‘We Love Japan,’ Says Trump as He Welcomes Ishiba amid Simmering Trade Tensions

 President Donald Trump greets Japanese Prime Minister Shigeru Ishiba in the Oval Office of the White House, Friday, Feb. 7, 2025, in Washington. (AP)
President Donald Trump greets Japanese Prime Minister Shigeru Ishiba in the Oval Office of the White House, Friday, Feb. 7, 2025, in Washington. (AP)
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‘We Love Japan,’ Says Trump as He Welcomes Ishiba amid Simmering Trade Tensions

 President Donald Trump greets Japanese Prime Minister Shigeru Ishiba in the Oval Office of the White House, Friday, Feb. 7, 2025, in Washington. (AP)
President Donald Trump greets Japanese Prime Minister Shigeru Ishiba in the Oval Office of the White House, Friday, Feb. 7, 2025, in Washington. (AP)

US President Donald Trump welcomed Japanese Prime Minister Shigeru Ishiba at the White House on Friday as two allies wary of China's rise work to boost business and security ties while an escalating trade war threatens to rupture the global economy.

"We love Japan!" Trump said as he greeted Ishiba and the two shook hands.

Trump, whose first three weeks in office have shredded norms and shaken foreign capitals from Ottawa to Bogota, has taken a more conventional approach to Washington's longstanding Asia-Pacific allies, including Japan, South Korea, Australia and the Philippines.

But those friendships may be tested as Trump's early fight with China over synthetic opioids and warnings of tariffs against other countries - Japan included - threaten to disrupt commercial relations in Asia and beyond.

A senior Trump administration official told reporters the leaders would discuss military training exercises, increased cooperation on defense equipment and technology, foreign investment and energy.

They will also discuss cybersecurity, space and joint business opportunities in the artificial intelligence and semiconductor sectors, the official said.

"The United States is proud of our long and close alliance with Japan," the official said. "Our two nations will continue to work together to ensure we deter threats in the region through our full range of military capabilities," the official said.

Asked about the US trade deficit with Japan and the threat of tariffs, a second senior Trump administration official said: "We all know that President Trump pays a lot of attention to deficits as an indication of the economic fairness and strength of the relationship so I'm sure discussions will happen about that."

Trump told Republican lawmakers he plans to announce more reciprocal tariffs on foreign imports as early as Friday, two sources familiar with the plans told Reuters.

Trump put a 10% tariff on all imports from China in what he called an "opening salvo" in a clash between the world's two largest economies, sending consumers and businesses scrambling to adjust.

Japan is especially trade-dependent: it is a major exporter and counts on imports for much of its food and natural resources, and many of its firms are deeply invested in and reliant on China.

Tokyo shares the hawkish outlook towards China of Trump's national security team over Beijing's global ambitions and extensive territorial claims in Asia, including the vital chip-producing island of Taiwan.

At the same time, Japanese officials are wary of possible efforts by Beijing to court the US president with promises of cooperation on key global issues, including trade. Trump spoke to Chinese President Xi Jinping days before taking office and has said he will discuss tariffs with him soon.

Japanese officials speaking privately say they are comfortable in dealing with Trump's China hawks, including Secretary of State Marco Rubio and national security Michael Waltz, but less so with those in the administration with strong business ties with Beijing, such as billionaire Elon Musk, who has developed a significant Washington power base.

Trump and Ishiba are due to hold a joint press conference on Friday afternoon.

BRACING FOR TRUMP DEMANDS

For Tokyo, the early White House visit is a promising signal from the new Trump administration.

"There's two foreign heads of state that have been received in the Oval Office," said Rahm Emanuel, Biden's ambassador to Tokyo. "That's Bibi Netanyahu of Israel, and Japan. So that's a good thing, and that's a good sign."

Trump was close with the late Japanese Prime Minister Shinzo Abe but has no relationship with Ishiba, who took office in October. That is something Japanese officials want to change, and they plan to invite Trump to visit Japan.

Japan is girding for Trump to demand concessions to reduce the $56 billion bilateral trade surplus and stave off the threat of tariffs.

Tokyo has been preparing some concessions, officials told Reuters, including considering to buy more LNG from the United States and offering support for a $44 billion gas pipeline in Alaska. SoftBank CEO Masayoshi Son has also promised to invest hundreds of billions in artificial intelligence in the US.

"The Japanese are definitely thinking of ways to both reduce the deficit and create jobs in the United States in industrial sectors that are of particular interest to Donald Trump," said Kenneth Weinstein, head of Japan program at Washington's conservative Hudson Institute think tank.

There are tensions beyond trade, including the attempted takeover of US Steel by Japan's Nippon Steel. Former President Joe Biden blocked this but delayed enforcement pending legal action; Trump has also vowed to block the deal.

However, there are also solid signs of stability and the two leaders are expected to agree language on security issues, including China and Taiwan, according to another official familiar with the discussions.

Discussions are also expected on North Korea, and the Trump official noted that the administration was committed to the complete denuclearization of North Korea, while the President had voiced his openness to engaging with North Korea. Trump did this in his first term, although little came of the effort.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.