polymarket even makes a book on the chance of Iran managing to close the Strait, and that's currently at 47%. So, suddenly every market commentator is an expert on how to close shipping lanes, the efficacy of bunker busting bombs and the intricacies of enriching uranium. The market position is to hope this U.S. intervention will not escalate, and perhaps might even make the region safer should Iran's nuclear ambitions really be set back by years. Oil is up almost 2%, but well off early five-month peaks as analysts note OPEC has plenty of extra supply to add if they want. Wall St share futures are down 0.3%, having started with losses of 1%, while European futures are off 0.4% or so. The dollar is marginally firmer on the euro and yen, reflecting the reliance of the EU and Japan on imported oil and LNG, and the U.S. status as a net exporter. Treasury yields are up slightly, so not many safe-haven bids there, while Fed fund futures are down a tick, likely on the risk a sustained rise in energy costs could add to inflationary pressure just as tariffs are being felt in prices. Fed Chair Jerome Powell is set for a grilling on all this when he faces Congress on Tuesday and Wednesday, along with queries on Trump's threats to fire him. It will also be interesting to see how Powell responds to Fed Governor Waller's sudden embrace of a July rate cut, when it seemed the FOMC choir had all been singing from the same cautious hymn sheet. Markets imply still only a 16% chance of a July easing, preferring a 70% wager on a September move. Key developments that could influence markets on Monday: - EU and UK PMIs for June - Introductory remarks by ECB President Christine Lagarde - Appearances by Fed members Waller, Bowman, Goolsbee and Kugler
Yahoo
23-06-2025
- Business
- Yahoo
Morning Bid: Now the ball is in Iran's court
A look at the day ahead in European and global markets from Wayne Cole As if there wasn't enough uncertainty in the world already, President Trump has to get the United States embroiled in another Middle East conflict. It's not often a president announces an attack on another country via social media, or that the word "bombs" is used in all caps. The U.S. administration says it's not at war and it will not escalate if Iran makes peace. Then again, it also said it was not aiming at regime change in Iran, until Trump posted on social media about that very prospect. For now the ball is in Tehran's court and it has not yet struck at any U.S. site, although its parliament was reported to have approved an attempt to close the Strait of Hormuz. Iranian media said such a move would need approval by the Supreme National Security Council. Polymarket even makes a book on the chance of Iran managing to close the Strait, and that's currently at 47%. So, suddenly every market commentator is an expert on how to close shipping lanes, the efficacy of bunker busting bombs and the intricacies of enriching uranium. The market position is to hope this U.S. intervention will not escalate, and perhaps might even make the region safer should Iran's nuclear ambitions really be set back by years. Oil is up almost 2%, but well off early five-month peaks as analysts note OPEC has plenty of extra supply to add if they want. Wall St share futures are down 0.3%, having started with losses of 1%, while European futures are off 0.4% or so. The dollar is marginally firmer on the euro and yen, reflecting the reliance of the EU and Japan on imported oil and LNG, and the U.S. status as a net exporter. Treasury yields are up slightly, so not many safe-haven bids there, while Fed fund futures are down a tick, likely on the risk a sustained rise in energy costs could add to inflationary pressure just as tariffs are being felt in prices. Fed Chair Jerome Powell is set for a grilling on all this when he faces Congress on Tuesday and Wednesday, along with queries on Trump's threats to fire him. It will also be interesting to see how Powell responds to Fed Governor Waller's sudden embrace of a July rate cut, when it seemed the FOMC choir had all been singing from the same cautious hymn sheet. Markets imply still only a 16% chance of a July easing, preferring a 70% wager on a September move. Key developments that could influence markets on Monday: - EU and UK PMIs for June - Introductory remarks by ECB President Christine Lagarde - Appearances by Fed members Waller, Bowman, Goolsbee and Kugler (By Wayne Cole; Editing by Edmund Klamann) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
