South Korea Aims to Delay US Tariffs in Talks, Cooperate in Mutual Areas 

Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 
Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 
TT

South Korea Aims to Delay US Tariffs in Talks, Cooperate in Mutual Areas 

Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 
Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 

South Korea will seek to delay the implementation of tariffs as long as possible in negotiations with the United States, its finance minister said on Tuesday, as Seoul targets cooperation in areas of mutual interest such as shipbuilding and energy.

Officials in Seoul have been scrambling to limit the damage to the export-reliant economy from the threat of looming duties.

South Korea is among the countries that US Treasury Secretary Scott Bessent has said Washington would sit down with to discuss the tariffs imposed by US President Donald Trump.

The priority was to delay the tariffs "as much as possible" to help reduce the uncertainty the country's businesses face in the global market, South Korea's Finance Minister Choi Sang-mok told parliament.

"From our national interest perspective, the idea is to negotiate as much as possible and wrap it up under the new government," he said in answer to a lawmaker's question about the direction of Seoul's response.

Trump hit Asia's fourth-largest economy with 25% "reciprocal" tariffs earlier this month as he targeted dozens of countries with import duties as high as 49%. He has since paused their implementation by 90 days but has maintained a 10% blanket tariff on all goods imports and ratcheted up levies on China.

The tariff shock comes as South Korea prepares to pick a new president in a snap election on June 3 after Yoon Suk Yeol was ousted this month over his short-lived martial law declaration.

While the power vacuum has raised questions about the mandate of acting President Han Duck-soo and the direction of its response to Trump's sweeping tariffs, Han's government has engaged with top US administration officials.

Han spoke to Trump last week in a phone call, while South Korea's top trade envoy met US Trade Representative Jamieson Greer to discuss lowering tariffs.

Trade and Industry Minister Ahn Duk-geun may travel to Washington next week for further talks, media reports said.

Choi said discussions between Trump and Han touched on the spirit of reaching a solution that meets the allies' mutual interests and includes cooperation in the shipbuilding sector and potential involvement in an Alaska gas pipeline project.

Seoul has previously indicated it was open to possible involvement in the gas project and that potential cooperation with Washington in the shipbuilding sector was a "very important card" in negotiations.

Trump's delay to some tariffs means the work of negotiating a trade arrangement to address the US president's claim of unfair trade will fall on a new South Korean president, who will take office immediately after the June 3 vote.

The tariff pause does not apply to the 25% duty that Trump imposed on steel and aluminium as well as vehicles.

South Korea is a leading global exporter of cars and steel to the United States.

Seoul announced on Tuesday an increase in its support package for its key semiconductor industry to 33 trillion won ($23.25 billion), amid growing policy uncertainty over US policies.

Trump said on Sunday he would be announcing the tariff rate on imported semiconductors over the next week, adding that there would be flexibility with some companies in the sector.



Iraq Says Kurdish Authorities Refusing to Let It Send Oil Through Their Pipeline

A truck drives at the Iraq-Iran border crossing of Bashmagh near Sulaimaniyah in Iraq's autonomous Kurdistan region on March 11, 2026. (AFP)
A truck drives at the Iraq-Iran border crossing of Bashmagh near Sulaimaniyah in Iraq's autonomous Kurdistan region on March 11, 2026. (AFP)
TT

Iraq Says Kurdish Authorities Refusing to Let It Send Oil Through Their Pipeline

A truck drives at the Iraq-Iran border crossing of Bashmagh near Sulaimaniyah in Iraq's autonomous Kurdistan region on March 11, 2026. (AFP)
A truck drives at the Iraq-Iran border crossing of Bashmagh near Sulaimaniyah in Iraq's autonomous Kurdistan region on March 11, 2026. (AFP)

Iraq’s oil ministry said the Kurdistan Regional Government had refused to let it use a pipeline as an alternative route for crude flows disrupted by the Iran conflict, accusing authorities there of putting up irrelevant conditions.

A senior Kurdish government official told Reuters authorities there would be happy for the Iraqi government to use the pipeline, but said Baghdad first needed to lift what he called a "dollar ‌embargo" on the ‌region.

"We want a deal. We ‌want ⁠to help Iraq ⁠and bring relief to the markets, but this embargo must end first," the official said.

Oil production from Iraq's main southern oilfields, where most of its crude is produced and exported, has plunged 70% to just 1.3 million bpd, sources told Reuters on March 8, ⁠as the Iran conflict effectively shut off ‌the vital Strait of ‌Hormuz.

Iraq's oil ministry sent a letter in early March to ‌the Kurdistan Regional Government seeking permission to pump ‌at least 100,000 barrels per day of crude from Kirkuk oilfields through the Kurdistan pipeline network to Türkiye's Ceyhan energy hub, two oil officials told Reuters last week.

The Kurdish official ‌said they had been pressing for an end to what he said was ⁠a bar ⁠on the region's banks accessing dollars for goods imported through its borders and airports.

Kurdish officials say tensions with Baghdad have risen after the federal government moved to implement a new electronic customs system, allowing it to monitor imports and revenues, a step the KRG sees as undermining its autonomy and control over trade.

Iraq's oil ministry said the Kurdistan Regional Government's Ministry of Natural Resources had "set a number of conditions unrelated to the issue of crude oil exports."


Over 400 Million Barrels of Emergency Oil Reserves to Flow to Global Markets Soon, IEA Says

 A woman holds a fuel pump as she fills her car tank at a gas station in the Manhattan borough of New York City on March 14, 2026. (AFP)
A woman holds a fuel pump as she fills her car tank at a gas station in the Manhattan borough of New York City on March 14, 2026. (AFP)
TT

Over 400 Million Barrels of Emergency Oil Reserves to Flow to Global Markets Soon, IEA Says

 A woman holds a fuel pump as she fills her car tank at a gas station in the Manhattan borough of New York City on March 14, 2026. (AFP)
A woman holds a fuel pump as she fills her car tank at a gas station in the Manhattan borough of New York City on March 14, 2026. (AFP)

Oil from the International Energy Agency emergency reserves will begin flowing to global markets soon, with member countries pledging to make available 411.9 million barrels, ‌the agency ‌said in ‌a ⁠statement on Sunday.

Governments have ⁠committed to make available 271.7 million barrels of oil from government stocks, 116.6 million ⁠barrels from obligated industry ‌stocks ‌and 23.6 million barrels ‌from other sources, the ‌statement said.

It added that 72% of planned releases are in ‌the form of crude oil and 28% ⁠are ⁠oil products.

Stocks from Asia Oceania countries will be available immediately and stocks from Europe and the Americas will be available at the end of March.


Saudi Economy Accelerates as Diversification and Legal Reforms Drive Growth

Quality of life represents a strategic national priority in Saudi Arabia (SPA). 
Quality of life represents a strategic national priority in Saudi Arabia (SPA). 
TT

Saudi Economy Accelerates as Diversification and Legal Reforms Drive Growth

Quality of life represents a strategic national priority in Saudi Arabia (SPA). 
Quality of life represents a strategic national priority in Saudi Arabia (SPA). 

Saudi Arabia’s economy has undergone nearly a decade of transformation under Crown Prince Mohammed bin Salman, as sweeping reforms and diversification efforts reshape the country’s economic landscape.

Since the launch of Saudi Vision 2030 in April 2016, the Kingdom has embarked on its most significant economic shift in decades. The transformation has extended far beyond fiscal adjustments or limited diversification programs, evolving instead into a broad structural reform aimed at reducing reliance on oil and building a more diverse and dynamic economy.

Economic indicators suggest the strategy is gaining traction. Saudi Arabia’s gross domestic product (GDP) rose from about SAR 2.6 trillion in 2016 to nearly SAR 4.7 trillion in recent years, roughly $1.3 trillion, according to the latest official figures. That represents an average cumulative annual growth rate of about 8 percent, placing the Kingdom among the fastest-growing major economies globally during this period.

The shift reflects Vision 2030’s broader strategy to expand non-oil industries and widen the country’s production base beyond hydrocarbons.

 

Faisal Al-Fadhel, a legal expert in economic legislation and a member of the board of trustees of the Riyadh Economic Forum, said the reforms launched under Crown Prince Mohammed bin Salman have introduced a more diversified and sustainable economic model.

“Saudi Arabia has moved toward reducing its dependence on oil while expanding promising sectors such as tourism, technology, logistics and advanced industries,” Al-Fadhel told Asharq Al-Awsat. “This approach enhances the resilience of the national economy and increases the attractiveness of the Saudi market for both domestic and foreign investors.”

Recent economic indicators support that assessment. Non-oil activities have recorded strong growth, the private sector’s contribution to GDP has expanded, and foreign direct investment inflows have increased. At the same time, Saudi Arabia has improved its standing in global competitiveness indicators, reinforcing its ambitions to become a regional hub for business and investment.

Al-Fadhel noted that the transformation has also been supported by a broad legislative reform agenda designed to modernize the regulatory environment. Key economic and commercial laws — including the Companies Law, Investment Law, and Bankruptcy Law — have been updated, alongside regulations related to corporate governance, investor protection and competition. The reforms aim to improve transparency, regulatory certainty and the efficiency of the investment environment.

Non-Oil Sectors Lead Growth

One of the most visible outcomes of the economic shift is the rising contribution of non-oil sectors, which now account for 56 percent of GDP. Data show that non-oil activities were the primary driver of real economic growth in 2025.

Saudi Arabia ended 2025 with its strongest growth in two years, with GDP expanding 4.5 percent, according to estimates by the General Authority for Statistics (GASTAT). The economy grew 5 percent in the fourth quarter, with all major sectors contributing to the expansion compared with 2024.

Labor Market Changes

The Saudi labor market has also seen notable shifts. Unemployment among Saudi nationals has declined, while female participation in the workforce has reached record levels following a series of labor and regulatory reforms.

More than 2.48 million Saudis have joined the private sector in recent years, reflecting the impact of job localization policies. Economic transformation programs have also generated roughly 800,000 new jobs, with strong growth in engineering professions.

Employment opportunities have expanded particularly in tourism, supported by major entertainment and tourism projects, as well as in the pharmaceutical and medical manufacturing industries, where job numbers have doubled.

Investment at the Center

Investment has become a central pillar of the Kingdom’s economic strategy. Crown Prince Mohammed bin Salman has positioned both domestic and foreign investment as key drivers of growth and diversification.

The government established the Ministry of Investment and launched the National Investment Strategy as a comprehensive framework to boost capital formation. Total investment — measured by fixed capital formation — has risen from about SAR 672 billion in 2017 to roughly SAR 1.44 trillion by the end of 2024, more than doubling in less than a decade.

Al-Fadhel emphasized that the private sector is a critical partner in achieving Vision 2030 goals through expanded investment, technological adoption, innovation, and entrepreneurship.

Public Investment Fund Expands Role

The Public Investment Fund (PIF) has emerged as a central instrument of the transformation. With assets estimated at SAR 3.47 trillion, it has become one of the world’s largest sovereign wealth funds.

PIF is leading major investments in tourism, renewable energy, industry, technology and entertainment while launching large-scale development projects designed to create new industries and strengthen Saudi Arabia’s position as a global economic hub.