Algeria Suspends Tax Payments for Firms Affected by Coronavirus

A general view shows an empty street after a curfew was imposed to prevent the spread of the coronavirus in Algiers, Algeria on March 25, 2020. (Reuters)
A general view shows an empty street after a curfew was imposed to prevent the spread of the coronavirus in Algiers, Algeria on March 25, 2020. (Reuters)
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Algeria Suspends Tax Payments for Firms Affected by Coronavirus

A general view shows an empty street after a curfew was imposed to prevent the spread of the coronavirus in Algiers, Algeria on March 25, 2020. (Reuters)
A general view shows an empty street after a curfew was imposed to prevent the spread of the coronavirus in Algiers, Algeria on March 25, 2020. (Reuters)

Algeria’s government, aiming to ease the impact of the coronavirus lockdown on state and private firms, will freeze the payment of taxes, the finance ministry said on Monday.

The move, which comes amid growing pressure on state finances due to a drop in energy earnings, follows a decision earlier this year to suspend the implementation of penalties on companies for delays in carrying out projects.

The government has also approved a measure to defer or reschedule loan payments for firms suffering losses due to restrictions meant to limit the spread of the pandemic.

OPEC member Algeria’s economy has been significantly hit because of a fall in global crude oil prices since the coronavirus outbreak which pushed down demand on international markets.

Oil and gas account for 60% of the state budget and 93% of total export revenue as the authorities have failed for now to diversify the economy away from energy.

Lockdowns aimed at reining in infections have further affected production in the North African nation of 45 million people.

The economy contracted 3.9% in the first quarter of 2020 compared with a 1.3% growth in the same period last year, according to official data.

But that situation has not prevented the government from taking steps to help firms with the aim of maintaining output and jobs mainly in the non-energy sector.

“Those measures aim to alleviate the repercussions of the health crisis and ensure the revival and preservation (of firms’) activities,” the finance ministry said in a statement.



US Hits Canadian Goods with 50% Tariffs After Trade Talks Fail

 Rolled coils of steel sit in the yard at the ArcelorMittal Dofasco steel plant in Hamilton, Ont. on Thursday, Aug. 20, 2026. (Nick Iwanyshyn /The Canadian Press via AP)
Rolled coils of steel sit in the yard at the ArcelorMittal Dofasco steel plant in Hamilton, Ont. on Thursday, Aug. 20, 2026. (Nick Iwanyshyn /The Canadian Press via AP)
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US Hits Canadian Goods with 50% Tariffs After Trade Talks Fail

 Rolled coils of steel sit in the yard at the ArcelorMittal Dofasco steel plant in Hamilton, Ont. on Thursday, Aug. 20, 2026. (Nick Iwanyshyn /The Canadian Press via AP)
Rolled coils of steel sit in the yard at the ArcelorMittal Dofasco steel plant in Hamilton, Ont. on Thursday, Aug. 20, 2026. (Nick Iwanyshyn /The Canadian Press via AP)

The US imposed 50% tariffs on some Canadian goods on Saturday after the two longstanding allies failed to reach a trade deal, with each side accusing the other of derailing days of talks.

The tariffs that came into effect just after midnight (0400 GMT) on some $20 billion of Canadian goods - things like wooden ice hockey sticks that are rarely used anymore - are far from an economic game-changer for the largest US trading partner after Mexico.

That represents just over 5% of Canada's exports to the US. But the new ‌tariffs mark an ‌increase in tensions between President Donald Trump and Prime Minister Mark ‌Carney, ⁠and will likely make broader ⁠talks to renew the US-Mexico-Canada free trade agreement more difficult.

Carney said he had suspended trade negotiations and Canada would retaliate "dollar for dollar" on the new tariffs.

"I have decided to suspend trade negotiations with the US and have directed Canada’s negotiators to return to Ottawa," Carney said in a statement.

"They (negotiators) have worked hard, in good faith, to defend the interests of Canadians throughout these negotiations up until the very last minute," he said. "However, last-minute changes in the US proposed terms were unfair, uneconomic, and called into question ⁠the reliability of any deal."

Carney, the only person to ever run ‌the central banks of two major economies, was elected last ‌year on promises to stand up to Trump and remains broadly popular. Polls show most Canadians oppose making ‌any concessions to Trump.

Hours earlier, the two sides had seemed close to an agreement that ‌sources said would have lowered tariffs on steel, aluminum and autos.

"Tonight, Canada declined to finalize the trade deal under the terms agreed earlier this week," US Trade Representative Jamieson Greer said during a White House briefing.

"This is a missed opportunity for Canada to partner with ‌the United States, which is the fastest-growing economy in the G7," Greer said.

A senior Trump administration official said the US offer would have put ⁠Canada in the best ⁠tariff position of any major exporter to the US, but that Canada had sought additional concessions, especially on steel, aluminum, autos and softwood lumber.

No additional talks are scheduled as the US implements the new duties, the official said.

Trump last month threatened to impose a raft of duties on a range of Canadian imports including furniture, dairy products, cement, clothing, fishing rods, hockey equipment.

The tariffs, which do not qualify for preferential treatment under the US-Mexico-Canada free-trade agreement, open up some already vulnerable sectors to potential severe damage that could lead to job losses and business closures, trade experts have said.

The decision by the US administration followed three days of talks in Washington between Canada's minister for trade with the US, Dominic LeBlanc, and Greer.

The new duties add to existing US tariffs on steel, lumber and autos which have taken major hit in the last 18 months, although the malaise has been largely contained within these sectors.


Trump Announces Temporary Tariff Relief on Ground Beef Imports

Beef cows gather at the Diamond J Angus Ranch, March 31, 2026 near Mandan, N.D. (AP)
Beef cows gather at the Diamond J Angus Ranch, March 31, 2026 near Mandan, N.D. (AP)
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Trump Announces Temporary Tariff Relief on Ground Beef Imports

Beef cows gather at the Diamond J Angus Ranch, March 31, 2026 near Mandan, N.D. (AP)
Beef cows gather at the Diamond J Angus Ranch, March 31, 2026 near Mandan, N.D. (AP)

President Donald Trump announced Friday that the United States would temporarily allow a greater volume of foreign beef imports, in his latest bid to lower costs for American consumers as midterm elections approach.

The US cattle herd has shrunk to its smallest size since the 1950s -- in part due to drought and international competition -- with the diminishing numbers pushing beef product prices higher.

"As we work to rebuild this herd and help our ranchers, for the next 90 days, the United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff," Trump wrote on his Truth Social platform.

The US president did not say which countries would be exporting the beef but added there was a commitment to sell it at 25 percent below market prices.

Steeper beef prices have become a symbol of high living costs in the world's biggest economy, pressing the Trump administration to take steps to bring costs down.

Affordability will be a key issue in November's midterm elections, where Democrats are seeking to wrest control of both houses of Congress from Trump's Republicans.

- 'Disappointed' -

US cattle and rancher groups have been resistant to importing more beef. Responding to the move, Senator Deb Fischer of Nebraska, a major beef-producing state, said she was "extremely disappointed."

"We all want lower grocery prices, but as I've said for months, we cannot do it at the expense of American producers. Flooding the market with foreign beef hurts our livestock industry," said Fischer, a Republican.

The National Cattlemen's Beef Association, a trade group, was similarly downbeat.

"Flooding the market with government-subsidized, below-market beef is not the way to rebuild the American cattle herd," CEO Colin Woodall said. "Today's announcement and other market interventions throw cold water on the prospect of herd expansion and sacrifices long-term stability for short-term messaging."

Responding to the criticism later in the day, Trump offered no details on how the plan would work but insisted he would get beef prices down because "that's what the voters want, and that's what I want."

Last fall, Trump demanded ranchers slash their prices, and he later moved to expand imports of beef trimmings from Argentina to cool ground beef prices.

He has also launched an investigation into the meatpacking industry over the high prices of red meat.

His latest effort comes as American households struggle with stubborn inflation, fueled by an energy crisis linked to the war on Iran.

Trump launched the war alongside ally Israel in late February, with Tehran's retaliatory action virtually blocking the Strait of Hormuz, a vital energy and fertilizer supply route.

This has pushed up fuel, transportation and food costs.

Despite higher beef prices, US consumer demand for meat remains robust.

The US Department of Agriculture estimates total beef consumption this year will hit 29.4 billion pounds, an uptick from 2025.

The American Farm Bureau Federation warned in May, however, that Americans are consuming more beef than US farmers and ranchers can supply.

It added that ranchers need to rebuild the US cattle herd -- or demand would have to cool -- in order for beef prices to fall.

Yet "cattle producers still face substantial uncertainty that clouds herd rebuilding decisions," wrote Bernt Nelson, an economist at the federation.

These include threats to animal health, including the New World screwworm, a flesh-eating parasite.


South Korea to Send First Container Ship Through Arctic Route

The container ship "Panstar Acro" is anchored to load containers at Busan New Port in Busan on August 22, 2026, as the vessel is scheduled to sail to Europe via the Arctic to test the commercial viability of the shipping route opened by melting ice. (AFP)
The container ship "Panstar Acro" is anchored to load containers at Busan New Port in Busan on August 22, 2026, as the vessel is scheduled to sail to Europe via the Arctic to test the commercial viability of the shipping route opened by melting ice. (AFP)
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South Korea to Send First Container Ship Through Arctic Route

The container ship "Panstar Acro" is anchored to load containers at Busan New Port in Busan on August 22, 2026, as the vessel is scheduled to sail to Europe via the Arctic to test the commercial viability of the shipping route opened by melting ice. (AFP)
The container ship "Panstar Acro" is anchored to load containers at Busan New Port in Busan on August 22, 2026, as the vessel is scheduled to sail to Europe via the Arctic to test the commercial viability of the shipping route opened by melting ice. (AFP)

South Korea was set Saturday to send its first trial container through the Arctic, as the Middle East war rattles global shipping, while environmental groups warned the route could accelerate polar ice melt.

The Middle East conflict, sparked by US-Israeli strikes on Iran in February, has roiled global shipping, sending governments and shipping firms scrambling to seek alternative routes.

Sailing from Busan New Port, the container ship -- the "PanStar Acro" -- will sail to Europe via the Arctic, testing whether a route opened by melting sea ice can be commercially viable.

"The ship will depart at 8 pm (1100 GMT) today unless there are unforeseen circumstances, such as bad weather," an oceans ministry official told AFP on Saturday.

The ship will leave for Felixstowe in Britain, Rotterdam in the Netherlands and Gdansk in Poland before returning, with the voyage expected to take about 45 days, according to the ministry.

The voyage follows that of the Chinese container ship "Dubai Tower", which left the eastern port city of Ningbo for Europe this month, heading north through the Bering Strait before turning west along Russia's Arctic coast.

The usual maritime route between Asia and Europe runs through the Suez Canal, but travelling through the Arctic can cut the journey by around 7,000 kilometers (4,300 miles) and about 10 days, according to the Korea Institute for International Economic Policy.

South Korea's Vice Oceans Minister Nam Jae-hon said the Arctic route was "bound to become an alternative" to Middle Eastern shipping lanes -- as geopolitical risks and technological advances make it increasingly competitive.

Marc Lanteigne, a political science professor at the Arctic University of Norway, said the voyage -- coming soon after China's "Dubai Tower" began its own Arctic journey -- showed the Northern Sea Route (NSR) was becoming normalized as a "secondary maritime transit corridor".

A successful voyage would demonstrate South Korea's interest in "developing alternative shipping sea lanes", he told AFP, with concerns that it could fall behind as Chinese firms expand regular services through the increasingly viable Arctic route.

- Russia issue -

Some experts warn South Korean ships using the Arctic route could risk breaching Western sanctions on Russia -- currently a key security ally of North Korea -- as they would receive Russian navigation and weather services involving payments, albeit small ones.

South Korea's foreign ministry declined to comment when asked by AFP about the concerns involving Russia.

The oceans ministry said this week that "consultations with key relevant countries and agencies" have been completed to "implement administrative procedures necessary" for the voyage.

Vladimir Tikhonov, Korean Studies professor at the University of Oslo, said "strictly speaking, US and EU sanctions are not international law, unlike UN sanctions".

"And with continued uncertainty in the Middle East - itself driven in part by US actions - South Korea may have few alternatives if the Arctic route proves economically viable," he told AFP.

Lanteigne said China's Northern Sea Route ambitions were more politically driven than South Korea's, with Beijing viewing the polar regions as "strategic new frontiers", raising Western security concerns.

Meanwhile, environmental groups warned growing traffic along the shorter NSR could accelerate Arctic sea ice loss already driven by global warming.

Major carriers including CMA CGM, MSC and Hapag-Lloyd have pledged to avoid Arctic shipping routes.

The NSR is believed to be accessible only during the time of year when the ice is melted enough to allow transits without icebreakers.

"The Northern Sea Route has become increasingly viable as the Arctic warms about four times faster than the global average, leading to a sharp decline in sea ice," South Korean environmental group Paran Ocean Citizen Science Center said in a statement last year.

"But making the route commercially viable would require further warming, putting the policy at odds with efforts to combat climate change."