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Who Is Karim Souaid, the New Governor of Lebanon’s Central Bank?

Karim Souaid, the new Governor of the Central Bank of Lebanon (LinkedIn)
Karim Souaid, the new Governor of the Central Bank of Lebanon (LinkedIn)
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Who Is Karim Souaid, the New Governor of Lebanon’s Central Bank?

Karim Souaid, the new Governor of the Central Bank of Lebanon (LinkedIn)
Karim Souaid, the new Governor of the Central Bank of Lebanon (LinkedIn)

The Lebanese Cabinet has appointed Karim Souaid as the new Governor of the Central Bank of Lebanon during a government session held on Thursday at the Presidential Palace in Baabda.

Souaid secured 17 votes out of 24, the total number of ministers in the Lebanese government.

He is expected to play a pivotal role in restructuring the commercial banking sector and managing the distribution of an estimated $72 billion in financial losses resulting from Lebanon’s economic collapse—a crisis that has impoverished most Lebanese citizens and devastated the local currency, according to Reuters.

Souaid brings extensive experience in finance, banking, and law. A member of the New York State Bar Association since 1989, he studied banking law at Harvard Law School, where he wrote his thesis on the Glass-Steagall Act of 1933, a landmark US law that separated commercial banking from speculative investment banking.

Souaid is closely associated with the “Harvard Plan” for resolving Lebanon’s economic crisis, a strategy funded by Growthgate Capital, where he served as founder and managing partner.

He also has hands-on experience in regulatory compliance, financial structuring, and capital markets. From 1996 to 2000, he worked in equity issuances and banking securities in Lebanon, ensuring compliance with the Central Bank of Lebanon’s regulations and the guidelines of the Lebanese Capital Markets Authority.

Between May 2000 and May 2006, Souaid served as General Manager of Investment Banking at HSBC Middle East.

In 2006, he founded Growthgate Equity Partners in the United Arab Emirates, an alternative asset management firm specializing in investments in private companies across the Middle East and North Africa (MENA) region.

Additionally, Souaid has worked closely with finance ministries and central banks in several Arab countries, including the UAE, Qatar, Oman, Kuwait, Bahrain, and Jordan. He has played a key role in structuring and managing public offerings and the sale of securities for privatized entities.

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China Exempts Some Goods from US Tariffs to Limit trade War Pain

TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
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China Exempts Some Goods from US Tariffs to Limit trade War Pain

TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT

China has exempted some US imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout.

The dispensation, which follows de-escalatory statements from Washington, signals that the world's two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession.

Beijing's exemptions - which business groups hope would extend to dozens of industries - pushed the US dollar up slightly and lifted equity markets in Hong Kong and Japan.

“As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu, a senior adviser to the Conference Board's China Center, a think tank.

But, he cautioned: "It’s clear that neither the US nor China want to be the first in reaching out for a deal."

China has not yet communicated publicly on any exemptions. A Friday statement by the Politburo, the Communist Party's elite decision-making body, focused on efforts to maintain stability at home by supporting firms and workers most affected by tariffs.

The readout, which followed the Politburo's regular monthly meeting, showed that Beijing was also ready to hunker down and fight a trade war of attrition if needed to outlast Washington in enduring the pain from the breakdown of their relationship.

A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a person with knowledge of that outreach.

The ministry said on Thursday it had held a meeting with more than 80 foreign companies and business chambers in China to discuss the impact of US tariffs on investment and the operation of foreign firms in the country.

"The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain," American Chamber of Commerce in China President Michael Hart said.

Hart added some member pharmaceutical companies had reported being able to import drugs to China without tariffs. He believed the exemptions were drug-specific, not industry-wide.

The chief executive of French aircraft engine maker Safran said on Friday it had been informed last night that China had granted tariff exemptions on "a certain number of aerospace equipment parts" including engines and landing gear.

The tariff exemptions under consideration by Beijing could provide cost relief for companies in China and take pressure off US exports at a time when the Trump administration has shown signs of wanting to make a deal with Beijing.

The European Union Chamber of Commerce in China also said it had raised the issue of tariff exemptions with the commerce ministry and was awaiting a response.

"Many of our member companies are significantly impacted by the tariffs on critical components imported from the US," President Jens Eskelund said.

A list of 131 categories of products said to be under consideration for tariff exemptions was circulating on Chinese social media platforms and among some businesses and trade groups on Friday. Reuters could not verify the list, which included items ranging from vaccines and chemicals to jet engines.

Huatai Securities said the list corresponded to $45 billion worth of imports to China last year.

China's customs agency and Ministry of Commerce did not reply to requests for comment. China's foreign ministry said it was not familiar with tariff exemption plans, redirecting queries to "relevant authorities".