US, China Reach Deal to Cut Trade Deficit, US Officials Say

US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
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US, China Reach Deal to Cut Trade Deficit, US Officials Say

US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)

US Treasury Secretary Scott Bessent on Sunday reported "substantial progress" in US talks with China's top economic officials to de-escalate a damaging trade war, but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva.
Bessent told reporters that details would be announced on Monday and that US President Donald Trump was fully aware of the results of the "productive talks."
US Trade Representative Jamieson Greer, who participated in the talks with Bessent, Chinese Vice Premier He Lifeng and two Chinese vice ministers, described the conclusion as "a deal we struck with our Chinese partners" that will help reduce the $1.2 trillion US global goods trade deficit.
"And this was, as the Secretary pointed out, a very constructive two days. It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said, adding that the Chinese officials were "tough negotiators"
The meeting was the first face-to-face interaction between Bessent, Greer and He since the world's two largest economies imposed tariffs well above 100% on each other's goods.
Although Bessent has said the bilateral tariffs were too high and needed to come down in a de-escalation move, he did not offer any details of reductions agreed and took no questions from reporters, Reuters said.
Earlier, White House economic adviser Kevin Hassett said the Chinese were "very, very eager" to engage in discussions and rebalance trade relations with the United States.
Hassett also told Fox News that more foreign trade deals could be coming with other countries as soon as this week.
Overnight, Trump gave a positive reading of the talks, saying the two sides had negotiated "a total reset... in a friendly, but constructive, manner."
"A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted on his Truth Social platform.
"We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!," Trump added, without elaborating on the progress.
Speaking on "Sunday Morning Futures" on Fox News with Maria Bartiromo, Hassett said Beijing is eager to re-set trade relations with the United States.
"It looks like the Chinese are very, very eager to play ball and to re-normalize things," Hassett said.
Hassett also said more trade deal announcements could be imminent following last week's announcement of an agreement with the United Kingdom. He said he had been briefed by Commerce Secretary Howard Lutnick on two dozen pending deals in development with USTR Greer.
"They all look a little bit like the UK deal but each one is bespoke," Hassett said.
GATED VILLA
The negotiating teams met at the gated villa of Switzerland's UN ambassador, overlooking Lake Geneva in the leafy suburb of Cologny. Black Mercedes vans with sirens shuttled to and from the venue, which was bathed in bright sunshine.
Neutral Switzerland was chosen as the venue following approaches by Swiss politicians on recent visits to China and the United States.
Washington is seeking to reduce its $295 billion goods trade deficit with Beijing and persuade China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms.



Dar Global and Trump Organization Launch $1 Billion Project in Jeddah

The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
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Dar Global and Trump Organization Launch $1 Billion Project in Jeddah

The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 

Dar Global and the Trump Organization announced on Monday the official launch of Trump Plaza Jeddah, valued at over $1 billion.

Dar Global, a London-listed luxury real estate developer, said the project marks its third collaboration with the Trump Organization in the Kingdom.

This landmark project, strategically located within the expansive Amaya development along King Abdulaziz Road, is poised to redefine luxury urban living in Jeddah's thriving real estate landscape, following the launch of Trump Tower Jeddah in December 2024.

Dar Global described the project as one of the most integrated urban destinations in Jeddah, saying it includes home offices, retail spaces, dining venues and a private club.

Residential offerings include fully furnished 1, 2, and 3-bedroom Trump Executive Residences; premium 2, 3, and 4-bedroom Trump Park Residences; and exclusive 4-bedroom Trump Townhouses.

Together with thoughtfully designed home offices, premium retail, and curated dining, the project redefines modern living by blending convenience and luxury into a single, connected destination.

Optional rental management services further enhance the appeal for international owners seeking a turnkey ownership experience.

“Expanding our presence in Saudi Arabia with Trump Plaza Jeddah underscores our commitment to world-class quality and iconic design,” said Eric Trump, executive vice president of the Trump Organization. “This project reflects the strength of our relationship with Dar Global and our confidence in Jeddah as a dynamic, globally relevant city.”

Trump affirmed that Trump Plaza Jeddah will set a new benchmark for integrated urban destinations.

For his part, Ziad El Chaar, CEO of Dar Global, said the launch of Trump Plaza Jeddah represents a major milestone in the company’s Saudi portfolio.

“This is not a single-use development, but a carefully curated urban ecosystem designed for global residents who want to live, work, and connect within the best address in Jeddah,” he said.

“Anchored by a private park and supported by world-class amenities, Trump Plaza Jeddah introduces a new model for modern city living in the Kingdom,” El Chaar noted.

The project also features an exclusive 4,000-square-meter Vitality Club, with golf simulators, a spa, sports medicine and recovery facilities, swimming pools, dining, and high-performance wellness spaces.

Destination retail and dining, including Trump Grill, Trump Daily, an artisan bakery, and a fitness pro shop, reinforce its positioning as a district day and night.

 

 


Oil Extends Climb on Iran Supply Disruption Concerns

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Oil Extends Climb on Iran Supply Disruption Concerns

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Oil prices extended gains on Tuesday as heightened concerns surrounding Iran and potential supply disruptions outweighed the prospect of increased crude supply from Venezuela.

Brent futures rose 22 cents, or 0.3%, to $64.09 a barrel by 0430 GMT, hovering near a two-month high struck in the previous session. US West Texas Intermediate crude climbed 23 cents, or 0.4%, to $59.73.

"The price increase comes amid intensifying protests in Iran, raising the possibility of some form of intervention ‌by the US," ING ‌commodities strategists said on Tuesday.

Iran, one of ‌the ⁠biggest producers ‌of the Organization of the Petroleum Exporting Countries, is facing its biggest anti-government demonstrations in years, drawing a warning from US President Donald Trump of possible military action over lethal violence against protesters.

Trump is expected to meet senior advisers on Tuesday to discuss options on Iran, a US official told Reuters.

The US president said on Monday that any country that does business with Iran will be subjected ⁠to a tariff rate of 25% on any business conducted with the United States. Iran exports ‌much of its oil to China.

"With the US ‍and China having reached a trade ‍truce, we question whether the US would want to rock the boat ‍again with additional tariffs on China," the ING strategists said.

The political developments matter for oil markets as Iran is a major sanctioned producer and any escalation could disrupt supply or add a geopolitical risk premium.

"Unrest in Iran has added about $3-4/barrel in geopolitical risk premium in oil prices, in our view," Barclays said in a note.

Markets are also grappling with concerns of additional crude supply ⁠hitting the market due to Venezuela's anticipated return to exports. Following the ouster of President Nicolas Maduro, Trump said last week the government in Caracas is set to hand over as much as 50 million barrels of oil subject to Western sanctions to the US.

Global oil trading houses have emerged as early winners in the race to control Venezuelan crude flows, getting ahead of US energy majors.

Elsewhere, geopolitical tensions escalated as Russian forces launched attacks on Ukraine's two largest cities early on Tuesday, Ukrainian officials said.

In the United States, the Trump administration renewed its attacks on the Federal Reserve, underscoring concerns in markets about the central ‌bank's independence and adding to uncertainty about future economic conditions and oil demand.


Morocco Targets $10 Billion AI Contribution to GDP by 2030

 People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)
People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)
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Morocco Targets $10 Billion AI Contribution to GDP by 2030

 People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)
People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)

Morocco is targeting a 100 billion dirhams ($10 billion) boost to its gross domestic product from artificial intelligence by 2030, the minister in charge of digital transition said on Monday, as the country steps up its investment in training programs, sovereign data centers and cloud services.

Morocco, whose current GDP comes to around $170 billion, plans to invest in artificial intelligence centers linked ‌to universities and ‌the private sector, and ‌to ⁠integrate AI solutions ‌into public administration and industry, Minister Amal El Fallah Seghrouchni told a conference in Rabat.

The GDP boost would largely come from expanding domestic data-processing capacity through sovereign data centers, scaling up cloud and fiber-optic infrastructure, and building an AI-skilled workforce ⁠to support the deployment of AI solutions across industry ‌and government, she said.

Under the ‍plan, Morocco expects ‍to create 50,000 AI-related jobs and train ‍200,000 graduates in AI skills by 2030.

As part of that effort, Seghrouchni on Monday signed a partnership agreement with France's Mistral AI to support the development of generative AI tools in Morocco.

"We want to turn Morocco into ⁠a future excellence hub in AI and data science," Seghrouchni said.

The government is also preparing legislation governing artificial intelligence, according to the minister.

Morocco has earmarked 11 billion dirhams ($1.2 billion) for its digital transformation strategy for 2024–2026, covering AI initiatives and the expansion of fiber-optic infrastructure. It is separately planning a 500-megawatt, renewable energy-powered data center in the southern city of Dakhla ‌to boost the security and sovereignty of national data storage.