Business
US-China deal to slash tariffs also eases burden on cheap packages
US Trade Representative Jamieson Greer, (left), and US Secretary of the Treasury Scott Bessent take part in a press conference after two days of closed-door discussions on trade between the United States and China, in Geneva, Switzerland, on May 12. (AP)
WASHINGTON, May 14, (AP): Online shoppers in the US will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs. An executive order Monday from President Donald Trump said the tariffs on low-value parcels originating from China and coming through the US Postal Service will be lowered to 54%, down from 120%.
It also says a per-package flat rate – as an alternative to the value-based tariff – will be kept at $100, rather than being raised to $200 on June 1 as previously decreed. Packages shipped by commercial carriers are subject to the general tariff, which also has been cut. The new rules go into effect Wednesday.
They are part of a broader agreement by the Trump administration to drastically lower import taxes on all Chinese goods from 145% to 30% following weekend talks in Switzerland with Chinese officials. China issued a public notice on Tuesday lowering its own tariffs on US goods to 10%, down from 125%. However, the reductions are temporary, allowing the two sides to negotiate a longer-term deal in the next 90 days.
Izzy Rosenzweig, founder and CEO of the logistic company Portless, said US brands are “very excited” about the broader tariff cut. The import tax is still high, but not as prohibitive as when it was 145%, which amounted to a trade embargo. On the low-value shipments, online purchases had been coming into the US duty-free for several years under the de minimis rule, which exempted them from the import tax.
Popular shopping sites such as Shein and Temu that offer ultra-low prices took advantage of the duty-free rule by shipping directly from China to US buyers, bypassing more cumbersome customs paperwork. President Donald Trump terminated the exemption on such parcels originating from China and Hong Kong on May 2, following criticism that it not only resulted in lost tariff revenue but also allowed illicit drugs and unsafe products to flow into the US without adequate scrutiny.
US Customs and Border Protection said as many as 4 million low-value parcels were coming into the US every day – many of which originated from China. Shortly before the exemption ended on May 2, prices on many items sold by Shein rose. Temu apparently halted shipments from China and tapped its existing inventory in the US.
Hamad Malallah
KUWAIT CITY, Aug 14: United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced its financial results for the second quarter of 2025. For the six months ended June 2025, the company reported net profits of KD 497 thousand, down 62% from 2024, or 0.94 fils per share, with revenues of KD 3.29 million down 25.6% from 2024.
Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: “The second quarter presented a transitional period as we successfully concluded the project to manage and operate Terminal 1 at Kuwait International Airport, officially handing it over to the Directorate General of Civil Aviation (DGCA) in May 2025. While this shift has naturally impacted the company’s revenues, it also paves the way for new avenues of growth and development as we focus on future projects and strategic partnerships. It is important to note that UPAC built the entire project and operated it throughout the contract term before transferring it to the DGCA under the Build, Operate, and Transfer (BOT) system. We take great pride in the success of this national project over 26-year and in delivering it to the State.”
Malallah continued: “I’m pleased to share that in July, we welcomed our first operator at Messilah Beach: Villa Shams, Kuwait’s first ladies-only beach club. Officially opened on 10 July 2025, Villa Shams offers a premium, private experience designed exclusively for women, in a secure and refined setting. This milestone reflects UPAC’s vision to create inclusive recreational environments that cater to all segments of society.”
“Planning for other areas on the Messilah Beach site has also been progressing steadily. Our teams are actively working alongside confirmed operators, both global and local brands, to support their on-ground preparations for upcoming openings with a list of exciting tenants. We are looking forward to be bringing an exceptional, family-friendly beach destination experience to Kuwait through Messilah Beach, which is set to become a vibrant, year-round destination,” added Malallah.
Malallah concluded: “We remain committed to identifying and pursuing strategic business opportunities within our industry that drive growth and create value for the company and its shareholders.”
Al Messilah Beach, one of Kuwait’s prime family entertainment destinations, was developed by Touristic Enterprises Company as part of its role in spearheading growth of Kuwait’s tourism sector. UPAC is managing all aspects of the site including leasing, entertainment activities, facility management, and overall project operations.
UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. Reem Mall is Abu Dhabi’s latest signature shopping, dining, and entertainment family destination spanning an impressive 183.4K sqm GLA. Anchored by a hyper-market and various notable entertainment and home furnishing concepts, the mall will be home to around 400 international and local brands. Snow Abu Dhabi, one of the mall’s entertainment anchors, is the city’s only snow park. The mall also has one of the largest home furnishing offerings in Abu Dhabi as well as one of the largest Carrefour outlets in the city. One of the prominent new openings was Sharaf DG, an expansive 3,334sqm electronics retail space with 34 brand experience zones making it the largest store of its kind in Abu Dhabi.
The mall is one of the region’s first fully integrated omnichannel retail ecosystems with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.
As of June 2025, around 66% of GLA is open and trading, with an additional 14% under fit-out, bringing the effective leased GLA to 80%. As of date, Reem Mall has also secured signed proposals covering a further 4% of GLA. Key performance metrics continue to show strong momentum, with footfall and tenant sales increasing by 30% to 40% year-on-year. Notably, the mall achieved two consecutive record-breaking months in May and June 2025, setting new highs for both visitor numbers and sales.
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, on Aug 14. (AP)
MANILA, Philippines, Aug 14, (AP): Asian shares were mixed on Thursday after days of gains driven by hopes for lower US interest rates, while US futures slipped. Bitcoin rose more than 3% to a new record of over $123,000, according to CoinDesk. In Tokyo, the Nikkei 225 fell 1.3% to 42,705.36 as investors sold to lock in recent gains that have taken the benchmark to all-time records.
The Japanese yen rose against the dollar after US Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was “behind the curve” in monetary tightening. He was referring to the slow pace of increases in Japan’s near-zero interest rates. Low interest rates tend to make the yen weaker against the dollar, giving Japanese exporters a cost advantage in overseas sales.
The dollar fell to 146.31 Japanese yen early Thursday, down from 147.39 yen. The euro fell to $1.1703 from $1.1705. In Chinese markets, Hong Kong’s Hang Seng index shed less than 0.2% to 25,655.26, while the Shanghai composite index added 0.1% to 3,686.07. South Korea’s Kospi fell less than 0.1% to 3,222.99, while Australia’s S&P ASX 200 index added 0.5% to 8,866.70. Taiwan’s TAIEX fell 0.5%, while India’s Sensex edged 0.1% higher.
“Asian markets opened today like a party that ran out of champagne before midnight – the music still playing, but the dance floor thinning out,” Stephen Innes of SPI Asset Management said in a commentary. The futures for the S&P 500 and the Dow Jones Industrial Average were down less than 0.1%. On Wednesday, US stocks ticked higher, extending a global rally fueled by hopes the Federal Reserve will cut USinterest rates.
The S&P 500 rose 0.3% to 6,466.58, coming off its latest all-time high. The Dow climbed 1% to 44,922.27, while the Nasdaq composite added 0.1% to its own record set the day before, closing at 21,713.14. Treasury yields eased in the bond market in anticipation that the Fed will cut its main interest rate for the first time this year at its next meeting in September.
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