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Saudi Minister of Industry and Mineral Resources Concludes Official Visit to China

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
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Saudi Minister of Industry and Mineral Resources Concludes Official Visit to China

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, concluded his official visit to China, which lasted for eight days, during which he met with Chinese ministers, officials, and investors, SPA said on Tuesday.

He visited companies and factories in four Chinese cities, chairing the Kingdom’s delegation, which participated as a guest of honor in the conference of China and Arab countries.

During his visit, Al-Khorayef met with the Minister of Industry and Information Technology of the People's Republic of China, Jin Zhuanglong, and discussed with him the ways for enhancing cooperation and partnership between the two countries in the industrial sector, exchanging expertise and technology, and expanding mutual investment opportunities between the two nations.

He also met with the Chinese Minister of Natural Resources, Wang Guanghua, and Li Jinfa, the vice president of China Geological Survey, and discussed with them the opportunities and challenges facing the mining sector and enhancing cooperation to increase growth in the mining and metals industry in the region.

The industry minister also discussed with the President of China Mining Association (CMA), Peng Qiming, and the Director of the China Nonferrous Metals Industry Association, GE Honglin, the efforts to promote economic growth and infrastructure development in the mining sector.

Khalid Al-Salem, the president of the Royal Commission for Jubail and Yanbu, Khaled Al-Mudaifer, the vice minister for mining affairs, and several leaders of the industry and mineral wealth system accompanied the minister of industry and mineral resources during his visit.

The visit aims to discuss many issues of interest to the countries, especially in the industrial and mining sectors, and to expand the horizons of strategic cooperation between the two friendly countries.

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Japan Says No Plan for Big Concessions in Talks on US Tariffs 

Japanese Prime Minister Ishiba Shigeru speaks at a joint press briefing after his meeting with NATO Secretary General Mark Rutte (not pictured) at the Prime Minister's Office in Tokyo, Japan, April 9, 2025. (Reuters)
Japanese Prime Minister Ishiba Shigeru speaks at a joint press briefing after his meeting with NATO Secretary General Mark Rutte (not pictured) at the Prime Minister's Office in Tokyo, Japan, April 9, 2025. (Reuters)
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Japan Says No Plan for Big Concessions in Talks on US Tariffs 

Japanese Prime Minister Ishiba Shigeru speaks at a joint press briefing after his meeting with NATO Secretary General Mark Rutte (not pictured) at the Prime Minister's Office in Tokyo, Japan, April 9, 2025. (Reuters)
Japanese Prime Minister Ishiba Shigeru speaks at a joint press briefing after his meeting with NATO Secretary General Mark Rutte (not pictured) at the Prime Minister's Office in Tokyo, Japan, April 9, 2025. (Reuters)

Japanese Prime Minister Shigeru Ishiba said on Monday his country does not plan to make big concessions and won't rush to reach a deal in upcoming tariff negotiations with US President Donald Trump's administration.

Japan, a long-time US ally, has been hit with 24% levies on its exports to the United States though these tariffs have, like most of Trump's sweeping "reciprocal" tariffs, been paused for 90 days.

But a 10% universal rate remains in place as does a 25% duty for cars, which is set to be particularly painful. The US is Japan's biggest export destination and automobile shipments account for roughly 28% of its exports there.

The two countries will begin trade talks on Thursday in Washington that are expected to cover tariffs, non-tariff barriers and exchange rates.

"I'm not of the view that we should make big concessions for the sake of wrapping up negotiations quickly," Ishiba said in parliament, though he ruled out slapping Japanese tariffs on US imports as a countermeasure.

"In negotiating with the United States, we need to understand what's behind Trump's argument both in terms of the logic and the emotional elements behind his views," Ishiba said, noting that US tariffs have the potential to disrupt the global economic order.

Bank of Japan Governor Kazuo Ueda warned of forthcoming pain.

"US tariffs will likely put downward pressure on the global and Japanese economies through various channels," Ueda told the same parliament session.

In addition to its large trade surplus with the US, Trump has also accused Japan of intentionally maintaining a weak yen - leading to expectations that Tokyo could come under pressure to strengthen its currency - even though a broad dollar sell-off has pushed up the yen of late.

The slow pace at which the Bank of Japan is raising borrowing costs from ultra-low levels could also come under fire in the talks, sources have previously said.

Economy Minister Ryosei Akazawa, who will lead Japan's delegation, said any discussion on currency rates will be held between Japanese Finance Minister Katsunobu Kato and US Treasury Secretary Scott Bessent.

"Both countries share the view that excessive market volatility would have adverse effects on the economy," Kato said.

Any discussion on the yen may spill over to monetary policy and complicate the BOJ's decision on how soon, and by how much, it should raise still-low interest rates.

Akira Otani, a former top central bank economist who is currently managing director at Goldman Sachs Japan, said the BOJ could consider halting interest rate hikes if the yen were to approach 130 to the dollar.

Conversely, a yen slide below 160 could bring forward or accelerate future rate hikes, he said.

The dollar fell 0.62% to 142.62 yen on Monday.

Japan has historically sought to prevent its currency from rising too much, as a strong yen hurts its export-reliant economy. But a weak yen has become the bigger headache in recent years as it has boosted import costs and hurt consumer spending.

Ruling and opposition party lawmakers have escalated calls for the government to cut tax or offer cash payouts to cushion the economic blow from rising living costs and Trump's tariffs.

Ishiba said the government is not thinking of issuing a supplementary budget now, but stood ready to act in a timely fashion to cushion any economic blow.