KAPSARC, IEEJ Sign Agreement to Strengthen Partnership between Saudi Arabia and Japan

The signing ceremony, which was held in Jeddah, came on the sidelines of the visit of Japanese Prime Minister Fumio Kishida to Saudi Arabia
The signing ceremony, which was held in Jeddah, came on the sidelines of the visit of Japanese Prime Minister Fumio Kishida to Saudi Arabia
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KAPSARC, IEEJ Sign Agreement to Strengthen Partnership between Saudi Arabia and Japan

The signing ceremony, which was held in Jeddah, came on the sidelines of the visit of Japanese Prime Minister Fumio Kishida to Saudi Arabia
The signing ceremony, which was held in Jeddah, came on the sidelines of the visit of Japanese Prime Minister Fumio Kishida to Saudi Arabia

The King Abdullah Petroleum Studies and Research Center (KAPSARC) has signed a memorandum of understanding (MoU) with the Institute of Energy Economics, Japan (IEEJ) to support their strategic partnership, lay a solid foundation for joint ventures, and promote areas of applied research activities, with the aim of accelerating innovation and stimulating the energy transition for a more sustainable energy future.

The signing ceremony, which was held in Jeddah on Tuesday, came on the sidelines of the visit of Japanese Prime Minister Fumio Kishida to Saudi Arabia.

The new cooperation agreement comes within the framework of the "Manar" initiative for clean energy cooperation, launched by the Saudi and Japanese sides, to be a guiding light to other countries and regions of the world in their quest to develop their strategies and plans to achieve their ambitions to reach climate neutrality.

The Saudi-Japanese cooperation includes research and applied activities that include joint workshops, holding events and participation in international conferences, evaluating experts specialized in the same field for research and policy papers, and exchanging researchers. KAPSARC and the IEEJ seek to make a positive impact on the energy community by building a supportive knowledge sharing ecosystem.

Expanding the scope of mutual collaboration, the partnership will encompass areas of mutual interest by combining knowledge wealth and research capabilities, including innovative solutions to address contemporary energy challenges such as hydrogen, ammonia, synthetic fuels (methane), carbon capture, use and storage technologies, carbon recycling and direct air capture, nuclear energy, and a variety of other specialized solutions to address today's energy challenges.

"The collaboration between KAPSARC and IEEJ has gone beyond energy, climate, and sustainability policies to include various other supporting factors such as technology and finance, with the aim of ensuring a fair and inclusive energy transition," said KAPSARC President Fahad Al-Ajlan.

"This transition is a pivotal pillar not only for both countries, but for the entire world, where more than 3 billion people lack access to energy,” he said.

IEEJ Chairman and CEO Tatsuya Terazawa pointed out the importance of consolidating cooperation with KAPSARC through this agreement and said he looks forward to strengthening cooperation with KAPSARC at the highest level to materialize the hoped-for expectations into reality and work towards achieving global leadership.



China Hits Back at US and Will Raise Tariffs on American Goods from 84% to 125%

An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
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China Hits Back at US and Will Raise Tariffs on American Goods from 84% to 125%

An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura

China announced Friday that it will raise tariffs on US goods from 84% to 125% — the latest salvo in an escalating trade war between the world's two largest economies that has rattled markets and raised fears of a global slowdown.

While US President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145%. China has denounced the policy as “economic bullying" and promised countermeasures. The new tariffs begin Saturday.

Washington's repeated raising of tariffs “will become a joke in the history of the world economy,” a Chinese Finance Ministry spokesman said in a statement announcing the new tariffs. “However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end.”

China’s Commerce Ministry said it would file another lawsuit with the World Trade Organization against the US tariffs.

“There are no winners in a tariff war,” Chinese leader Xi Jinping said during a meeting with the Spanish Prime Minister Pedro Sanchez, according to a readout from state broadcaster CCTV. “For more than 70 years, China has always relied on itself ... and hard work for development, never relying on favors from anyone, and not fearing any unreasonable suppression.”

Chinese Foreign Minister Wang Yi on Friday said China stands firm against Trump’s tariffs not only to defend its own rights and interests but also to “safeguard the common interests of the international community to ensure that humanity is not dragged back into a jungle world where might makes right.”

Wang made the remarks when he met Rafael Mariano Grossi, director general of the International Atomic Energy Agency in Beijing. Wang said China will “work together with other countries to jointly resist all retrogressive actions in the world.”

Trump's on-again, off-again measures have caused alarm in stock and bond markets and led some to warn that the US could be headed for a recession. There was some relief when Trump paused the tariffs for most countries — but concerns remain since the US and China are the world's No. 1 and No. 2 economies, respectively.

“The risk that this escalating trade war tips the world into a recession is rising as the two largest and most powerful countries in the world continue to punch back with higher and higher tariffs,” Jennifer Lee, a senior economist at BMO Capital markets, wrote Friday. “No one truly knows when this will end.”

Chinese tariffs will affect goods like soybeans, aircrafts and their parts and drugs — all among the country's major imports from the US Beijing, meanwhile, suspended sorghum, poultry and bonemeal imports from some American companies last week, and put more export controls on rare earth minerals, critical for various technologies.

The United States' top imports from China, meanwhile, include electronics, like computers and cell phones, industrial equipment and toys — and consumers and businesses are likely to see prices rise on those products, with tariffs now at 145%.

Trump announced on Wednesday that China would face 125% tariffs, but he did not include a 20% tariff on China tied to its role in fentanyl production.

White House officials hope the import taxes will create more manufacturing jobs by bringing production back to the United States — a politically risky trade-off that could take years to materialize, if at all.