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JCI discusses implications of imposing tariffs on exports to US

By - Apr 06,2025 - Last updated at Apr 06,2025

The Jordan Chamber of Industry discusses the implications of US President Donald Trump's decision to impose tariffs on exports to the US at 20 per cent (Photo courtesy of JCI)

AMMAN — The Jordan Chamber of Industry (JCI) on Sunday held a meeting with industrial companies that export to the US and the boards of directors of the chambers of industry to discuss the implications of US President Donald Trump's decision to impose tariffs on exports to the US at 20 per cent.

Minister of Industry, Trade and Supply Yarub Qudah said that the new US tariff system is a policy of tariffs on imports to the US market from many countries, and it is a global policy and does not target Jordan only, according to Al Mamlaka TV.

Qudah added that the tariff policy will have an impact on Jordanian exports to the US market.

He stressed that the government has begun to discuss solutions and ways to enhance the competitiveness of the concerned economic sectors following the recent US decisions to find solutions to any challenges for the benefit of everyone and to maintain the competitiveness of Jordanian exports and the strategic economic relationship with the US.

The Kingdom's trade balance with the US for 2024 achieved a surplus of JD877 million.

Foreign trade data issued by the Department of Statistics showed a "remarkable" growth in national exports to the US last year, reaching JD2.208 billion, compared with JD1.958 billion in 2023, marking an increase of 12.8 per cent

The value of the Kingdom's imports from the US market last year amounted to JD1.331 billion, compared with JD1.161 billion in 2023, an increase of 14.6 per cent.

The volume of trade exchange between the two countries increased during the past year to JD3.539 billion, compared with JD3.119 billion in 2023.

According to statistical data, national exports to the US constituted 25.7 per cent of the total value of Jordanian exports in 2024.

 

Jordan's GDP records 2.7% growth in Q4 2024 – DoS

By - Apr 05,2025 - Last updated at Apr 06,2025

The Gross Domestic Product records a growth of 2.7 per cent in the fourth quarter of 2024 compared with 2023 according to DoS (JT File)

AMMAN — The Gross Domestic Product (GDP) recorded a growth of 2.7 per cent in the fourth quarter of 2024 compared with the same period in 2023, exceeding the estimated rate of 2.5 per cent for the same quarter.

For the full year of 2024, GDP growth reached 2.5 per cent, exceeding the initial forecast of 2.3 per cent, according to preliminary estimates released by the Department of Statistics (DoS).

The data showed that growth in the fourth quarter was driven by strong performance across key sectors of the economy, despite the challenges posed by regional instability and shifting geopolitical dynamics that affected various productive sectors, the Jordan News Agency, Petra, reported.

The GDP growth rates reflected the resilience and strength of the national economy in overcoming regional challenges, supported by government-led economic policies and reforms, and strengthened public-private partnerships that turned challenges into opportunities and contributed to growth across multiple sectors.

According to the data, all major sectors of the economy experienced varying degrees of GDP growth. Among the goods production sectors; agriculture grew by 8.4 per cent, manufacturing by 9.4 per cent, extractive industries by 4.5 per cent and electricity and water by 4.2 per cent.

As for the services sector, most segments posted solid growth in the fourth quarter of 2024, with transport, storage and communications expanding by 3.7 per cent and wholesale and retail trade, hotels and restaurants by 3.1 per cent.

In terms of sectoral contributions to GDP growth in Q4, manufacturing led with a contribution of 0.9 percentage points, followed by agriculture with 0.53 points and transport, storage and communications with 0.33 points.

Regarding sectoral contributions to total GDP, the manufacturing sector led with 18.7 per cent, followed by finance, insurance and real estate with 17.2 per cent and government services with 14.8 per cent.

As for the breakdown of contributions between the goods producing sector and the services sector, it is estimated that the goods producing sector made the larger contribution to the growth achieved, at 1.6 percentage points, while the services sector contributed around 1.1 percentage points, the data revealed.

EBRD vice president to visit Jordan for high-level talks, investment agreements

By - Apr 05,2025 - Last updated at Apr 05,2025

European Bank for Reconstruction and Development Vice President for Banking Matteo Patrone is scheduled to visit Jordan on Sunday for meetings with senior government officials and representatives of the business community (Photo courtesy of EBRD)

AMMAN — European Bank for Reconstruction and Development (EBRD) Vice President for Banking Matteo Patrone is scheduled to visit Jordan on Sunday for meetings with senior government officials and representatives of the business community.

The discussions will focus on the EBRD’s support for private sector financing, development of essential infrastructure, and the transition to a green economy, Al Mamlaka TV reported on Friday.

During his visit to Amman, Patrone is planned to hold talks with Prime Minister Jafar Hassan, Minister of Planning and International Cooperation and Jordan's Governor at EBRD Zeina Toukan, and Central Bank Governor Adel Sharkas.

He will also meet with European Union ambassador to Jordan, representatives from local companies and banks, and officials from international financial institutions. 

A number of new investment agreements are also expected to be signed during the visit.

“I’m delighted to visit Jordan for the first time in my capacity as EBRD Vice President,” said Patrone. 

“I look forward to discussing future areas of cooperation with government officials and the business community. We are committed to supporting Jordan’s economy through infrastructure development, promotion of green investments, and increasing the participation of women and youth in the workforce,” he added.

Since beginning operations in Jordan in 2012, the EBRD has invested over 2.3 billion euros in 75 projects nationwide. 

These include support for the energy sector, vital infrastructure, the Jordanian banking system, and small and medium-sized enterprises, with 72 per cent of that financing directed towards the private sector.

 

Trump's global tariff takes effect in dramatic US trade shift

By - Apr 05,2025 - Last updated at Apr 05,2025

Stellantis vehicles sit in a lot at the Stellantis Sterling Heights Assembly Plant on April 4, 2025 in Sterling Heights, Michigan (AFP photo)

Washington — US President Donald Trump's widest-ranging tariffs to date took effect Saturday, in a move which could trigger retaliation and escalating trade tensions that could upset the global economy.
 
A 10 percent "baseline" tariff came into place past midnight, hitting most US imports except goods from Mexico and Canada as Trump invoked emergency economic powers to address perceived problems with the country's trade deficits.
 
The trade gaps, said the White House, were driven by an "absence of reciprocity" in relationships and other policies like "exorbitant value-added taxes."
 
Come April 9, around 60 trading partners -- including the European Union, Japan and China -- are set to face even higher rates tailored to each economy.
 
Already, Trump's sharp 34-per cent tariff on Chinese goods, set to kick in next week, triggered Beijing's announcement of its own 34-per cent tariff on US products from April 10.
 
Beijing also said it would sue the United States at the World Trade Organisation and restrict export of rare earth elements used in high-end medical and electronics technology.
 
But other major trading partners held back as they digested the unfolding international standoff and fears of a recession.
 
Trump warned Friday on social media that "China played it wrong," saying this was something "they cannot afford to do."
 
Markets collapse 
 
Wall Street went into freefall Friday, following similar collapses in Asia and Europe.
 
Economists have also warned that the tariffs could dampen growth and fuel inflation.
 
But Trump said on his Truth Social platform that his "policies will never change."
 
Trump's latest tariffs have notable exclusions, however.
 
They do not stack on recently-imposed 25-per cent tariffs hitting imports of steel, aluminum and automobiles.
 
Also temporarily spared are copper, pharmaceuticals, semiconductors and lumber, alongside "certain critical minerals" and energy products, the White House said.
 
But Trump has ordered investigations into copper and lumber, which could lead to further duties soon.
 
He has threatened to hit other industries like pharmaceuticals and semiconductors as well, meaning any reprieve might be limited.
 
Canada and Mexico are unaffected as they face separate duties of up to 25 percent on goods entering the United States outside a North America trade agreement.
 
Retaliation risk 
 
While Trump's staggered deadlines allow space for countries to negotiate, "if they can't get a reprieve, they are likely to retaliate, as China already has," Oxford Economics warned this week.
 
EU trade chief Maros Sefcovic said the bloc, which faces a 20-per cent tariff, will act in "a calm, carefully phased, unified way" and allow time for talks.
 
But he said it "won't stand idly by."
 
France and Germany have said the EU could respond by imposing a tax on US tech companies.
 
Japan's prime minister called for a "calm-headed" approach after Trump unveiled 24-per cent tariffs on Japanese-made goods.
 
Meanwhile, Trump said he held a "very productive" call with Vietnam's top leader, with imports from the Southeast Asian manufacturing hub facing extraordinary 46-percent US duties.
 
Since returning to the presidency, Trump has hit Canada and Mexico imports with tariffs over illegal immigration and fentanyl, and imposed an additional 20-percent rate on goods from China. Come April 9, the added levy on Chinese products this year reaches 54 per cent.
 
Trump's 25-per cent auto tariffs also took effect this week, and Jeep-owner Stellantis paused production at some Canadian and Mexican assembly plants.
 
Trump's new global levies mark "the most sweeping tariff hike since the Smoot-Hawley Tariff Act, the 1930 law best remembered for triggering a global trade war and deepening the Great Depression," said the Center for Strategic and International Studies.
 
Oxford Economics estimates the action will push the average effective US tariff rate to 24 per cent, "higher even than those seen in the 1930s."

Trump defiant as tariffs send world markets into panic

By - Apr 04,2025 - Last updated at Apr 04,2025

An US bound cargo truck arrives at the Otay Commercial crossing in Tijuana, Baja California state, Mexico, on April 2, 2025 (AFP photo)

Washington — Markets extended a global selloff Thursday as countries around the world reeled from US President Donald Trump's trade war, but the White House insisted the American economy will emerge victorious.
 
Shock waves tore through markets in the United States, Europe and Asia after Trump's tariff bombshell, as foreign leaders signaled readiness to negotiate but also threatened counter-tariffs.
 
The S&P 500 dropped 4.8 per cent in its biggest loss since 2020. The tech-rich Nasdaq plummeted 6.0 per cent and the Dow Jones 4.0 per cent.
 
Japan's key Nikkei 225 index was down more than 3 per cent in afternoon trade Friday, with Prime Minister Shigeru Ishiba describing Trump's tariffs as a "national crisis".
 
Trump slapped 10 per cent import duties on all nations and far higher levies on imports from dozens of specific countries -- including top trade partners China and the European Union.
 
Separate tariffs of 25 per cent on all foreign-made cars also went into effect, and Canada swiftly responded with a similar levy on US imports.
 
Stellantis -- the owner of Jeep, Chrysler and Fiat -- paused production at some Canadian and Mexican assembly plants.
 
Trump dismissed the turmoil, insisting to reporters as he left for a weekend at his Florida golf resort that stocks will "boom."
 
Vice President JD Vance, in an interview with Newsmax, also played down the market turbulence.
 
"I frankly thought in some ways it could be worse in the markets, because this is a big transition," Vance said.
 
‘Trust Donald Trump' 
 
Trump says he wants to make the United States free from reliance on foreign manufacturers, in a massive economic reshaping that he likened to a medical procedure.
 
"It's what is expected," the 78-year-old president said of the market reaction. "The patient was very sick. The economy had a lot of problems."
 
"It went through an operation. It's going to be a booming economy. It's going to be amazing."
 
Amid howls of protest abroad and from even some of Trump's Republicans, who fear price rises at home, Commerce Secretary Howard Lutnick urged patience.
 
"Let Donald Trump run the global economy. He knows what he's doing," Lutnick said on CNN
 
Trump reserved some of the heaviest blows for what he called "nations that treat us badly." 
 
That included an additional 34 per cent on goods from China -- bringing the new added tariff rate there to 54 per cent.
 
The figure for the European Union was 20 per cent, and 24 per cent on Japan.
 
China demanded the tariffs be immediately canceled and vowed countermeasures, while France and Germany warned that the EU could hit back at US tech firms.
 
French President Emmanuel Macron called for suspending investment in the United States until what he called the "brutal" new tariffs had been "clarified."
 
IMF chief Kristalina Georgieva said the tariffs "clearly represent a significant risk to the global outlook."
 
She appealed to Washington and its trade partners to work "constructively" to resolve tensions and reduce uncertainty.
 
Gold -- a safe-haven investment -- hit a new record price, oil fell and the dollar slumped against other major currencies.
 
Global economic 'sumo wrestler' 
 
Ngozi Okonjo-Iweala, head of the World Trade Organization, which helps manage global trading, warned the upheaval may lead to contraction of "one percent in global merchandise trade volumes this year."
 
Republican Senator Mitch McConnell broke ranks with Trump, slamming tariffs as "bad policy."
 
Preserving long-term prosperity "requires working with our allies, not against them," McConnell said.
 
Trump has said he would negotiate "as long as they are giving something that is good."
 
The 27-nation EU and other countries have sought to negotiate as they refrained from immediate retaliation.
 
Beijing said it was "maintaining communication" with Washington over trade issues, and EU trade chief Maros Sefcovic planned to speak with US counterparts on Friday.
 
But White House spokeswoman Karoline Leavitt told CNN earlier that the president made it clear "this is not a negotiation."
 
And Lutnick also struck a hard line, saying, "You can't really fight with the United States."
 
"You're going to lose. We are the sumo wrestler of this world."

‘US imposes 20% tariff on goods imported from Jordan’

By - Apr 03,2025 - Last updated at Apr 03,2025

AMMAN — The US has imposed a 20 per cent tariff on Jordanian goods, as part of a wider set of tariffs affecting most countries worldwide, industrial sector representative said. 
 
Ihab Qadri, the representative of the leather and garment sector at the Jordan Chamber of Industry, told the government-owned Al Mamlaka TV that Jordan's garment exports to the US exceeded JD1.5 billion last year. He noted that China, Bangladesh and Colombia are among Jordan's main competitors in the US market, and that their exports face even higher tariffs than Jordanian goods.
 
The tariff hike follows an executive order signed by US President Donald Trump to impose "reciprocal tariffs" on countries around the world. Trump had long promised such measures since his election campaign, touting them as the beginning of a "golden age" for the US, though critics warned they could trigger a global economic downturn.

Stocks and dollar sink, havens rally as Trump tariffs fan trade war

By - Apr 03,2025 - Last updated at Apr 03,2025

A man checks his phone next to an electronic board showing stocks on the Heng Seng Index in Hong Kong on April 3, 2025 (AFP photo)

Hong Kong — Equity markets tumbled Thursday after Donald Trump delivered a "haymaker" blow with sweeping tariffs against US partners and rivals, fanning a global trade war that many fear will spark recessions and ramp up inflation.
 
Tokyo's Nikkei briefly collapsed more than four percent, while US futures plunged with oil prices, safe haven gold hit a record high and the dollar retreated amid worries retaliatory measures will batter economies. 
 
The panic came after the US president unveiled a blitz of harsher-than-expected levies aimed at countries he said had been "ripping off" the United States for years.
 
Against a backdrop of US flags, Trump said that "for decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike".
 
The measures included a 34 per cent tariff on rival China, 20 percent on key ally the European Union and 24 per cent on Japan.
 
A number of others will face specifically tailored tariff levels, and for the rest, Trump said he would impose a "baseline" tariff of 10 percent. Auto tariffs of 25 per cent meanwhile kicked in Thursday.
 
Investors are bracing for retaliatory measures, with governments making their anger clear.
 
China vowed "countermeasures" and urged Washington to cancel the tariffs, while calling for dialogue. 
 
Japan said the move was "extremely regrettable" and could contravene World Trade Organisation rules, while Taiwan described the levies as "highly unreasonable". 
 
European Union chief Ursula von der Leyen called Trump's announcement a "major blow to the world economy" but vowed the bloc was "prepared to respond". 
 
And France said Brussels was "ready for a trade war" and plans to target online services in response.
 
Thailand said it had a "strong plan" to handle the new US measures and hopes to negotiate a reduction, while Canadian Prime Minister Mark Carney warned "we are going to fight these tariffs with counter measures".
 
"We are going to protect our workers," Carney said. 
 
‘Shock and awe' 
 
Stephen Innes of SPI Asset Management said: "President Trump walked into the Rose Garden and detonated the most aggressive trade shock the market's seen in decades. This isn't a jab -- it's a full-on haymaker."
 
Wall Street "had talked itself into a softer, more symbolic move. Instead, Trump carpet-bombed the global supply chain".
 
"This was a 'shock and awe' tariffs campaign, dressed up in 'reciprocity' language but designed to throttle the trade deficit through brute force."
 
He said the measures meant inflation risks had surged and economic growth expectations would be cut, with the Federal Reserve "pinned between a hawkish rock and a deflationary hard place".
 
Tokyo pared its hefty drop but still ended down 2.8 percent, while Hong Kong, Sydney, Seoul, Manila, Mumbai, Shanghai and Singapore also fell. However, Wellington managed to eke out a small gain as New Zealand faced smaller tariffs.
 
London, Paris and Frankfurt all tumbled more than one percent, while Vietnam's stock exchange dived 7.8 per cent after the country was hit with levies of almost 50 per cent.
 
Wall Street futures were also battered, with the Dow dropping two percent, the Nasdaq plunging more than three percent and the S&P 500 off 2.8 per cent off.
 
Safe havens rallied as traders sought to dump risk assets.
 
Gold hit a new peak of $3,167.84 and the Japanese yen strengthened to 147.04 per dollar from 150.50 the day before.
 
Among other currencies, the euro and pound both jumped more than one percent against the dollar on fears about the US economy and bets that the Fed will have to cut interest rates to deal with the impact on growth.
 
US Treasury yields hit five-month lows -- yields and prices go in opposite directions.
 
Oil also suffered big losses, with both main contracts down at least three percent on fears that the shock to economies would hit demand.
 
Among the big corporate losers, Japanese tech giant Sony shed 4.8 per cent, while its South Korean rival Samsung was down 2 per cent.
 
Car titan Toyota was off more than five percent, Nissan lost 3.7 per cent and Honda was down 2.3 per cent. Tokyo-listed tech investment firm SoftBank was off close to four percent.
 
Hong Kong-listed e-commerce giants fell after the removal of a duty-free exemption for small parcels from China. Alibaba and JD.com shed 5.0 and 5.2 per cent respectively.
 
Tai Hui of JP Morgan Asset Management said the scale of the measures raised concerns about growth.
 
"US consumers may cut back on spending due to pricier imports, and businesses might delay capital expenditures amid uncertainty about the tariffs' full impact and potential retaliation from trade partners," he wrote in a note.
 
Key figures around 0810 GMT 
 
Tokyo - Nikkei 225: DOWN 2.8 per cent at 34,735.93 (close)
 
Hong Kong - Hang Seng Index: DOWN 1.5 per cent at 22,849.81 (close)
 
Shanghai - Composite: DOWN 0.2 per cent at 3,342.01 (close)
 
London - FTSE 100: DOWN 1.2 per cent at 8,502.37 
 
Dollar/yen: DOWN at 147.14 yen from 149.39 yen
 
Euro/dollar: UP at $1.0970 from $1.0814 on Wednesday
 
Pound/dollar: UP at $1.3137 from $1.2985
 
Euro/pound: UP at 83.51 pence from 83.33 pence
 
West Texas Intermediate: DOWN 3.2 per cent at $69.44 per barrel
 
Brent North Sea Crude: DOWN 3.0 per cent at $72.72 per barrel
 
New York - Dow: UP 0.6 per cent at 42,225.32 (close)

Zarqa Chamber of Industry exports total $339m in Q1 2025

By - Apr 02,2025 - Last updated at Apr 02,2025

AMMAN — President of the Zarqa Chamber of Industry (ZCI) Fares Hammoudeh on Wednesday said that industrial exports from Zarqa and Mafraq governorates remained stable during March, amounting to some $115 million. 

Hammoudeh noted that this figure matches the value recorded during the same month in 2024, despite the impact of the Eid Al Fitr holiday, the Jordan News Agency, Petra, reported. 

He added that total exports in the first quarter of 2025 reached $339 million, compared to $344 million during the same period in 2024, reflecting a slight decline of 1.5 per cent.

Hammoudeh stressed that exports to Arab countries remained steady at $143 million during the January-March of 2025, accounting for 42 per cent of total exports, the same value recorded for the same period in 2024.

He pointed out that Saudi Arabia topped the list of importing countries with a "notable" increase of 46 per cent, with exports amounting to $49.2 million compared to $33.5 million during the same period in 2024.

Iraq ranked second, despite a 10 per cent decline in exports, totalling $47.3 million in the first quarter of 2025, compared to $53 million in the corresponding period of 2024.

Exports to Algeria saw a "significant" surge of 278 per cent, reaching $15.9 million compared to $4.2 million in the same period in 2024, while exports to Syria also rose "sharply" by 135 per cent, reaching $4.7 million compared to $2 million.

Regarding exports to global markets, North America accounted for 45 per cent of total exports in the first quarter of 2025, amounting to $152.4 million, marking a 5 per cent decline compared to $161.2 million during the same period in 2024. 

Exports to the US experienced a slight decrease of 3 per cent, totalling $147.6 million compared to $152.6 million, according to Hammoudeh.

 

Textile sector eyes global expansion amid economic reform push

By - Apr 02,2025 - Last updated at Apr 02,2025

Textile representative at the Jordan Chamber of Industry Ihab Qadri outlines key objectives for the sector to create over 149,000 jobs and boost value-added by 10 per cent annually to $1.8 billion by 2033 (JT file)

AMMAN — Jordan's textile and apparel industry is capitalising on the nation's Economic Modernisation Vision (EMV), positioning itself as a "strategic" hub for "high-value" manufacturing, sector representative at the Jordan Chamber of Industry Ihab Qadri said on Wedensday.

Qadri, speaking to the Jordan News Agency, Petra, outlined key objectives such as creating over 149,000 jobs, boosting value-added by 10 per cent annually to $1.8 billion by 2033 and driving exports to $5.5 billion. 

The sector also aims to attract $3.1 billion in foreign direct investment (FDI), he added.

According to Qadri, key initiatives include enhancing supply chains, developing integrated manufacturing clusters, investing in workforce training and fostering collaboration between SMEs and large enterprises.

He noted that the sector, comprising 1,000 registered companies, is seen as a "crucial" driver of Jordan's economic diversification.

He added that a feasibility study for an integrated industrial alliance, designed to attract further investment and streamline operations, has been completed along with regulatory reforms and policy adjustments that are underway to improve the business climate.

The Kingdom's national textile and apparel sector's strategy aims to establish the country as a regional leader in high-quality, agile manufacturing, adhering to international standards for sustainability and efficiency.

Qadri said that Customs Law amendments are facilitating raw material imports from development zones, enhancing value-added and reducing "operational bottlenecks".

The sector currently employs over 90,000 workers, with 29,000 being locals, he said, noting that over 2,000 new jobs were created in 2024 alone.

Qadri said that exports surged to JD1.753 billion in 2024, a 24 per cent year-on-year increase, driven by strong demand, particularly from the US market. 

He added that diversification efforts have expanded market reach to include Canada, Europe, and the Gulf region.

Apparel exports, representing 95 per cent of total exports, reached $1.664 billion in 2024, a 25 per cent increase, which underscores the sector's growing international competitiveness, he noted.

Increased FDI, driven by improved business conditions and the EMV, is leading to new manufacturing facilities and expanded operations, the sector representative pointed out.

Qadri noted that plans are underway to establish an integrated industrial alliance to further attract investment and promote sector-wide growth.

 

88 investment, operational contracts signed in Jordan-Syria free zone

By - Apr 02,2025 - Last updated at Apr 02,2025

The Jordan Free Zones Investors Authority says that 88 investment and operational contracts are signed in the Jordanian-Syrian Joint Free Zone (Photo Courtesy of Al Mamlaka TV)

AMMAN — A total of 88 investment and operational contracts have been signed in the Syrian-Jordanian Joint Free Zone since its reopening earlier this year, according to the Jordan Free Zones Investors Commission (JFZIC).

JFZIC Vice Chairman Sharaf Al Din Rifai told Al Mamlaka TV that the contracts were distributed among 78 contracts for the old part of the zone and 10 contracts for the new expansion.

More than 800 investors are awaiting approvals to start their businesses to invest and operate in the JFZIC.

Rifai stressed that the zone is witnessing a "very active" commercial movement for all commercial and economic activities, and that the authority is working in coordination with concerned authorities in the two countries to facilitate procedures in the region and stimulate commercial movement.

 

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