Author: Finance for Sight

BEIJING: China will pay no attention if the United States continues to play the “tariff numbers game”, China’s foreign ministry said on Thursday, after the White House outline how China faces tariffs of up to 245% due to its retaliatory actions. In a fact sheet released on Tuesday, the White House said China’s total duties include the latest reciprocal tariff of 125%, a 20% tariff to address the fentanyl crisis, and tariffs of between 7.5% and 100% on specific goods to address unfair trade practices. U.S. President Donald Trump announced additional tariffs on all countries two weeks ago, before suddenly…

PARIS: The OECD voiced concerns Wednesday over the outlook for foreign aid as it announced a drop in development assistance worldwide in 2024, the first decline in six years as more countries slash their budgets. Foreign aid overall reached $212.1 billion last year, down 7.1 percent from the previous year, the Paris-based Organisation for Economic Cooperation and Development said in a report, with aid to Ukraine particularly affected. “Recent announcements… have raised concerns about future levels of official development assistance and the OECD is examining the importance and implications of such budgetary cuts,” the organisation said in a report. Initial…

MOSCOW: Russian President Vladimir Putin praised Elon Musk on Wednesday, telling university students he was a pioneer comparable to legendary Soviet rocket engineer Sergei Korolev. The comments came as Russia and the United States forged closer ties under President Donald Trump’s administration, of which billionaire SpaceX founder Musk is a key figure. “You know, there’s a man – he lives in the States – Musk, who, you could say, raves about Mars,” Putin told students on a visit to Bauman University, a Moscow college that specialises in science and engineering. Musk gives federal workers a ‘second chance’ to defend their…

KUALA LUMPUR: Chinese President Xi Jinping met Malaysia’s king on Wednesday in a state visit analysts said was aimed at burnishing Beijing’s credentials as a reliable partner and “not a hegemon”. Xi embarked this week on a Southeast Asia tour that has already taken him to Vietnam and will also include Cambodia, with Beijing trying to position itself as a stable alternative to US President Donald Trump’s punitive tariff regime. Xi was welcomed by Malaysia’s king, Sultan Ibrahim, in a colourful ceremony at the golden-domed palace on Wednesday. The Chinese leader walked on a red carpet as he inspected an…

BEIJING: China warned Wednesday it was “not afraid” to fight a trade war with the United States and reiterated calls for dialogue, after US President Donald Trump said it was up to Beijing to come to the negotiating table. “If the US really wants to resolve the issue through dialogue and negotiation, it should stop exerting extreme pressure, stop threatening and blackmailing, and talk to China on the basis of equality, respect and mutual benefit,” foreign ministry spokesman Lin Jian said. Trump initially imposed tariffs on imports from China over its alleged role in the fentanyl supply chain – and…

GENEVA: Medical aid agency Doctors Without Borders (MSF) on Wednesday said Israel’s military operations and blockage of humanitarian aid had turned Gaza into a graveyard for Palestinians and those helping them. Israel, fighting in Gaza since the October 7, 2023 Hamas attacks, resumed operations in the Palestinian territory in March after the collapse of a two-month-old ceasefire amid differences over the next phase. Hundreds of thousands of people have been displaced, with Israel blocking humanitarian aid since March 2, before the truce disintegrated. Medical supplies, fuel, water and other essentials are in short supply, the UN says. “Gaza has been…

LONDON: The UK led international calls Tuesday for a swift end to the devastating war in Sudan, hosting a gathering of world officials with fresh pledges of humanitarian aid as the conflict which has cost thousands of lives entered its third year. The war erupted on April 15, 2023 in a bitter power struggle between rival generals leading Sudan’s regular army and the paramilitary Rapid Support Forces (RSF) — neither of whom were present at the conference. More than 13 million people have been uprooted and tens of thousands killed, with both sides accused of committing atrocities. It has created…

WASHINGTON: Iran must completely halt its uranium enrichment as part of any nuclear deal, US envoy Steve Witkoff said Tuesday, after suggesting it could continue doing so at a low level. “Any final arrangement must set a framework for peace, stability, and prosperity in the Middle East – meaning that Iran must stop and eliminate its nuclear enrichment and weaponization program,” Witkoff said on X. The previous day, he appeared to stop short of calling for a complete dismantling of Iran’s nuclear program, saying in a Fox News interview that “this is going to be much about verification on the…

WASHINGTON: President Donald Trump believes it is up to China, not the United States, to come to the negotiating table on trade, the White House said Tuesday as tensions escalate between the world’s two biggest economies. “The ball is in China’s court. China needs to make a deal with us. We don’t have to make a deal with them,” said a statement from Trump read out by Press Secretary Karoline Leavitt at a briefing. “There’s no difference between China and any other country except they are much larger,” she added. Trump’s new tariffs take effect, with 104% on Chinese goods…

WASHINGTON: The US State Department is expected to propose an unprecedented scaling back of Washington’s diplomatic reach, multiple news outlets reported Tuesday, shuttering programs and embassies worldwide to slash the budget by almost 50 percent. The proposals, contained in an internal departmental memo said to be under serious discussion by senior officials, would eliminate almost all funding for international organizations such as the United Nations and NATO. Financial support for international peacekeeping would be curtailed, along with funding for educational and cultural exchanges like the Fulbright Program, one of the most prestigious US scholarships. The plan comes with President Donald…