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The US Embassy in the UAE has implemented new visa restrictions affecting citizens of 19 countries, effective June 9. This Presidential Proclamation may render applicants ineligible for visa issuance or entry to the US, despite attending interviews. Experts warn that such policies could severely impact the US tourism sector, with projected international travel spending dropping significantly this year.
The Trump administration has requested a pause on a court ruling that challenges its use of emergency powers to impose tariffs, arguing that suspending them would undermine trade negotiations. The ruling, issued by Judge Rudolph Contreras, found that the tariffs could cause irreparable harm to American toy companies, which lack the resources to absorb increased costs or relocate supply chains. This legal battle raises significant questions about the scope of presidential trade authority and the definition of national security in economic policy.
[Bloomberg]
A New York court ruled that Donald Trump exceeded his authority by imposing tariffs on imports from countries with trade surpluses, declaring them illegal under the International Emergency Economic Powers Act (IEEPA). This ruling has intensified scrutiny on trade adviser Peter Navarro, with potential replacement by Robert Lighthizer on the horizon. The decision highlights ongoing tensions between executive power and congressional authority over trade policy, marking a significant departure from historical precedent in tariff implementation.
A U.S. federal court has blocked most of Donald Trump's import tariffs, ruling that he overstepped his authority by imposing sweeping levies under the International Emergency Economic Powers Act. The court deemed the interpretation of the act as unconstitutional, halting the tariffs and giving the White House 10 days to suspend them. Trump's administration has criticized the ruling as a "judicial coup" and plans to appeal, marking a significant setback for his trade agenda.
The US is imposing a significant tariff on Apple, threatening a 25% duty if the company does not manufacture iPhones domestically. This follows ongoing scrutiny of Huawei and aims to secure the chip supply chain while potentially raising iPhone prices and exacerbating Apple's sales decline in China. Following President Trump's warning, Apple shares dropped by 3%.
South Africa is proposing changes to its Black empowerment laws to facilitate Elon Musk's Starlink satellite internet service, which he criticized as "openly racist." The new legislation would allow foreign telecom investors to meet equity requirements through alternative contributions, such as job creation and local supplier engagement, rather than direct equity sales to historically disadvantaged groups. Critics argue this move undermines the original intent of empowerment policies, while supporters believe it could enhance internet access for underserved rural communities.
The South African government is moving towards approving Starlink's satellite internet service, initiating a policy review that could allow Elon Musk's company to operate without the requirement to sell shares to Black South Africans. This change addresses existing laws mandating partial ownership for foreign companies to support historically disadvantaged groups.
South Africa plans to relax local ownership rules for foreign satellite service providers, particularly benefiting Elon Musk's Starlink, which faced regulatory hurdles. This policy shift aims to boost investment and competition in the ICT sector while aligning with broader empowerment measures. The move follows diplomatic discussions between U.S. and South African officials, addressing concerns over barriers affecting American tech firms.
Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, criticized the EU's upcoming sustainability regulations as "outrageous," warning they could deter global investment and lead to disinvestment from Europe. He highlighted a recent regulatory change in Switzerland that negatively impacted PIF's investment in Credit Suisse, emphasizing the need for a stable and predictable business environment to maintain and grow investments in the region. Despite these concerns, PIF has invested $85 billion in the EU since 2017, aiming to double that by 2030.
Global Trade Policies
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