Türkiye, Israel Announce Trade Barriers on Each Other as Relations Deteriorate over Gaza

Destroyed buildings and rubble are seen as an ambulance passes by, amid the ongoing conflict between Israel and Palestinian group Hamas, in Khan Younis, Gaza April 7, 2024, as seen in this screen grab taken from a handout video. (Palestine Red Crescent Society/Handout via Reuters)
Destroyed buildings and rubble are seen as an ambulance passes by, amid the ongoing conflict between Israel and Palestinian group Hamas, in Khan Younis, Gaza April 7, 2024, as seen in this screen grab taken from a handout video. (Palestine Red Crescent Society/Handout via Reuters)
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Türkiye, Israel Announce Trade Barriers on Each Other as Relations Deteriorate over Gaza

Destroyed buildings and rubble are seen as an ambulance passes by, amid the ongoing conflict between Israel and Palestinian group Hamas, in Khan Younis, Gaza April 7, 2024, as seen in this screen grab taken from a handout video. (Palestine Red Crescent Society/Handout via Reuters)
Destroyed buildings and rubble are seen as an ambulance passes by, amid the ongoing conflict between Israel and Palestinian group Hamas, in Khan Younis, Gaza April 7, 2024, as seen in this screen grab taken from a handout video. (Palestine Red Crescent Society/Handout via Reuters)

Türkiye and Israel announced trade barriers on each other Tuesday as relations deteriorated further amid the war in Gaza.

Türkiye, a staunch critic of Israel’s military actions in the territory, announced that it was restricting exports of 54 types of products to Israel with immediate effect. They include aluminum, steel, construction products, jet fuel and chemical fertilizers. In response, Israel said it was preparing a ban on products from Türkiye.

The announcements came a day after Turkish Foreign Minister Hakan Fidan said Israel had barred Turkish military cargo planes from joining an operation to airdrop humanitarian aid to Gaza and vowed to respond with a series of measures against Israel until it declares a cease-fire and allows aid to flow in without interruptions.

“There is no excuse for Israel to block our attempt to deliver aid by air to starving people of Gaza,” Fidan said.

Turkish President Recep Tayyip Erdogan's government, which suffered major setbacks in local elections last month, is faced with intense pressure at home to halt trade with Israel. Critics accuse the government of engaging in double standards by leveling strong accusations against Israel while continuing lucrative commercial relations.

Erdogan, whose ruling party has roots in Türkiye’s Islamic movement, has been an outspoken critic of Israel’s treatment of the Palestinians since taking office in 2003.

The Turkish leader stepped up his criticism of Israel following its military offensive in Gaza, describing Israel’s actions as war crimes verging on “genocide” and asserting that the Hamas militant group, considered a terrorist organization by Israel, the United States and European Union, is fighting for the liberation of its lands and people.

In a post on X, Israeli Foreign Minister Israel Katz said Erdogan was “once again sacrificing the economic interests of the people of Türkiye for his support of the Hamas murderers in Gaza.”

In the same post, he said he had contacted organizations in the US and asked them to stop investing in Turkey and refrain from importing Turkish goods.

Hamish Kinnear, senior Middle East and North Africa analyst at Britain-based risk intelligence company Verisk Maplecroft, said domestic considerations were behind Türkiye’s decision to slap trade restrictions on Israel, saying Erdogan’s ruling party was trying to “rally its base in the wake of defeat in local elections.”

“Reduced bilateral trade will be the result, especially if Israel retaliates with trade restrictions of its own,” Kinnear said. “Türkiye’s government has likely made the calculation that damaged trade ties are worth it for the potential gain in domestic political support.”

Turkish exports to Israel amounted to $5.4 billion in 2023, according to the Turkish Statistical Institute.

Türkiye and Israel had normalized ties by appointing ambassadors to their respective countries in 2022, following years of tensions.

Since January, Turkish authorities have detained dozens of people, including private detectives, on suspicion of spying for Israel, mostly on Palestinians living in Türkiye.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.