Trump Metal Tariffs Wreak Havoc on US Factory

Tariffs on metal imposed by US President Donald Trump are hitting small businesses like Independent Can very hard. RYAN COLLERD / AFP
Tariffs on metal imposed by US President Donald Trump are hitting small businesses like Independent Can very hard. RYAN COLLERD / AFP
TT

Trump Metal Tariffs Wreak Havoc on US Factory

Tariffs on metal imposed by US President Donald Trump are hitting small businesses like Independent Can very hard. RYAN COLLERD / AFP
Tariffs on metal imposed by US President Donald Trump are hitting small businesses like Independent Can very hard. RYAN COLLERD / AFP

In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape -- but tempers are also rising as their manufacturer grapples with President Donald Trump's steep steel tariffs.

At Independent Can's factory in Belcamp, Maryland northeast of Baltimore, CEO Rick Huether recounts how he started working at his family's business at age 14.

Huether, now 73, says he is determined to keep his manufacturing company afloat for generations to come. But Trump's tariffs are complicating this task.

"We're living in chaos right now," he told AFP.

Since returning to the presidency in January, Trump imposed tariffs of 25 percent on imported steel and aluminum -- and then doubled the rate to 50 percent.

This has weighed on operations at Independent Can, and Huether expects he eventually will have to raise prices.

Not enough tinplate

With the steady beat of presses, steel plates that have been coated with tin -- to prevent corrosion -- are turned into containers for cookies, dried fruit, coffee and milk powder at Huether's factory.

But there is not enough of such American-made tinplate for companies like his.

"In the United States, we can only make about 25 percent of the tinplate that's required to do what we do," in addition to what other manufacturers need, Huether said.

"Those all require us to buy in the neighborhood of 70 percent of our steel outside of the United States," he added.

While Huether is a proponent of growing the US manufacturing base, saying globalization has "gone almost a little bit too far," he expressed concern about Trump's methods.

Trump has announced a stream of major tariffs only to later back off parts of them or postpone them, and also imposed duties on items the country does not produce.

For now, Independent Can -- which employs nearly 400 people at four sites -- is ruling out any layoffs despite the current upheaval.

But Huether said one of the company's plants in Iowa closed last year in part because of a previous increase in steel tariffs, during Trump's first presidential term.

Price hikes

With steel tariffs at 50 percent now, Huether expects he will ultimately have to raise his prices by more than 20 percent, given that tinplate represents a part of his production costs.

Some buyers have already reduced their orders this year by 20 to 25 percent, over worries about the economy and about not having enough business themselves.

Others now seem more inclined to buy American, but Huether expressed reservations over how long this trend might last, citing his experiences from the Covid-19 crisis.

"During the pandemic, we took everybody in. As China shut down and the ports were locked up, our business went up 50 percent," he explained.

But when the pandemic was over, customers turned back to purchasing from China, he said.

"Today if people want to come to us, we'll take them in," he said, but added: "We need to have a two-year contract."

Huether wants to believe that his company, which is almost a century old after being founded during the Great Depression, will weather the latest disruptions.

"I think that our business will survive," he said, but added: "It's trying to figure out what you're going to sell in the next six months."



Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
TT

Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.


Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
TT

Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.


Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
TT

Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.