Oman, Tanzaina Set up Joint Investment Fund

Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)
Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)
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Oman, Tanzaina Set up Joint Investment Fund

Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)
Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)

Oman and Tanzania have set up a mutual investment fund that aims to invest in several sectors, including agriculture, fishing and mining, the Sultanate's Foreign Minister, Badr al-Busaidi, announced on Monday.

Busaidi expected the volume of bilateral trade exchange to increase in the future as both countries have signed several memoranda of understanding in the fields of economy, investment, tourism and energy.

Oman and Tanzania signed on Monday six MoUs, covering the fields of energy, tourism, natural resources, higher education and vocational training, as well as national museums.

The MoUs were signed on the sidelines of President Samia Suluhu Hassan’s current visit to Oman.

A trilateral MoU was also signed between the Oman Chamber of Commerce and Industry (OCCI), the Tanzanian Chamber of Commerce, Industry and Agriculture (TCCIA) and the Zanzibar National Chamber of Commerce (ZNCC).

Private sector MoUs were also signed between the Oman Airports Management Company and Kilimanjaro International Airport, the Oman Society for Petroleum Services (OPAL) and the Association of Tanzania Oil and Gas Service Providers (ATOGS), the Al Bashayer Meat Company and the National Company for Live Animals and between the Oman Food Investment Holding Company (OFIC) and the Tanzanian Horticultural Association.

A deal was also signed between the Oman Investment Authority (OIA) and the Zanzibar Investment Promotion Authority (ZIPA).

It aims to bolster bilateral investments and financial sustainability and develop a strategy to boost the historical and economic ties between the two countries.

Hassan held talks with male and female entrepreneurs from both countries to discuss ways to bolster economic and investment cooperation and increase trade exchange.

This came on the sidelines of the Omani-Tanzania Business Forum, which was organized by the OCCI on Monday.

She underscored the importance of exerting efforts from both sides to increase the volume of trade exchange and investment and urged Omani businessmen and women to invest in the fields of agriculture, minerals, tourism and fisheries.



China Hits Back at Trump Tariff Hike, Raises Duties on US Goods

A general view shows the Huangpu River and the financial district in Shanghai on April 9, 2025. (AFP)
A general view shows the Huangpu River and the financial district in Shanghai on April 9, 2025. (AFP)
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China Hits Back at Trump Tariff Hike, Raises Duties on US Goods

A general view shows the Huangpu River and the financial district in Shanghai on April 9, 2025. (AFP)
A general view shows the Huangpu River and the financial district in Shanghai on April 9, 2025. (AFP)

China hit back at US President Donald Trump singling out the world's second-largest economy for tariffs of more than 100% by raising additional duties on American products to 84% on Wednesday, deepening the trade war between the two superpowers.

Beijing also imposed restrictions on 18 US companies, mostly in defense-related industries, adding to the 60 or so American firms punished over Trump's tariffs.

The move comes after Trump made good on his threat to impose an additional 50% tariff on China unless it withdrew its retaliatory levies on the United States, taking total new US duties on Chinese goods this year to 104%.

Beijing announced in response it would also raise its levies on US goods by 50%, adding to the 34% increase previously announced and due to be implemented on Thursday.

"The US escalation of tariffs on China is a mistake on top of a mistake, which seriously infringes of China's legitimate rights and interests and seriously undermines the rules-based multilateral trading system," China's finance ministry said in a statement.

Trump has imposed "reciprocal" tariffs on dozens of economies he accuses of "ripping off" the US by selling goods into the world's largest consumer economy while maintaining trade barriers that inhibit US firms' market access.

But he has singled out China for the most punishing taxes, setting the stage for a standoff between the world's top two economies.

In signs that bilateral ties could deteriorate further, China's culture and tourism ministry late on Wednesday issued a travel advisory for citizens visiting the US, citing recent "deterioration" of economic and trade relations.

Shortly after, the Ministry of Education followed with an alert for students considering studying in the US state of Ohio, saying that a recent state education bill contained "negative" China-related provisions.

Travel and education are among the top US services exports to China.

TRADE SURPLUS 'INEVITABLE'

Earlier on Wednesday, China released a white paper on US-China commercial ties in which it said Beijing did not deliberately pursue a trade surplus.

"The trade imbalance in goods between China and the US is both an inevitable result of structural issues in the US economy and a consequence of the comparative advantages and international division of labor between the two countries," the report said.

China's trade surplus with the US widened to $295.4 billion last year from $279.1 billion in 2023, according to US Census data. The goods trade gap peaked in 2018 at $418 billion, the same year Trump, in his first term as president, imposed tariffs on Chinese outbound shipments.

The first US-China trade war concluded with Beijing agreeing to a "Phase 1" trade deal with Washington in 2020 in which it agreed to increase purchases of US exports by $200 billion over a two-year period.

Beijing failed to meet its targets when the COVID-19 pandemic struck, but said in its white paper that it had "scrupulously fulfilled its obligations" by taking steps to boost its purchases of US goods and accused Washington of having reneged on the deal.

"The US has systematically escalated economic and other forms of pressure against China," the report said. "Concurrently, the US has promoted false narratives related to human rights, Hong Kong, Taiwan, Xinjiang and the pandemic."

China also talked up its efforts to boost its trade in services with the US, economic activity that the Trump administration has not factored into its "reciprocal" duties.

WAR OF ATTRITION

China is bracing for an economic war of attrition as it tries to court other markets in Asia, Europe and the world. But other countries have much smaller markets than America and are also taking a hit from the tariffs.

During Trump's first term, China frustrated US financial and professional services firms by holding up license applications and carrying out office raids.

But Beijing cannot dip into the same playbook this time as it is trying to attract fresh foreign investment to bolster its economic recovery.

Still, Chinese policymakers are backing themselves to go toe-to-toe with the Trump administration a second time.

"If the US insists on escalating trade restrictions, China has both the determination and the means to respond forcefully - and will do so," a commerce ministry spokesperson said in a statement accompanying the white paper's launch.

"There are no winners in a trade war. China does not want one, but the government will never allow the legitimate rights and interests of the Chinese people to be harmed or taken away."

Ordinary Chinese people have started to voice their concern.

"The situation has already reached a blatant financial and trade war on the global stage," said Ling Wanhua, a 20-year-old Shanghai resident. "It's already hard for college graduates to find jobs. If the overall environment gets worse, the employment situation for graduates will be even worse."

As worries mount, China began censoring some tariff-related content online, with hashtags and searches for "tariff" or "104" mostly blocked on social media platform Weibo.

Reuters reported China's top leaders planned to convene a meeting as early as Wednesday to discuss measures to boost the economy and stabilize the capital markets.

"I think the 104% tariffs are kind of exaggerated," said Wu Lina, a 68-year-old tourist holidaying in Shanghai. "This president, the way this country treats China, oh my God, it will definitely cause some harm."