Business
China reaches out to others as Trump layers on tariffs
People walk by the Beijing Stock Exchange on the Financial Street, in Beijing, Thursday, April 10, 2025. (AP)
BEIJING, April 10, (AP): China is reaching out to other nations as the U.S. layers on more tariffs, in what appears to be an attempt by Beijing to form a united front to compel Washington to retreat.
Days into the effort, it’s meeting only partial success from countries unwilling to ally with the main target of President Donald Trump’s trade war. Facing the cratering of global markets, Trump on Wednesday backed off his tariffs on most nations for 90 days, saying countries were lining up to negotiate more favorable conditions.
China has refused to seek talks, saying the US was insincere and that it will “fight to the end” in a tariff war, prompting Trump to further jack up the tax rate on Chinese imports to 125%. China has retaliated with tariffs on U.S. goods of 84%, which took effect Thursday.
Trump’s move was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to a showdown between the U.S. and China.
China has thus far focused on Europe, with a phone call between Premier Li Qiang and European Commission President Ursula von der Leyen “sending a positive message to the outside world.” The two are each other’s largest trading partners.
“China is willing to work with the EU to jointly implement the important consensus reached by the leaders of China and the EU, strengthen communication and exchanges, and deepen China-EU trade, investment and industrial cooperation,” the official Xinhua News Agency reported.
That was followed by a video conference between Chinese Commerce Minister Wang Wentao and EU Commissioner for Trade and Economic Security Šefčović on Tuesday to discuss the U.S. “reciprocal tariffs.”
Wang said the tariffs “seriously infringe upon the legitimate interests of all countries, seriously violate WTO rules, seriously damage the rules-based multilateral trading system, and seriously impact the stability of the global economic order,” Xinhua said. “It is a typical act of unilateralism, protectionism and economic bullying,” Wang said quoted as saying.
“China is willing to resolve differences through consultation and negotiation, but if the U.S. insists on its own way, China will fight to the end,” Wang said. Wang has also spoken with the 10-member Association of Southeast Asian Nations, while Li, the premier, has met with business leaders.
China has “already made a full evaluation and is prepared to deal with all kinds of uncertainties, and will introduce incremental policies according to the needs of the situation,” Xinhua quoted Li as saying. Not all countries are interested in linking up with China, especially those with a history of disputes with Beijing.
“We speak for ourselves, and Australia’s position is that free and fair trade is a good thing,” Australian Prime Minister Anthony Albanese told reporters. “We engage with all countries, but we stand up for Australia’s national interest and we stand on our own two feet.”
China imposed a series of official and unofficial trade barriers against Australia in 2020 after the then-government angered Beijing by calling for an independent inquiry into the COVID-19 pandemic. India has also reportedly turned down a Chinese call for cooperation, and Russia, typically seen as China’s closest geopolitical partner, has been left out of the Trump tariffs altogether.
Yet, Southeast Asian nations such as Vietnam and Cambodia find themselves in a particular bind. They benefited when factories moved to their countries from China due to rising costs.
They are being hit by punishing tariffs but have few buyers outside the U.S. and are already operating on razor-thin margins. Trump had previously denied contemplating a pause, but the drama over his tariffs will continue as the administration prepares to engage in country-by-country negotiations. Meanwhile, tariffs will be 10% for the countries where the larger ones were paused.
Kuwait enhances Stock Exchange access for emerging firms with amendments to listing rules.
KUWAIT CITY, July 1: Kuwait’s Capital Markets Authority (CMA) has officially launched a new regulatory environment to support the listing and trading of emerging companies on the Kuwait Stock Exchange (KSE), in cooperation with Boursa Kuwait. The initiative includes the creation of a dedicated platform for these companies, alongside key amendments to existing listing rules.
In a statement released on Tuesday, the CMA confirmed that the move is part of broader efforts to adopt international best practices, promote capital market development, diversify investment tools, and enhance both market competitiveness and transparency — all aimed at bolstering investor protection.
The approved amendments focus on strengthening listing standards by requiring companies to maintain certain conditions, including minimum thresholds for free float shares and their market value. These measures are designed to improve liquidity and ensure sustained compliance with regulatory obligations.
The Authority emphasized that supporting emerging companies is crucial to driving economic growth and aligns with Kuwait’s broader strategic vision. The newly launched market will offer an attractive financing environment for smaller and growing enterprises while providing investors with fresh opportunities governed by high transparency standards.
The regulatory framework is the result of a comprehensive study conducted by the CMA, which formed the basis for drafting specific rules to govern the emerging companies market. The platform is intended to serve as both a support system for these businesses and a dynamic investment space in line with global benchmarks.
The CMA also underscored the importance of continuously evolving the rules that govern listing conditions. This includes safeguarding investor interests by removing companies that fail to meet their obligations and ensuring adequate liquidity by enforcing minimum requirements for free float shares in both the primary and secondary market segments.
Additionally, the Authority reaffirmed its commitment to enhancing executive regulations that protect investors and empower small shareholders to actively participate in corporate decision-making processes.
This latest move is seen as a significant step toward further modernizing Kuwait’s financial sector and creating a more inclusive and diversified capital market landscape.
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.
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