China Rebuffs Trump Offer of Tariff Concessions if Beijing Agrees TikTok Deal

FILE PHOTO: A 3D-printed miniature model of US President-elect Donald Trump and TikTok logo are seen in this illustration taken January 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A 3D-printed miniature model of US President-elect Donald Trump and TikTok logo are seen in this illustration taken January 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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China Rebuffs Trump Offer of Tariff Concessions if Beijing Agrees TikTok Deal

FILE PHOTO: A 3D-printed miniature model of US President-elect Donald Trump and TikTok logo are seen in this illustration taken January 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A 3D-printed miniature model of US President-elect Donald Trump and TikTok logo are seen in this illustration taken January 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

China rebuffed on Thursday a suggestion from US President Donald Trump that he might offer to reduce tariffs on the country to get Beijing's approval for the sale of popular social media platform TikTok.

Trump said this month the United States was in talks with four groups interested in acquiring TikTok, with the app facing an uncertain future in the country, AFP said.

A US law has ordered TikTok to divest from its Chinese owner ByteDance or be banned in the United States, enacted over concerns that Beijing could exploit the video-sharing platform to spy on Americans or covertly influence US public opinion.

The law took effect on January 19, a day before Trump's inauguration, but he quickly announced a delay that has allowed it to continue to operate.

That delay is set to expire on April 5.

Trump told reporters at the White House on Wednesday that he could give China "a little reduction in tariffs or something to get it done".

"We're going to have a form of a deal," Trump said, adding that if it wasn't done in time, he would extend the deadline.

"China is going to have to play a role in that, possibly in the form of an approval and I think they'll do that."

Beijing swiftly rebuffed Trump's suggestion, with its foreign ministry saying that it has "repeatedly stated our position" on TikTok.

"The Chinese side's stance against imposing additional tariffs is also consistent and clear," foreign ministry spokesman Guo Jiakun said.

'People's Bid for TikTok'

Trump similarly attempted to ban TikTok in the United States on national security concerns during his first stint in the White House.

TikTok temporarily shut down in the United States in January and disappeared from app stores as the deadline for the law approached, to the dismay of millions of users.

Trump suspended its implementation for two-and-a-half months after beginning his second term on January 20, seeking a solution with Beijing.

TikTok subsequently restored service in the United States and returned to the Apple and Google app stores in February.

Artificial intelligence (AI) startup Perplexity recently expressed its interest in buying TikTok.

Perplexity laid out in a blog post a vision for integrating its AI-powered internet search capabilities with the popular video-snippet sharing app.

"Combining Perplexity's answer engine with TikTok's extensive video library would allow us to build the best search experience in the world," the San Francisco-based firm said.

Although TikTok does not appear overly motivated regarding the sale of the app, potential buyers include an initiative called "The People's Bid for TikTok", launched by real estate and sports tycoon Frank McCourt's Project Liberty initiative.

Others in the running are Microsoft, Oracle and a group that includes Internet personality MrBeast, whose real name is Jimmy Donaldson.

"Any acquisition by a consortium of investors could in effect keep ByteDance in control of the algorithm, while any acquisition by a competitor would likely create a monopoly in the short form video and information space," Perplexity said in its post.

"All of society benefits when content feeds are liberated from the manipulations of foreign governments and globalist monopolists."



Iraq Says Has ‘Understandings’ to Bypass Hormuz Blockade

A worker rides a bicycle at the Zubair oil field in Basra, Iraq, April 6, 2026. (Reuters)
A worker rides a bicycle at the Zubair oil field in Basra, Iraq, April 6, 2026. (Reuters)
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Iraq Says Has ‘Understandings’ to Bypass Hormuz Blockade

A worker rides a bicycle at the Zubair oil field in Basra, Iraq, April 6, 2026. (Reuters)
A worker rides a bicycle at the Zubair oil field in Basra, Iraq, April 6, 2026. (Reuters)

Baghdad's oil ministry said Tuesday it has "understandings" with the United States and Iran to reduce the impact of the blockade of the Strait of Hormuz on Iraqi oil exports.

The ministry did not elaborate or say when these reported understandings were reached.

But Iran announced earlier this month -- before the fragile ceasefire was reached last Wednesday with the United States -- that it would allow Iraqi shipping to transit the key waterway.

Iraqi oil ministry spokesperson Saheb Bazoun told the Iraqi News Agency (INA) "there are understandings with the American and Iranian sides to circumvent the blockade imposed on the Strait of Hormuz, and with all parties to guarantee exports".

A founding member of the OPEC oil cartel, Iraq normally exports the majority of its crude through the strait, but like other exporters in the oil-rich region, it has been left scrambling for alternative routes.

Bazoun told INA that Iraq was continuing to use secondary export routes, including a pipeline to the Turkish port of Ceyhan and via Syria's Baniyas port.

Authorities announced earlier this month Iraq has begun exporting crude using tanker trucks through Syria, after resuming oil exports of 250,000 barrels per day through Ceyhan.

The Middle East war has wrought havoc on energy markets, especially after Iran tightened the screws on the Strait of Hormuz -- through which roughly a fifth of global oil and gas passes -- sharply slowing maritime traffic, and reportedly charging transit fees.

Despite the two-week ceasefire between the United States and Iran, and after a failed attempt to reach an agreement, Washington imposed a blockade on Iranian ports in the Strait of Hormuz, sending tremors through global energy markets.

Oil exports account for some 90 percent of Iraq's budget revenues, which plummeted more than 70 percent in March compared with February.


Saudi Arabia Boosts Water Efficiency with Over $26.7 Billion in Investments Since 2018

Shuaibah Desalination Plant (Saudi Water Authority)
Shuaibah Desalination Plant (Saudi Water Authority)
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Saudi Arabia Boosts Water Efficiency with Over $26.7 Billion in Investments Since 2018

Shuaibah Desalination Plant (Saudi Water Authority)
Shuaibah Desalination Plant (Saudi Water Authority)

Saudi Arabia has invested about SAR100 billion ($26.7 billion) in its water sector since 2018, as part of its National Water Strategy to improve efficiency and sustainability while expanding private sector participation in line with Vision 2030.

Deputy Minister for Water at the Ministry of Environment, Water and Agriculture Abdulaziz Al-Shaibani told Asharq Al-Awsat that increased public-private partnerships are driving a shift toward a more efficient operating model and easing pressure on the state budget.

He said private sector involvement has transferred capital costs for major projects, including desalination plants, transmission networks, storage facilities and wastewater treatment, while boosting value across the supply chain through water reuse and reducing reliance on non-renewable resources.

Lower operating costs have also strengthened the sector’s appeal to investors. Seawater desalination using reverse osmosis now costs about SAR0.74 per cubic meter, while groundwater desalination costs around SAR0.55, offering competitive returns for local and international investors.

Local content in privatization projects has reached about 70 percent, while Saudis account for 90 percent of operational jobs, highlighting the sector’s contribution to economic growth and employment.

Al-Shaibani said investment in research and development has helped reduce production costs and localize key technologies, including reverse osmosis membrane manufacturing, valued at SAR 1.14 billion ($304 million). This supports the development of domestic supply chains and increases economic value added.

According to data from the Saudi Water Partnership Company (SWPC), 51 privatization projects have been launched with total investments of about SAR56 billion ($14.9 billion), including operational projects and others under development or tender.

Private sector production capacity is expected to reach 2.6 million cubic meters per day by 2030 and rise to 8.18 million cubic meters per day by 2032. Water transmission capacity between cities is projected to reach 2.43 million cubic meters per day by 2029, while strategic storage capacity is expected to reach just over 7 million cubic meters.

Major projects include the Juranah Independent Strategic Water Reservoir in Makkah province, with a capacity of 2.5 million cubic meters, the Rayis-Rabigh Independent Water Transmission Project, and the Rabigh 3 Independent Water Plant, all developed under long-term contracts to ensure sustainability.

The Al-Khafji solar-powered desalination plant, one of the world’s leading projects of its kind, has reduced desalination costs by about 40 percent, supporting more efficient and sustainable production.


Gold Rises as Dollar Softens, Lower Oil Prices Ease Inflation Fears

Gold bracelets and necklaces on display for sale in a gold shop in the Grand Bazaar in Istanbul (AFP)
Gold bracelets and necklaces on display for sale in a gold shop in the Grand Bazaar in Istanbul (AFP)
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Gold Rises as Dollar Softens, Lower Oil Prices Ease Inflation Fears

Gold bracelets and necklaces on display for sale in a gold shop in the Grand Bazaar in Istanbul (AFP)
Gold bracelets and necklaces on display for sale in a gold shop in the Grand Bazaar in Istanbul (AFP)

Gold prices rose on Tuesday, supported by a softer dollar and easing inflation fears as oil prices dropped on hopes of further US-Iran peace talks.

Spot gold was up 0.8% at $4,775.20 per ounce, as of 0755 GMT. US gold futures for June delivery rose 0.7% to $4,798.40, Reuters reported.

Oil prices fell below $100 a barrel as signs of potential ⁠talks to end the ⁠US-Iran war eased concerns about supply risks stemming from the US blockade of Iranian ports.

Higher crude prices feed into inflation by raising transportation and production costs. While gold is treated as a hedge against inflation, higher interest rates weigh on the non-yielding metal's demand.

Markets appear to ⁠think that there's still time for a deal between the United States and Iran, said Ilya Spivak, head of global macro at Tastylive. Reuters reported on Tuesday that negotiating teams from the US and Iran could return to Islamabad this week, days after talks between the two countries ended in the Pakistani capital without a breakthrough.

The US dollar fell to its lowest level in more than a month on hopes for a diplomatic breakthrough, making the greenback-denominated ⁠gold more ⁠affordable for holders of other currencies.

"Near-term, a thin macro calendar might make US-Iran headlines the driving engine. That sets the stage for choppy price action for now," Spivak said, adding that gold could face resistance around $4,850.

Traders currently see a 31% chance of a 25-basis-point US rate cut this year, up from about 13% last week. Before the war, there were expectations of two cuts for this year.

Among other metals, spot silver rose 2.9% to $77.73 per ounce, platinum gained 0.8% to $2,086.15, and palladium was up 0.7% at $1,585.42.