Chairman of the Board of Directors of Kuwait Airways Corporation, Abdul Mohsen Al-Faqan, and Director General of the Kuwait Foundation for the Advancement of Sciences, Dr. Amina Farhan, in a group photo with a number of the company’s leaders.

KUWAIT CITY, July 23: Kuwait Airways discussed with the Kuwait Foundation for the Advancement of Sciences (KFAS) ways to enhance training, cultural, and social responsibility initiatives, in addition to cooperating on training courses across various specializations. Chairman of the Board of Directors of Kuwait Airways, Abdul Mohsen Al-Faqan, told Kuwait News Agency (KUNA) on Wednesday that the airline explored avenues for joint cooperation with KFAS, particularly in the fields of energy and artificial intelligence. Al-Faqan added that Kuwait Airways will focus on developing human resources and training employees and leaders in collaboration with KFAS through specialized technical and scientific courses.

He stated that investing in human capital and leadership development plays a vital role in achieving the company’s goals, especially in supporting its strategy for digital transformation and innovation. He noted that the meeting also addressed ways to enhance Kuwait Airways’ efficiency in terms of both human and technological resources. In addition, both parties emphasized the importance of spreading and promoting scientific culture, stressing that the visit reflects Kuwait Airways’ ongoing efforts to strengthen cooperation with national institutions. Al-Faqan affirmed that the visit falls within Kuwait Airways’ commitment to foster collaboration with entities from both the public and private sectors. He emphasized that the airline, being a key component of the national economy, is keen to contribute to driving economic growth and development in the country. It is worth noting that Kuwait Airways has signed several agreements and partnerships with national companies and government agencies, including Zain, the Public Authority for Applied Education and Training, the Touristic Enterprises Company, the Kuwait Oil Company, and the Kuwait Flour Mills and Bakeries Company, among others (KUNA)

By Mohammad Al-Mutairi 

KUWAIT CITY, July 23: A number of oil and economic experts shed light on whether or not the tariffs that America imposed on the European Union and many other countries around the world affect oil prices; as well as the repercussions for the Kuwaiti economy and other countries in the region that rely primarily on oil as a primary source of income, and the action that the Kuwaiti government must take to avoid the repercussions of any looming global economic crisis.

The experts stressed the need for the Kuwaiti government to fully prepare for dealing with the repercussions of the increased US tariffs on most countries. They also emphasized the importance of reducing reliance on imported goods by expanding industry, agriculture and all other sectors related to economic growth.

Oil expert Kamel Al-Harami asserted that the Trump-like increase in US tariffs on imports from European Union countries and many other countries will impact global inflation, resulting in higher commodity prices. “This could continue for at least two years until the world adjusts to these conditions. Higher prices will lead to a decline in purchasing power in European Union countries and those affected by the tariff increase, with the expected result being a drop in the price of a barrel of oil — ranging from $65 to $70,” he explained.

He said Kuwait should use the proceeds from the sale of its stake in two companies to cover the budget deficit, while investing these funds in investment projects with good financial returns for the State budget. At the same time, he warned against becoming accustomed to borrowing. Economic expert Ahmed Al-Sadhan believes that the United States’ imposition of tariffs on the European Union will inevitably lead to a decline in trade between the two sides, which will in turn lead to global economic instability.

“One of the negative repercussions of this move is the global commodity price hike, which negatively affects the economies of importing countries, including Kuwait and other Gulf states; particularly through increased import costs and a decline in global demand for oil. If the global economy slows down due to these tariffs, oil prices will decline because of low global demand,” he explained. He suggested that in order to avoid these economic crises in light of the escalating economic conflict among the United States, the European Union and other countries, Kuwait must diversify its imports, support local industry, expand its trade partnerships, and stop total dependence on oil in the long term. Dr. Manal Al-Kandari said that Trump’s announcement of a new 30 percent tariff on European Union countries has intertwined global and regional economic dimensions.

“This could lead to a decline in European exports to the US, which will result in higher prices of European products in the US market, and a decline in demand for such products. She pointed out that this will cause enormous economic damage to European companies, especially the export-dependent industries like automobiles, aircraft, electronics and technology industries, ultimately leading to an economic recession in the European Union countries. She explained that the repercussions of this recession will spill over to global markets, including Kuwait, other Gulf states and Arab countries; considering this potential recession could reduce the European Union countries’ consumption of oil, gas and all petroleum derivatives they import from Kuwait and other Gulf states. “This is especially true given that trade between Kuwait and the European Union is steadily increasing. The trade between Kuwait and the rest of Europe is significant, as international data issued by the European Statistical Office (Eurostat) showed that Kuwaiti exports to the European Union some years ago amounted to 3.5 billion euros ($3.6 billion), compared to imports of 5.5 billion euros ($5.8 billion). Therefore, a European economic recession will affect the Gulf and Kuwaiti economies,” she added

By Najeh Bilal
Al-Seyassah/Arab Times Staff

US President Donald Trump speaks during a dinner for Republican senators in the State Dining Room of the White House on July 18 in Washington. (AP)

WASHINGTON, July 23, (AP): US President Donald Trump announced a trade framework with Japan on Tuesday, placing a 15% tax on goods imported from that nation.

“This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,” Trump posted on Truth Social, adding that the United States “will continue to always have a great relationship with the Country of Japan.”

The president said Japan would invest “at my direction” $550 billion into the U.S. and would “open” its economy to American autos and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.

Early Wednesday, Ishiba acknowledged the new trade agreement, saying it would benefit both sides and help them work together.

With the announcement, Trump is seeking to tout his ability as a dealmaker — even as his tariffs, when initially announced in early April led to a market panic and fears of slower growth that for the moment appear to have subsided. Key details remained unclear from his post, such as whether Japanese-built autos would face a higher 25% tariff that Trump imposed on the sector.

The wave of tariffs continues to be a source of uncertainty about whether it could lead to higher prices for consumers and businesses if companies simply pass along the costs. The problem was seen sharply Tuesday after General Motors reported a 35% drop in its net income during the second quarter as it warned that tariffs would hit its business in the months ahead, causing its stock to tumble.