US, Africa Business Summit Discusses 'Building Future Together'

Family photo of the participants in the US-Africa Business Summit in Marrakech (Asharq Al-Awsat)
Family photo of the participants in the US-Africa Business Summit in Marrakech (Asharq Al-Awsat)
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US, Africa Business Summit Discusses 'Building Future Together'

Family photo of the participants in the US-Africa Business Summit in Marrakech (Asharq Al-Awsat)
Family photo of the participants in the US-Africa Business Summit in Marrakech (Asharq Al-Awsat)

Moroccan Foreign Minister Nasser Bourita has said that Africa needs active partners who do not exploit short-term opportunities, noting that it is time for the continent to reap the fruits of its potential and play its pivotal natural role in the international arena.

"It is time for Africa to reap the benefits of its countless potential and its dynamic youth, and to play its central and natural role on the international scene and in the major developments taking place at the global level," stressed the Minister on Wednesday at the opening of the 14th session of the US-Africa Business Summit.

Bourita said that the wealth and qualifications of the 54 African countries are a blessing that enriches the continent, adding that the states are responsible for achieving comprehensive growth and sustainable development.

The Minister pointed out that the summit coincides with a period of hope for the disappearance of the Covid-19 pandemic.

The summit also coincides with a phase in which the global economy affected the chains of production, investment, and trade, causing worrying inflation and economic pressures, which requires the commitment to cooperation as the only way to ensure security, fluidity of trade, and preservation of the confidence of investors.

In this complex context full of challenges and marked by the reconfiguration of the international economy, the continent is a reservoir of growth in the global economy and an ally of weight for its international partners, said Bourita.

The Minister recalled that Africa owns 23.5 percent of the world's agricultural land, qualifying it to be among the most critical actors in food security.

The Minister noted that thanks to the continent's rich human capital and natural resources, and given its future structured and interconnected market, within the framework of the African Continental Free Trade Area (AfCFTA), its regional economic groupings and its economic growth rate of six percent, Africa has the potential to cope with crises and strengthen its sovereignty in strategic sectors to ensure the achievement of inclusive growth and fair and equitable development.

Addressing the participants, Bourita indicated that African countries need to work together to build an economy that looks forward to the future and derives its strength from its integration into the global trade system and international value chains.

"A healthy and solid economy prioritizes industrialization, employment, and value creation, to ensure our continent's rightful place on the global economic map," he said.

Bourita stated that this requires two conditions: carrying out necessary economic reforms to create an appropriate business climate while the private sector should play its national role and mobilizing international partners of Africa to accompany the development programs implemented by the countries of the continent.

He proposed establishing a mechanism to track the implementation of the projects resulting from the partnership.

The Minister noted that the vast number of participants in the summit highlights the critical and promising prospects of the partnership between Africa and the US in trade, investment, and business.

It also underscores the importance of the private sector and development and investment institutions as the main lever of this partnership.

He added that the organization of the summit in Morocco illustrates the maturity of the Moroccan-US strategic partnership, which, thanks to its development at the bilateral level, contributes directly and effectively to security and stability in other geographical areas, particularly in Africa and the Middle East.

For her part, US Vice President Kamala Harris said in her statement that the US administration recognizes the critical importance of strengthening its relationship with countries across Africa.

The summit demonstrates Washington’s enduring commitment to its African partners, said Harris, adding that "it will be based on principles of mutual respect and shared interests and values. And a critical part of this summit will be to bolster our economic relationship, which brings me to the importance of this gathering of public and private sector leaders in Marrakech."

"I am pleased to see the advances made in implementing the African Continental Free Trade Area, and we will work with you to ensure its success."

The US is committed to bringing all the tools at its disposal, including development financing, grants, technical assistance, and support for legal and regulatory reforms—all to help its African partners thrive, she said.

In turn, the Executive Director of the Millennium Challenge Corporation (MCC), Alice Albright, reviewed the US and African cooperation prospects.

Albright is leading the US Prosper Africa delegation to the summit, which includes senior government officials and investors.

The President of the African Development Bank, Akinwumi Adesina, spoke very positively about Morocco, noting that it witnessed strong dynamism at the African level and had several resources.

Adesina said Africa is an important gas supplier to Europe with various energy resources and excellent agricultural capabilities, stressing that the continent offers essential investment opportunities.

He asserted the importance of attracting capital in cooperation with US agencies to support African investment.

Themed "Building the Future," the summit is organized under the patronage of King Mohammed VI and in partnership with the "Corporate Council on Africa" (CCA). It brings together a large US government delegation, African ministers, and decision-makers of the largest US multinationals and African business community.

The event is marked by high-level dialogues, plenary sessions, panels, roundtables, and side-events around the continent's priorities in food security, health, agriculture, energy transition, new technologies, infrastructure, and the integration of industrial ecosystems.



Trump Escalates Trade War with Sweeping Global Tariffs

US President Donald Trump holds a "Foreign Trade Barriers" document as he delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., US, April 2, 2025. REUTERS/Carlos Barria
US President Donald Trump holds a "Foreign Trade Barriers" document as he delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., US, April 2, 2025. REUTERS/Carlos Barria
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Trump Escalates Trade War with Sweeping Global Tariffs

US President Donald Trump holds a "Foreign Trade Barriers" document as he delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., US, April 2, 2025. REUTERS/Carlos Barria
US President Donald Trump holds a "Foreign Trade Barriers" document as he delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., US, April 2, 2025. REUTERS/Carlos Barria

US President Donald Trump intensified a global trade war Wednesday as he slapped sweeping tariffs on imports from allies and foes alike, sending markets into a tailspin and upending decades-long free trade norms.

The EU and China vowed retaliation against the levies, with Australia's leader saying the new tariffs were "not the act of a friend" and would hurt the close allies' relationship.

Shortly after Trump's proclamation, separate tariffs of 25 percent on all foreign-made cars and light trucks went into effect, with auto parts also due to be hit by May 3.

Holding up a chart of the sweeping measures in the White House Rose Garden, Trump unveiled particularly stinging tariffs on major trade partners China and the European Union on what he called "Liberation Day."

"This is one of the most important days, in my opinion, in American history," said Trump. "It's our declaration of economic independence."

The tariffs announcement triggered immediate anger around the world, with rival China warning they could "endanger" global economic development.

Stock markets looked set for major volatility Thursday, with Tokyo's Nikkei leading an Asian selloff, collapsing more than four percent, and Hanoi shares tanked more than five percent after Vietnam was targeted with tariffs of 46 percent.

US futures plummeted and safe haven gold hit a new record as investors took fright.

Trump reserved some of the heaviest blows for what he called "nations that treat us badly."

That included an additional 34 percent on goods from China -- bringing the new added tariff rate there to 54 percent.

Beijing swiftly vowed countermeasures and called for dialogue, warning the levies would "seriously harm" those involved.

The figure for the European Union was 20 percent, and 24 percent on Japan, whose trade minister called the tariffs "extremely regrettable."

For the rest, Trump said he would impose a "baseline" tariff of 10 percent, including another key ally, Britain.

The 78-year-old Republican brushed off fears of turmoil, insisting that the tariffs would restore the US economy to a lost "Golden Age."

"For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike," Trump said.

'Make America wealthy again'

A hand-picked audience of cabinet members, as well as workers in hard hats from industries including steel, oil and gas, whooped and cheered as Trump promised tariffs would "make America wealthy again."

Trump labeled Wednesday's tariffs "reciprocal" but many experts say his administration's estimates for levies placed on US imports by other countries are wildly exaggerated.

The US president had telegraphed the move for weeks, sparking fears of a recession at home as costs are passed on to US consumers, and a damaging trade war abroad.

US Treasury Secretary Scott Bessent warned against countermeasures, saying on Fox News: "If you retaliate, there will be escalation."

Some of the worst-hit trading partners were in Asia, including 49 percent for Cambodia, 46 percent for Vietnam and 44 percent for military-ruled Myanmar, recently hit by a devastating earthquake.

Russia was not affected because it is already facing sanctions over the Ukraine war "which preclude any meaningful trade," a White House official said.

Certain goods like copper, pharmaceuticals, semiconductors, lumber and gold will not be subject to the tariffs, according to the White House.

'Fight'

EU chief Ursula von der Leyen vowed Europe was "prepared to respond" to the tariffs, calling them a "major blow to the world economy."

Italian Prime Minister Giorgia Meloni, a close Trump ally, said the levies on the EU were "wrong" but pledged to seek a deal.

Britain escaped relatively lightly after a diplomatic offensive, but said it still wanted to "mitigate" the tariffs.

Canada and Mexico are not affected by the new levies as Trump has already punished them for what he says is their failure to stymie drug trafficking and illegal immigration.

Canadian Prime Minister Mark Carney vowed to "fight" the existing levies.

Trump's announcement is the culmination of a long love affair with tariffs, which he has seen for decades as a cure-all for America's trade imbalances and economic ills.

The 10 percent "baseline tariff" kicks in on Saturday, while the elevated rates for those the White House deemed "the worst offenders" will take effect on April 9.