Latest news with #economic engagement
South China Morning Post
5 days ago
- Business
- South China Morning Post
Africa looks to China as ‘beneficial partner' while US imposes tariffs, aid and visa cuts
The United States is losing ground to China for influence in Africa , according to analysts, as Beijing's expansive trade policies and economic engagement outpace Washington's increasingly restrictive approach. Advertisement The assessment came after China announced last month it would expand duty-free access for all taxable products for 53 African countries – all except Eswatini. Beijing's move stands in stark contrast to Washington's levying of trade tariffs, aid cuts and restrictive visa measures. The policy comes amid US threats to cut foreign aid by closing down USAID and imposing visa restrictions on countries including Cameroon, Ethiopia, Ghana, Nigeria and Somalia. From August 1, the US also plans to impose higher reciprocal tariffs on imports from nations such as Algeria, Libya, South Africa and Tunisia. Observers said the duty-free plan was a major narrative win for China. The move is likely to further endear Beijing to African nations, which are increasingly viewing China as a more reliable and beneficial partner. Cameron Hudson, a former US official and senior associate with the Africa programme at the Centre for Strategic and International Studies in Washington, said what was more troubling was that Washington had long believed its aid and humanitarian help to Africa would buy it the goodwill to be able to pursue whatever policies it wanted, no matter the consequences. Advertisement But this had not been the case for a long time, he noted.
South China Morning Post
22-07-2025
- Business
- South China Morning Post
Philippines' Marcos to meet Trump in high-stakes trade talks as US tariff looms
'I intend to convey to President Trump and his cabinet officials that the Philippines is ready to negotiate a bilateral trade deal that will ensure strong, mutually beneficial, and future-oriented collaborations that only the United States and the Philippines will be able to take advantage of,' Marcos Jnr said before departing for Washington on Sunday. He added that his 'top priority for this visit is to push for greater economic engagement, particularly through trade and investment between the Philippines and the United States'. Marcos is scheduled to meet Trump at the White House following discussions with Secretary of Defence Pete Hegseth and Secretary of State Marco Rubio on Monday. The agenda was hinted at on July 10, when US Department of State spokeswoman Tammy Bruce said potential deals included private sector investment in the Luzon Economic Corridor, an agreement on 'the Philippines' wealth in critical minerals' and 'trilateral cooperation in the Philippines on cybersecurity, energy [including nuclear energy] and investments in reliable and secure telecommunications networks'. The Philippines could end up granting the US more access to military facilities under their Enhanced Defence Cooperation Agreement (EDCA), as well as offering favourable terms on mining concessions, potentially including rare earth minerals, analysts told This Week in Asia.
Arab News
19-07-2025
- Business
- Arab News
Pakistan's finance chief eyes ‘step-change' US investment after Washington trade talks
KARACHI: Pakistan and the United States are exploring a shift in their economic engagement from a trade-focused relationship to one anchored in long-term investment, Finance Minister Muhammad Aurangzeb said in a video message after high-level talks in Washington on Friday. The meeting between Aurangzeb, US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer followed a virtual discussion last month during which both sides agreed to push negotiations forward 'at the earliest.' The talks come after the US imposed a 29 percent 'reciprocal tariff' on Pakistani exports under President Donald Trump's trade measures announced in April, a move Islamabad said could undercut its fragile, export-led recovery. 'One thing we discussed was that we have to move beyond the immediate trade imperative for it to be brought into the next level and bring in a real step change,' Aurangzeb said after his interaction with US officials. 'So, the investment imperative will come forward, and areas have already been identified in terms of minerals and mining, in terms of AI [artificial intelligence], in terms of digital infrastructure [and] crypto,' he continued. 'We feel that this will be a real game changer, God willing, in terms of the relationship and the economic relationship between Pakistan and the United States.' The Pakistani finance chief said both sides were committed to resolving outstanding trade issues to move 'toward the finishing line' and begin investment-related discussions 'very quickly.' He also hinted at forthcoming announcements 'at the leadership level,' which he said would reflect all the hard work and efforts that have been put in both by Pakistan and on the US side. 'We begin with trade, and then it will very quickly be followed through with investment discussions between the two countries and real execution of the investment upside,' he said, calling the next phase a 'real win-win for Pakistan and the United States.' Pakistan's finance ministry has said the US remains its largest trading partner while emphasizing Islamabad's interest in expanding cooperation beyond textiles to other sectors. The US is Pakistan's top export destination, with shipments totaling $5.44 billion in the 2023-24 fiscal year. From July 2024 to February 2025, exports rose 10 percent from a year earlier, according to official data.
