Saudi Industry Minister: Kingdom Aspires to Be Effective Economic Partner in Tunisia

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)
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Saudi Industry Minister: Kingdom Aspires to Be Effective Economic Partner in Tunisia

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef stressed on Tuesday that the Kingdom aspires to be an effective economic partner in Tunisia by exploring investment opportunities and sharing them with the private sector, to achieve the objectives of the two countries and boost the level of trade.

Alkhorayef, who headed the Saudi delegation to the 11th Saudi-Tunisian Joint Committee meeting held in Tunis, said Saudi Arabia and Tunisia share a religious, cultural and social heritage, forming a solid basis for further boosting political and economic ties.

The minister commended the positive Tunisian stance toward the Kingdom, and its constant support of Saudi Arabia in all forums, and conveyed the gratitude of the Kingdom for Tunisia’s support for Riyadh to host Expo 2030 and for the Kingdom's bid to host the 2034 FIFA World Cup.

Alkhorayef welcomed the signing of seven memoranda of understanding between the two sides, in the fields of industry, tourism, environment, agricultural scientific research, meteorology, climate, water and labor, on the sidelines of the meeting, and said that they reflect the keenness of the two countries to broaden cooperation.

He expressed satisfaction with the Saudi-Tunisian Investment and Partnership Forum that will be held on Wednesday.

Tunisian Minister of Finance and Interim Minister of Economy and Planning Sihem Nemsia expressed pride in hosting this event in Tunisia, saying it is testimony to the deep ties between the two countries.

She expressed keenness to boost cooperation and joint action to achieve the goals of their people and economic, social and cultural prosperity, peace and security in the Arab region.

She stressed that the event will be an opportunity for participants to consult and agree on programs in order to arrive at the best conditions for fruitful cooperation between the two countries, and to boost access to investment opportunities, develop business and exchange expertise, thus upgrading the global value chains and leveraging the advantages offered by the Tunisian and Saudi economies.

She highlighted Saudi Arabia's support for Tunisia's development process, thanks to the wise leaderships of the two countries. The areas of cooperation have diversified to include economic, social and cultural activities, serving as a true example and a reflection of the depth of historical relations.



Trump Says He Will Introduce 25% Tariffs on Autos, Pharmaceuticals and Chips 

New trucks crowd a parking lot at the GM assembly plant in Oshawa, Ontario, Canada September 24, 2019. (Reuters)
New trucks crowd a parking lot at the GM assembly plant in Oshawa, Ontario, Canada September 24, 2019. (Reuters)
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Trump Says He Will Introduce 25% Tariffs on Autos, Pharmaceuticals and Chips 

New trucks crowd a parking lot at the GM assembly plant in Oshawa, Ontario, Canada September 24, 2019. (Reuters)
New trucks crowd a parking lot at the GM assembly plant in Oshawa, Ontario, Canada September 24, 2019. (Reuters)

US President Donald Trump said on Tuesday he intends to impose auto tariffs "in the neighborhood of 25%" and similar duties on semiconductors and pharmaceutical imports, the latest in a series of measures threatening to upend international trade.

On Friday, Trump said levies on automobiles would come as soon as April 2, the day after members of his cabinet are due to deliver reports to him outlining options for a range of import duties as he seeks to reshape global trade.

Trump has long railed against what he calls the unfair treatment of US automotive exports in foreign markets.

The European Union, for instance, collects a 10% duty on vehicle imports, four times the US passenger car tariff rate of 2.5%. The US, though, collects a 25% tariff on pickup trucks from countries other than Mexico and Canada, a tax that makes the vehicles highly profitable for Detroit automakers.

EU trade chief Maros Sefcovic will meet with US counterparts - Commerce Secretary Howard Lutnick, Trump's nominee to be US Trade Representative Jamieson Greer and National Economic Council director Kevin Hassett - in Washington on Wednesday to discuss the various tariffs threatened by Trump.

Asked whether the EU could avoid reciprocal tariffs he proposed last week, Trump repeated his claim that the EU had already signaled it would lower its tariffs on US cars to the US rate, although EU lawmakers have denied doing so.

He said he would press EU officials to increase US imports of cars and other products.

PHARMA, CHIPS DUTIES

Trump told reporters at his Mar-a-Lago estate in Florida on Tuesday that sectoral tariffs on pharmaceuticals and semiconductor chips would also start at "25% or higher", rising substantially over the course of a year.

He did not provide a date for announcing those duties and said he wanted to provide some time for drug and chip makers to set up US factories so that they can avoid tariffs.

Trump said he expected some of the biggest companies in the world to announce new investments in the United States in the next couple of weeks. He provided no further details.

Since his inauguration four weeks ago, Trump has imposed a 10% tariff on all imports from China, on top of existing levies, over China's failure to halt fentanyl trafficking. He also announced, and then delayed for a month, 25% tariffs on goods from Mexico and non-energy imports from Canada.

He has also set a March 12 start date for 25% tariffs on all imported steel and aluminum, eliminating exemptions for Canada, Mexico, the European Union and other trading partners. Trump also announced that these tariffs would apply to hundreds of imported downstream products made of steel and aluminum, from electrical conduit tubing to bulldozer blades.

Last week, he directed his economic team to devise plans to impose reciprocal tariffs that match the tariff rates of every country product-by-product.

SHELVED CAR TARIFFS

An auto import tariff of 25% would be a game-changer for a global auto industry that is already reeling from uncertainty caused by Trump's tariff drama.

A similar drama played out in 2018 and 2019 during Trump's first term, when the Commerce Department conducted a national security investigation into auto imports and found that they weakened the domestic industrial base. Trump had threatened car tariffs of 25% at that time, but ultimately took no action, allowing the tariff authority from that probe to expire.

But some of the research that went into the 2018 investigation may be reused or updated as part of a new automotive tariff effort.