Business
China raises its retaliatory tariff on the US to 84%
New Volvo vehicles waiting for shipment at the Yangtze port, in Nanjing city in east China’s Jiangsu province, Wednesday, April 9, 2025. ( AP)
BANGKOK, April 9, (AP): China again vowed to “fight to the end” Wednesday in an escalating trade war with the U.S. as it announced it would raise tariffs on American goods to 84% from Thursday.
Beijing also added an array of countermeasures after U.S. President Donald Trump raised the total tariff on imports from China to 104%. Beijing said it was launching an additional suit against the U.S. at the World Trade Organization and placed further restrictions on American companies’ trade with Chinese companies.
“If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end,” the Ministry of Commerce wrote in a statement introducing its white paper on trade with the U.S.
The government declined to say whether it would negotiate with the White House, as many other countries have started doing. On Friday, China announced a 34% tariff on all goods imported from the U.S, export controls on rare earths minerals, and a slew of other measures in response to Trump’s “Liberation Day” tariffs.
Trump then added an additional 50% tariff on goods from China, saying negotiations with them were terminated. Wednesday’s newest measures include adding 11 American companies to a so-called “unreliable entities” list that would bar Chinese companies from selling them dual-use goods.
Among the companies are American Photonics, and SYNEXXUS, both of whom work with the American military. So far, China has not appeared interested in bargaining. “If the U.S. truly wants to resolve issues through dialogue and negotiation, it should adopt an attitude of equality, respect, and mutual benefit,” said Ministry of Foreign Affairs spokesman Lin Jian Wednesday.
The paper says that the U.S. has not honored the promises it made in the phase 1 trade deal concluded during Trump’s first term. As an example, it said that a U.S. law that would ban TikTok unless it is sold by its Chinese parent company violates a promise that neither would “pressure the other party to transfer technology to its own individuals.”
Trump signed an order to keep TikTok running for another 75 days last week after a potential deal to sell the app to American owners was put on ice. ByteDance representatives called the White House to indicate that China would no longer approve the deal until there could be negotiations about trade and tariffs.
The paper also argued that taking into account trade in services and U.S. companies’ domestic Chinese branches, economic exchange between the two countries is “roughly in balance.”
It says that China had a trade in services deficit with the U.S. of $26.57 billion in 2023, which is composed of industries like insurance, banking and accounting. Trump’s tariffs were designed to close trade deficits with foreign countries, but those were calculated only based on trades in physical, tangible goods.
“History and facts have proven that the United States’ increase in tariffs will not solve its own problems,” said the statement from the Chinese commerce ministry. “Instead, it will trigger sharp fluctuations in financial markets, push up U.S. inflation pressure, weaken the U.S. industrial base and increase the risk of a U.S. economic recession, which will ultimately only backfire on itself.
The Kuwait government approves tougher measures to tackle financial crimes.
KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.
The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.
During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.
The new decree law includes two significant amendments:
- Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
- Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n
The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.
Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.
Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
Updated regulations aim to boost fair use and revenue from state properties.
KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.
In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.
Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.
“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.
She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.
The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.
In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.
The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.
Three injured in vehicle collision and fire on Jahra Road
410 students benefit from Educational Care Bank project
97,000 reverts and counting: IPC’s role in spreading Islam
-
Business15 hours agoSecond phase of merging Kuwait oil companies underway
-
Business23 hours agoKuwait moves to diversify revenue with new MNE tax framework
-
Latest News15 hours agoKuwait inaugurates unmanned surface vessels to boost defense capabilities
-
Politics23 hours agoKuwait launches crackdown on illegal encroachments in desert zones
-
Business19 hours ago
Kuwait updates regulations for public properties and service fees
-
Business17 hours agoKuwait enhances laws to combat money laundering and terror funding
-
Latest News9 hours ago97,000 reverts and counting: IPC’s role in spreading Islam
-
Latest News13 hours agoAmir hails efforts to develop new curricula