“Tidbits From TNT” Friday Morning 4-4-2025
TNT:
Tishwash: Iraq Signs Contract for New Economic City
The National Investment Commission (NIC) has signed the Task Order for Phase One of developing the Al-Tayeb Specialised Economic Service Zone in Maysan Province, positioning it as Iraq's first integrated economic city.
Key Developments:
NIC Chairman Dr. Haider Mohammed Makiyah stated that Al-Tayeb Economic City will attract global investors across agriculture, industry, tourism, housing, and entertainment sectors, serving as a model for future multi-service economic cities in other provinces.
The contract, signed with U.S. firm KBR, includes strategic economic studies, investment opportunity packaging, and sectoral planning for the area.
The project aims to:
Establish a major economic hub linked to the Development Road project.
Boost Iraq's economy and provide local employment in Maysan.
Strengthen interagency coordination for smooth project execution.
The meeting was attended by the Governor of Maysan, members of Executive Order Committee 24771, the Maysan Investment Commission, and representatives from the Prime Minister's Office. Discussions focused on ensuring timely implementation, promoting sustainable development, and creating attractive investment opportunities in Iraq. link
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Tishwash: Estimated at $6 billion, the US aims to reduce its trade surplus with Iraq through customs duties.
The United States has imposed tariffs on Iraqi exports as part of an economic policy aimed at narrowing the trade gap between the two countries. This move is part of US President Donald Trump's strategy, which has targeted several countries that have a trade surplus with the United States.
According to economic researcher Ziad Al-Hashemi, "Iraq currently enjoys a trade surplus estimated at approximately $6 billion, most of which stems from oil exports to refineries in Texas and California, which Washington is seeking to reduce by imposing customs duties on Iraqi exports."
Al-Hashemi explained in a blog post followed by the Iraq Observer that the US administration aims to achieve several goals through these tariffs, most notably:
• Reducing Iraq's trade surplus by making its exports to the United States less competitive.
• Encouraging Iraq to increase its imports of American products, which could strengthen trade relations between the two countries for the benefit of American companies.
• Influencing Iraqi economic policy by pushing Baghdad to open its economy more broadly to American investments and companies.
Al-Hashemi emphasized that "Iraq has alternative options if these tariffs continue to be imposed, most notably redirecting its oil exports to other markets, which could negatively impact American companies that rely on Iraqi oil, in addition to the possibility of higher fuel prices in the United States."
He pointed out that "the door to negotiations between Baghdad and Washington remains open, as the Iraqi government seeks solutions to minimize the impact of these tariffs on its economy, emphasizing that Iraq possesses powerful leverage, most notably the importance of its oil in meeting some of the needs of the American market."
The Iraqi economic community is awaiting developments in this crisis, amid fears that US pressure will force Iraq to make economic concessions or increase its reliance on alternative markets to avoid potential losses. link
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Tishwash: An economist reveals the second part of the impact of Trump's tariffs on Iraq.
Economic expert Nabil Al-Marsoumi revealed, on Friday (April 4, 2025), the second part of the negative impacts of US President Donald Trump's customs tariffs, which are likely to affect Iraq.
Al-Marsoumi confirmed in a Facebook post, followed by Baghdad Today, that "in addition to the negative impact of Trump's tariffs on oil prices and revenues, there is a fear that American banks will impose fees on Iraqi transfers to other countries when paying for imports, by converting dollars into the currencies of those countries."
Al-Marsoumi added, "There are also fees imposed on returns on investing dollar reserves in the US when they are converted into other foreign currencies, since oil revenues are deposited in the US pursuant to international and US decisions."
On Wednesday, US President Donald Trump announced that he would sign an executive order today (Wednesday) to impose reciprocal tariffs.
Trump said in a press statement: "We will begin implementing reciprocal tariffs starting tomorrow, Thursday, and we will impose on all countries the same rates of tariffs that they impose on us."
"Foreign cheats looted our factories, foreign thieves tore apart our beautiful American dream, and today is one of the most important days in American history because it marks our declaration of economic independence," he added.
Trump continued, "We imposed a 2.5% tariff on foreign cars, and the European Union imposes a 10% tariff on us. Starting at midnight tonight, we will impose a 25% tariff on all foreign cars."
"We will impose customs duties of up to 2.8% on many goods, while other countries impose duties of 200 to 400%," he explained.
The US President stated, "These tariff measures will enable us to make America great again, more than ever before," noting that "jobs and factories will return to the United States, and prices will fall for consumers."
He accused what he described as "foreign cheats of looting US factories and foreign thieves of tearing up the beautiful American dream," as he described it.
Trump said, "Today is one of the most important days in American history because it marks our declaration of economic independence."
He announced the imposition of "customs duties of 26% on imports from India, 34% on imports from China, 32% on imports from Taiwan, 30% on imports from South Africa, 10% on imports from Britain, 32% on imports from Indonesia, 10% on imports from Brazil, 49% on imports from Cambodia, 24% on imports from Japan, and 10% on imports from Singapore." link
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