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Trump sets 25% tariffs on Japan, S.Korea, and new import taxes on 12 other nations

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Vehicles for export are parked at a port in Pyeongtaek, South Korea on July 8. (AP)

WASHINGTON, July 8, (AP): US President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other nations that would go into effect on Aug.1. Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries.

The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs. “If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,” Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae Myung.

The letters were not the final word from Trump on tariffs, so much as another episode in a global economic drama in which he has placed himself at the center. His moves have raised fears that economic growth would slow to a trickle, if not make the US and other nations more vulnerable to a recession. But Trump is confident that tariffs are necessary to bring back domestic manufacturing and fund the tax cuts he signed into law last Friday.

He mixed his sense of aggression with a willingness to still negotiate, signaling the likelihood that the drama and uncertainty would continue and that few things are ever final with Trump. “It’s all done,” Trump told reporters Monday. “I told you we’ll make some deals, but for the most part we’re going to send a letter.”

South Korea’s Trade Ministry said early Tuesday that it will accelerate negotiations with the United States to achieve a mutually beneficial deal before the 25% tax on its exports goes into effect. Imports from Myanmar and Laos would be taxed at 40%, Cambodia and Thailand at 36%, Serbia and Bangladesh at 35%, Indonesia at 32%, South Africa and Bosnia and Herzegovina at 30% and Kazakhstan, Malaysia and Tunisia at 25%.

Trump placed the word “only” before revealing the rate in his letters to the foreign leaders, implying that he was being generous with his tariffs. But the letters generally followed a standard format, so much so that the one to Bosnia and Herzegovina initially addressed its woman leader, Željka Cvijanović, as “Mr. President.” Trump later posted a corrected letter.  

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CAPT sets Oct 27 for price talks on Jaber Al-Ahmad entrances project

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KUWAIT CITY, Oct 13: The Central Agency for Public Tenders (CAPT) has approved the request of the Ministry of Public Works to set Oct 27 as the date for negotiating prices with the four companies bidding for the establishment of entrances and exits at Jaber Al-Ahmad City. CAPT decided during its meeting last Wednesday. All bidders have been required to include detailed price and quantity tables in their bids. The agency excluded two companies for not meeting the conditions and specifications, and the bidding process closed on Feb 18.

The project includes the establishment of entrances and exits in two locations in Jaber Al-Ahmad Residential City — one is the southern entrance and exit linking to Jahra Road, and the other is the eastern entrance and exit linking to Doha Road. It is worth noting that the ministry has been holding negotiation sessions with the winning companies to determine the best and most cost-effective bid.

By Mohammad Ghanem Al-Seyassah/Arab Times Staff

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Companies and funds can own real estate in Kuwait under strict controls

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KUWAIT CITY, Oct 13: As part of the State’s efforts to regulate the ownership of investment and commercial real estate and ensure balance between attracting foreign investment and preserving the privacy of the local market, Decree No. 195/2025 on the controls for real estate ownership by companies, real estate funds, and investment portfolios was issued. This is in implementation of the provisions of Decree-Law No. 74/1979 regulating real estate ownership by non-Kuwaitis. Article One of the decree, which was published in ‘Kuwait Al-Youm’ recently, stipulates that subject to the provisions of the aforementioned law, companies with non-Kuwaiti partners and listed on licensed stock exchanges in Kuwait, as well as real estate funds and investment portfolios licensed by the competent authorities, may own real estate within the country, subject to specific controls. The decree indicates that one of the basic conditions is that the purpose of the company, fund or portfolio must include dealing in real estate.

It prohibits any form of dealing in real estate, plots or land designated for private housing in any location or within any project, in a move aimed at protecting the residential character and preventing speculation in this vital sector. Article Two of the decree clarifies that its provisions do not prejudice the right of entities subject to the supervision of the Central Bank of Kuwait or others to own real estate in accordance with the law. It affirmed that citizens of the Gulf Cooperation Council (GCC) countries shall continue to be treated the same as Kuwaitis regarding ownership of land and built property in the State of Kuwait. Article Three states that the ministers—each within their respective jurisdiction—shall be responsible for implementing the provisions of the decree, which shall take effect from the date of its publication in the official gazette.

By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff

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Factors behind the reversal of losses and profitability

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KUWAIT CITY, Oct 12: Kuwait Integrated Petroleum Industries Company (KIPIC) aims to raise its profits for fiscal 2025/2026 by increasing its sales in local and international markets, which have been robust since the beginning of the year, say reliable sources. Sources pointed out that KIPIC recovered from the losses it suffered in previous years through the growth of its net profits, which amounted to about KD52.2 million in the 2024/2025 budget. They cited five main factors behind this growth.

First is the increase in the refining capacity of Zour Refinery, which reached 615,000 barrels per day in May 2024, ranking seventh globally in terms of production quantities. They explained that the refining capacity of the refinery in the years prior to its operational opening ranged between 205,000 and 410,000 barrels per day. The second factor behind KIPIC’s profit growth over the past year is the commencement of the merger of oil companies, particularly the merger of KIPIC into the Kuwait National Petroleum Company (KNPC), to shake off the losses.

The third factor is the result of the implementation of the spending rationalization policy pursued by the CEO of KNPC, who also serves as the acting CEO of KIPIC, Wadha Al-Khatib. The KNPC spending rationalization committee implemented spending rationalization last year, achieving financial savings for KIPIC estimated at KD27 million through this approach. Sources explained that the implementation of rationalization coincided with the provision of better products. The fourth factor is the focus on stimulating KIPIC’s sales in global markets by opening new markets. In the first half of 2025, the company was able to expand its sales of sulfur and diesel, in addition to producing the best type of low-sulfur jet fuel, and then exporting all of its products that comply with international requirements.

The fifth factor is the company’s interest in digital transformation, focusing on developing all aspects related to global technologies, including artificial intelligence, as these technologies are extremely useful in detecting and anticipating errors before they occur, which contributes to stable production. Sources added that there are other important factors behind KIPIC’s profitability, such as the signing of numerous contracts with international companies specializing in smart energy, renewing contracts with the largest global platforms related to technological development in the field of oil refining, and strengthening relationships with major refining companies to mutually benefit from each other’s expertise.

By Najeh Bilal Al-Seyassah/Arab Times Staff

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