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Trump Sets 15% Tariff On South Korean Imports
President Donald Trump on Wednesday announced a 15% tariff on imports from South Korea, as part of a deal aimed at temporarily easing tensions with one of America’s top trading partners and key Asian allies.
The arrangement, announced shortly after Trump met with Korean officials at the White House, came during a blizzard of trade policy announcements ahead of a self-imposed August 1 deadline.
That is when Trump has promised higher tariffs will kick in on US imports from a range of countries. Imports from South Korea, a powerhouse exporter of computer chips, cars and steel, faced a 25% rate.
‘Crossed A Big Hurdle’
“I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea,” Trump wrote on Truth Social.
The negotiations were an early test for South Korean President Lee Jae Myung, who took office in June after a snap election. He said the deal had eliminated uncertainty in the export environment and set US tariffs lower than or at the same level as major competitors.
“We have crossed a big hurdle,” Lee said in a post on Facebook. Trump said Lee would visit the White House “within the next two weeks” for his first meeting with the US president.
Seoul’s Hefty Investment
Trump said South Korea had agreed to invest $350 billion in the United States in projects selected by Trump and to purchase $100 billion of liquefied natural gas and other energy products, the US president said. Both steps have been major priorities for Trump, a Republican, in other trade deals.
Of the $350 billion investment fund, $150 billion was aimed at a shipbuilding partnership while $200 billion would include funds for chips, nuclear power, batteries, and biologics, Kim Yong-beom, policy chief from the South Korean presidential office, told a briefing.
Kim said some existing investment plans by South Korean companies would be part of the fund, and that they had ensured there would be safeguards over how the funds were used.
Reuters has not seen the text of the deal or analyzed its terms.
It was not immediately clear how the investment deals would be structured, where the financing would come from, over what time frame they would be implemented and to what extent their terms would be binding on the parties involved. Trump said additional South Korean investments would be announced later.
Trump also said South Korea would accept American products, including cars, trucks and agriculture into its markets and impose no import duties on them.
US Commerce Secretary Howard Lutnick said on X that the South Korean energy purchases would take place “over the next 3.5 years”.
No Access To Rice, Beef Markets
The US tariff rate on South Korean autos would be set at 15% and their semiconductor and pharmaceutical exports would not be treated more harshly than those from other countries, he added. Steel, aluminum, and copper were not covered by the new deal and US tariff rates on those goods would remain unchanged.
Despite claims by Trump and US officials that non-tariff barriers on agriculture would be eliminated, Kim said that South Korea’s rice and beef markets would not be open.
South Korean Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo had been in Washington for talks with senior US officials and were believed to have met with Trump shortly before the deal announcement.
Pressure had been mounting on South Korea since Japan clinched a deal to cut Trump’s threatened tariffs to 15% earlier this month.
Amid the last-minute push by government officials to reach a tariff deal, South Korea’s Samsung Electronics inked a $16.5 billion chip deal with Tesla.
South Korean battery maker LG Energy Solution also signed a $4.3 billion deal to supply Tesla with energy storage system batteries, a person familiar with the matter told Reuters.
(With inputs from Reuters)
Canada Backs Palestinian Statehood As Gaza Crisis Worsens
Canadian Prime Minister Mark Carney on Wednesday announced that Canada will recognise the State of Palestine at a United Nations meeting in September, increasing pressure on Israel as the humanitarian crisis deepens in Gaza.
The announcement came after France said last week it would recognize a Palestinian state and a day after Britain said it would recognize the state at September’s UN General Assembly meeting if the fighting in Gaza, part of the Palestinian territories occupied by Israel, had not stopped by then.
Carney told reporters that the reality on the ground, including starvation of people in Gaza, meant “the prospect of a Palestinian state is literally receding before our eyes”.
“Canada condemns the fact that the Israeli government has allowed a catastrophe to unfold in Gaza,” he said.
Carney said the planned recognition was based in part on repeated assurances from the Palestinian Authority, which represents the State of Palestine at the UN, that it was reforming its governance and is willing to hold general elections in 2026 in which Hamas “can play no part”.
Growing Outrage
The announcements by some of Israel’s closest allies reflect growing international outrage over Israel’s restrictions on food and other aid to Gaza in its war against Hamas militants, and the dire humanitarian crisis there. A global hunger monitor has warned that a worst-case scenario of famine is unfolding in the enclave.
The Gaza health ministry reported seven more hunger-related deaths on Wednesday, including a two-year-old girl with an existing health condition. The Hamas-run government media office in Gaza said the Israeli military killed at least 50 people within three hours on Wednesday as they tried to get food from UN aid trucks coming into the northern Gaza Strip.
‘Reward For Hamas’
Israel and its closest ally, the US, both rejected Carney’s statements.
“The change in the position of the Canadian government at this time is a reward for Hamas and harms the efforts to achieve a ceasefire in Gaza and a framework for the release of the hostages,” the Israeli foreign ministry said in a statement. Israeli Prime Minister Benjamin Netanyahu made similar comments after the French and British announcements.
A White House official, speaking on condition of anonymity, said President Donald Trump also sees recognition of the State of Palestine as wrongly “rewarding Hamas”.
US special envoy Steve Witkoff is due to travel to Israel on Thursday to discuss Gaza. Trump said this week he expected centers to be set up to feed more people in the enclave.
The State of Palestine has been a non-member observer state of the UN General Assembly since 2012, recognized by more than three-quarters of the assembly’s 193 member states.
Jonathan Panikoff, former deputy US national intelligence officer on the Middle East, said recognition of Palestine is intended “to increase pressure on Israel to compel it to return to a two-state paradigm”. But he said Canada’s announcement is “unlikely to be anything more than symbolic and risks undermining their relationship with a longtime ally in Israel”.
French President Emmanuel Macron, who spoke with Carney before Canada’s announcement, said the recognition of Palestine will “revive a prospect of peace in the region”.
Possible Ultimatum To Hamas
Israeli security cabinet member Zeev Elkin said on Wednesday that Israel could threaten to annex parts of Gaza to increase pressure on Hamas, eroding Palestinian hopes of statehood on land Israel now occupies.
Mediation efforts to secure a 60-day ceasefire and the release of remaining hostages held by Hamas ground to a halt last week.
In Gaza, resident Saed al-Akhras said the recognition of Palestine by major powers marked a “real shift in how Western countries view the Palestinian cause.”
“Enough!” he said. “Palestinians have lived for more than 70 years under killing, destruction and occupation, while the world watches in silence.”
‘Violation Of International Law’
Families of Israeli hostages still held in Gaza appealed for no recognition of a Palestinian state to come before their loved ones were returned.
“Such recognition is not a step toward peace but rather a clear violation of international law and a dangerous moral and political failure that legitimizes horrific war crimes,” the Hostages Family Forum said.
Netanyahu said this month he wanted peace with Palestinians but described any future independent state as a potential platform to destroy Israel, so control of security must remain with Israel.
His cabinet includes far-right members who openly demand the annexation of all Palestinian land. Finance Minister Bezalel Smotrich said on Tuesday that reestablishing Jewish settlements in Gaza was “closer than ever,” calling Gaza “an inseparable part of the Land of Israel.”
Aid Going In, But Not Enough
A 2-year-old girl being treated for a build-up of brain fluid died overnight of hunger, her father told Reuters on Wednesday.
“Doctors said the baby has to be fed a certain type of milk,” Salah al-Gharably said by phone from Deir Al-Balah. “But there is no milk. She starved. We stood helpless.”
The deaths from starvation and malnutrition overnight raised the toll from such causes to 154, according to the Gaza health ministry, including at least 89 children, since the war’s start, most of them in recent weeks.
Israel said on Sunday it would halt military operations for 10 hours a day in parts of Gaza and designate secure routes for convoys delivering food and medicine.
The UN Office for the Coordination of Humanitarian Affairs said the United Nations and its partners had been able to bring more food into Gaza in the first two days of pauses, but the volume was “still far from enough.”
The war began on October 7, 2023, when Hamas led attacks on communities and military bases in southern Israel in which some 1,200 people were killed, including more than 700 civilians, and another 251 taken as hostages to Gaza, according to Israeli tallies.
Since then, Israel’s offensive in the Gaza Strip has killed more than 60,000 people and laid waste to much of the territory, the Gaza health ministry says.
(With inputs from Reuters)
UK Air Traffic Glitch Disrupts Flights
A technical glitch in UK’s air traffic control system caused flight disruptions for over four hours at major airports in London and other cities on Wednesday, though the issue was later resolved and departures gradually resumed.
“Our systems are fully operational and air traffic capacity is returning to normal,” NATS, the country’s air traffic control provider, said in a post on X.
“Departures at all airports have resumed and we are working with affected airlines and airports to clear the backlog safely. We apologise to everyone affected by this issue.”
Heathrow Airport Hit
The outage, announced by NATS 20 minutes earlier, included Heathrow Airport, Britain’s largest and Europe’s busiest.
“Flights at Heathrow have resumed following a technical issue at the NATS Swanwick air traffic control centre. We are advising passengers to check with their airline before travelling,” an airport spokesperson said.
Gatwick Airport and Edinburgh Airport also said operations were resuming.
London City Airport had earlier also reported disruption. It was not clear exactly how long the outage had lasted.
Ryanair said the disruption lasted for “over four hours” and caused delays and several diversions, inconveniencing thousands of passengers.
‘Utterly Unacceptable’
The Irish low-budget airline said the problem was “utterly unacceptable” and called for Martin Rolfe, the chief executive of the air traffic control provider, to resign.
“It is clear that no lessons have been learnt since the Aug ’23 NATS system outage and passengers continue to suffer as a result of Martin Rolfe’s incompetence,” Ryanair chief operating officer Neal McMahon said in a statement.
In August 2023, flights across Britain were disrupted after the automatic processing of flight plans malfunctioned.
Last year, Britain’s aviation regulator said NATS needed to review its contingency plans for outages after the disruption, which airline bosses said cost them over 100 million pounds ($133 million) in refunds and compensation.
($1 = 0.7534 pounds)
(With inputs from Reuters)
US Targets Brazilian Judge In Bolsonaro Coup Probe
In a sharp diplomatic move, the United States on Wednesday imposed sanctions on Brazilian Supreme Court Judge Alexandre de Moraes, accusing him of authorising arbitrary pre-trial detentions and curbing freedom of expression.
Moraes is overseeing the criminal case against former President Jair Bolsonaro, who has been charged with plotting a coup. US President Donald Trump has tied new tariffs on Brazil to what he called a “witch hunt” against his right-wing ally.
The announcement by the US Treasury Department follows Secretary of State Marco Rubio’s statement in June saying Washington was considering sanctioning the judge.
Global Magnitsky Act
Moraes was sanctioned under the Global Magnitsky Act, which allows the US to impose economic penalties against foreigners it considers to have a record of corruption or human rights abuses.
“Alexandre de Moraes has taken it upon himself to be judge and jury in an unlawful witch hunt against US and Brazilian citizens and companies,” US Treasury Secretary Scott Bessent said in a statement.
Moraes, he said, “is responsible for an oppressive campaign of censorship, arbitrary detentions that violate human rights, and politicized prosecutions — including against former President Jair Bolsonaro”.
Moraes recently ordered Bolsonaro to wear an ankle bracelet and stop using social media over allegations that he courted the interference from Trump.
There was no immediate comment from Moraes or Brazil’s Supreme Court.
‘Unacceptable’
Earlier this month, Washington escalated tensions with the government of Latin America’s largest economy, imposing US visa restrictions on Moraes, his family and other unnamed court officials.
Brazilian President Luiz Inacio Lula da Silva denounced that move as “arbitrary” and “baseless,” and said foreign interference in the judiciary was “unacceptable”. The leftist leader said in a statement that the US action violated fundamental principles of respect and sovereignty between nations.
The visa bans were a response to the Supreme Court’s decision to issue search warrants and restraining orders targeting Bolsonaro, who is accused of plotting a coup to overturn the results of a 2022 election he lost.
In a letter in mid-July, when Trump announced a 50% tariff on Brazilian goods starting August 1, he opened the message with criticism of Bolsonaro’s prosecution.
Bolsonaro has denied that he led an attempt to overthrow the government but has acknowledged taking part in meetings aimed at reversing the election’s outcome.
(With inputs from Reuters)
Russian Surgeons Continue Operation Amid Severe Kamchatka Earthquake
Medical staff were performing surgery in Petropavlovsk-Kamchatsky, in Russia’s Far East, when a massive 8.8 magnitude earthquake struck on Wednesday, shaking their instruments and the ground beneath them.
The medics used their hands to try to steady both the patient and their equipment, CCTV footage released by the Kamchatka region’s Health Ministry showed.
“Despite the danger, the doctors remained calm and stayed with the patient until the very end,” Oleg Melnikov, the minister, wrote on Telegram. He gave no details of the surgery but added that the patient was currently out of danger.
Russian scientists said the quake off the coast of Kamchatka, which triggered tsunami warnings as far away as Hawaii, Japan and Chile, was the most powerful to hit the region since 1952.
Kremlin spokesman Dmitry Peskov said there had been no casualties in Russia from the quake, crediting solid building construction and the smooth working of alert systems.
Reports Of Damage
Still, there were scenes of chaos along Russia’s remote and sparsely populated Far Eastern seaboard, and scattered reports of damage.
Roman Kripakov, a chef in Severo-Kurilsk on Paramushir, one of the Pacific Kuril Islands chain, said he was at the cafe where he works when it began to shake.
“We ran out onto the street, and saw that all the buildings were trembling. Pipes, bricks, they were all falling down from the roofs,” he said.
“Did I think about death? Yes, it did come to mind. I asked everyone for forgiveness, and recalled happy moments in my life. I wrote to my wife.”
A verified video shot by a Severo-Kurilsk resident showed water engulfing a fish processing plant as it rushed inland, carrying a lightweight metal building and containers with it.
A woman can be heard cursing as she laments the loss of the plant. “Our factory is sinking along with our seafood production,” she says.
Elsewhere on the Kamchatka Peninsula, video showed startled sea lions diving into the sea as the quake hit Antsiferov Island, just off the coast.
The island is known as a natural habitat for Steller sea lions, a large, near-threatened species.
(With inputs from Reuters)
China Seeks Greater US Engagement, Cautions Against Confrontation
China’s Foreign Minister Wang Yi on Wednesday urged increased engagement with the United States and cautioned against confrontation between the two major powers, according to a statement from the Chinese foreign ministry.
Wang made the comments during a meeting in Beijing with a delegation of United States’ businesses that includes executives from Goldman Sachs, Boeing and Apple, the ministry said.
“China is willing to enhance engagement with the United States, avoid misjudgment, manage differences, and explore cooperation,” Wang was quoted as saying.
Tariff Truce Extension
His remarks came a day after top Chinese and U.S. negotiators wrapped up the latest round of trade talks in Stockholm, with both sides agreeing to seek an extension of their 90-day tariff truce struck in May.
Wang said that relations between China and the United States are affected by global developments and exert a “profound impact” on international dynamics.
“China and the U.S. need to establish more channels of communication and consultation, view each other objectively, rationally, and pragmatically, and foster a correct strategic perception,” he said, urging both countries to reject “unilateralism and bullying”.
He encouraged U.S. companies to maintain confidence in the Chinese market and welcomed them to continue to invest in China, the ministry statement said.
US Delegation’s China Visit
A high-level delegation of U.S. executives is visiting China this week and has also met with China’s commerce and industry ministers.
The trip comes as Beijing and Washington work towards a summit between the two countries’ leaders later this year, probably around the time of the APEC forum in South Korea from October 26 to November 1, sources previously told Reuters.
U.S. President Donald Trump said on Tuesday he thinks he will meet with Chinese President Xi Jinping before the end of the year, but did not elaborate.
(With inputs from Reuters)
India Launches $1.5B Climate Radar Satellite In Landmark NASA Collaboration
India on Wednesday launched a $1.5 billion, first-of-its-kind radar imaging satellite developed in collaboration with NASA, aimed at improving global monitoring of climate change and natural disasters.
The NASA-ISRO Synthetic Aperture Radar, or NISAR satellite, is the first such collaboration between the Indian Space Research Organisation and the U.S. space agency NASA.
It took off from India’s Satish Dhawan Space Centre at 1210 GMT atop a medium-lift rocket, marking a milestone in space cooperation and bolstering India’s profile in low-cost, high-impact satellite missions.
Dual-Frequency Radar Precision
NISAR is the world’s first radar imaging satellite to use two radar frequencies – the L-band provided by NASA and the S-band developed by ISRO – to track minute changes in the Earth’s surface, including movements as small as a centimetre, the space agencies have said.
The satellite, roughly the size and weight of a fully loaded pickup truck – was placed into a near-polar Sun-synchronous orbit approximately 747 km (464 miles) above Earth.
It will map the planet every 12 days using a 240-km-wide radar swath, offering data to scientists and disaster response agencies to monitor everything from glacier retreat in the Himalayas to potential landslide zones in South America.
“The potential applications from the satellite are huge, and the global scientific community is eagerly awaiting the satellite data for their respective research and usage,” ISRO Chairman V. Narayanan said after the launch.
“It is not going to be used by one or two countries. The entire globe is going to benefit from this great accomplishment,” he said, adding that the mission had brought the two space agencies much closer than ever before.
A ‘Pathfinder’ Mission
Casey Swails, NASA’s deputy associate administrator, called the mission a “pathfinder”. “This Earth science mission is one of a kind and really shows the world what our two nations can do,” she said.
NISAR is expected to operate for at least five years. The data it collects will be made freely available to users worldwide — a move aimed at enhancing transparency and accessibility in environmental research and hazard response.
The launch comes amid India’s broader push to establish itself as a leading space power, following the success of its Chandrayaan-3 moon landing and its upcoming Gaganyaan human spaceflight, opens new tab programme.
India has said it aims to build its own space station by 2035 and send astronauts to the moon in partnership with other countries as part of a broader vision to expand commercial and scientific activities in space.
(With inputs from Reuters)
Trump Admin To Outline New Crypto Rules In Upcoming Report
A cryptocurrency task force set up by President Donald Trump is expected to release a report on Wednesday outlining the administration’s views on tokenisation, key crypto legislation, and other matters vital to the digital asset sector.
Shortly after taking office in January, Trump ordered the creation of a crypto working group tasked with proposing new regulations, making good on his campaign promise to overhaul US crypto policy.
Wednesday’s report is a culmination of the task force’s work so far and its first public findings. In line with Trump’s January executive order, it will lay out what rules and laws should be enacted to advance the policy goals of the pro-crypto White House.
What Will The Report Contain?
The report will discuss market structure, taxes, consumer protection, and “clear rules of the road” for crypto, according to senior administration officials.
Additional policy goals discussed in the report include making sure the Securities and Exchange Commission has a framework in place for firms to offer blockchain-based stocks and bonds, according to one person familiar with the discussions. The report is also expected to detail the administration’s wish list for legislation Congress is currently debating to create broad regulatory guidelines for cryptocurrency, according to a second person familiar with the report.
The working group led by Trump official Bo Hines includes several administration officials, including Treasury Secretary Scott Bessent, SEC Chair Paul Atkins, and Director of the Office of Management and Budget Russell Vought.
“While there have been regulatory regimes in place that have maybe been piecemeal or have allowed the industry to grow in certain ways, the recommendations that we expect to see in the report will be a good roadmap for how to build out crypto as a continued important part of the economy going forward,” said Rebecca Rettig, chief legal officer at crypto firm Jito Labs.
On the campaign trail last year, Trump courted crypto cash by pledging to be a “crypto president” and promote the adoption of digital assets. That is in stark contrast to former President Joe Biden’s regulators, who, in a bid to protect Americans from fraud and money laundering, cracked down on the industry. The Biden administration sued exchanges Coinbase COIN.O, Binance, and dozens more, alleging they were flouting US laws. Trump’s SEC has since dropped those cases.
Tokenisation, Stablecoins, Market Structure
Industry participants will be looking closely at what the report says about tokenization, the process of turning financial assets – such as bank deposits, stocks, bonds, funds, and even real estate – into crypto assets.
The report will discuss tokenization “extensively” in a chapter on crypto market structure, senior administration officials said.
Crypto firms and others have been increasingly discussing the prospect of tokenizing securities as a new way to facilitate trading. Coinbase recently told Reuters it was seeking a US green light from the SEC to offer blockchain-based stocks. The SEC has yet to weigh in publicly on that request.
Wednesday’s report is expected to recognize the need for the SEC to develop a framework for tokenization, according to a source familiar with the discussions, but the details of the language were not immediately clear.
The report will also lay out what the White House would like to see from market structure legislation working its way through Congress, according to a separate person with knowledge of the report and a senior administration official. The House of Representatives passed a bill called the Clarity Act earlier this month that would create a formal regulatory regime for crypto, and the US Senate is considering its own version of the measure.
Trump’s Bill
Earlier this month, Trump signed into law a bill to create federal rules for stablecoins, a type of cryptocurrency pegged to the US dollar. That move was hailed as a major win for the digital asset industry, and the White House has said it wants Congress to pass market structure legislation next, which would have far wider repercussions for the industry.
The crypto sector has for years argued that existing US regulations are inappropriate for cryptocurrencies and has called for Congress and regulators to write new ones that clarify when a crypto token is a security, commodity, or falls into another category, such as stablecoins.
The president’s support for the crypto industry has sparked conflict-of-interest concerns, which at times have threatened to derail congressional crypto legislation. Trump’s family has launched cryptocurrency meme coins, and the president also holds a stake in World Liberty Financial, a crypto platform. The White House has denied that any conflicts of interest are present.
(With inputs from Reuters)
Thailand And Cambodia Exchange Accusations As Fragile Ceasefire Holds
A fragile ceasefire between Thailand and Cambodia remained in place for a second day on Wednesday, even as both sides traded accusations of breaches, while Cambodia escorted military attachés and diplomats to a border checkpoint damaged in the clashes to confirm adherence to the truce.
The visit took place hours after Thailand’s military accused Cambodian forces of breaching the truce at three separate locations along the disputed frontier. The Cambodian government denied this.
The two sides agreed at a meeting in Malaysia on Monday to an immediate and unconditional ceasefire to halt the heaviest fighting between the two countries in over a decade.
Truce Holds
There have been no reports of any exchange of heavy artillery fire since the truce was announced, but Thai and Cambodian troops were still massed along the frontier where fighting raged for five days at multiple locations.
At least 43 people, many of them civilians, were killed and more than 300,000 people were displaced.
At the checkpoint in Cambodia’s Preah Vihear province, which was now a pile of concrete, bricks and metal, Cambodian military officials told foreign observers on Wednesday that Thailand had illegally captured 20 Cambodian soldiers, according to a government statement.
“One of our soldiers managed to flee,” said Major General Chan Sopheaktra, according to the statement. “We suspect two others may have died, but the rest are still being held by the Thai military, with no signs of release as of this afternoon.”
Thai government spokesperson Jirayu Houngsub said Thailand’s military was currently holding 18 Cambodian soldiers who it said surrendered in Sisaket province. They had been provided clothes, food, water and medical care, he said.
“They are expected to be sent back to Cambodia after a permanent ceasefire is reached,” he said, adding the bodies of two deceased Cambodian soldiers had been returned on Tuesday.
Safety Concern
Referring to Cambodia taking defence attaches to the border, Thailand’s vice foreign minister, Russ Jalichandra, said Bangkok would soon do the same, when it was safe to proceed.
“Cambodia was able to act more quickly than Thailand because they were the party that initiated the attacks, which gave them immediate command and control over the area,” he said
The Thai army accused Cambodian forces of violating the truce overnight, including with small arms, grenade launchers and mortar fire, spread over several hours at multiple locations.
Cambodia called Thailand’s allegations baseless.
“Cambodia strongly rejects the ceasefire accusations as false, misleading and harmful to the fragile trust-building process,” Foreign Ministry spokesperson Chum Sounry said, adding the government supports a monitoring mechanism and independent observation.
The ceasefire, which also agreed to halt troop movement, paves the way for a high-level military meeting that includes defence ministers on August 4 in Cambodia.
Thailand and Cambodia have argued for decades over jurisdiction of various undemarcated points along their 817-km (508-mile) land border and there have been occasional skirmishes, with ownership of several ancient temples central to the disputes.
In May, a Cambodian soldier was killed in a brief gun battle, which led to a troop buildup and a diplomatic crisis.
The full-blown fighting erupted last week following Thai accusations that Cambodia had laid new landlines in the area that had maimed Thai soldiers. Phnom Penh rejects this.
(With inputs from Reuters)
22 Killed In Angola Protests Over Fuel Price Hike
The government in Angola on Wednesday said that 22 people had died in violent protests over a fuel price hike, up from the earlier count of four.
The strike was called by taxi operators in protest against the government’s decision to hike diesel prices by over 33% — a move introduced in early July as part of efforts to phase out fuel subsidies in the oil-rich country.
This has not only led to a steep rise in fares for ordinary Angolans who depend on taxis for daily travel, but also pushed up the prices of essential items, as transporters have passed on their increased fuel costs to consumers.
However, President Joao Lourenco has brushed aside these concerns, alleging that the protests are merely using fuel prices as an excuse to destabilise the government.
Looting, vandalism and clashes with police started in the capital Luanda, then spread to other provinces.
Cabinet Meeting
President Lourenco’s cabinet met on Wednesday and received an update on the security situation and police response.
A presidency statement said there had been 22 deaths, 197 people injured and 1,214 arrests. Sixty-six shops and 25 vehicles had been vandalised, and some supermarkets and warehouses looted, the statement said.
High Subsidy Rate
Angola has been gradually removing fuel subsidies since 2023, when a petrol price hike also triggered deadly protests, encouraged by the International Monetary Fund among others.
Subsidies amounted to as much as 4% of gross domestic product (GDP) last year, according to the Southern African oil-producing country’s finance minister.
Investors are closely watching the drive to phase out subsidies.
Pieter Niesten, portfolio manager for emerging market debt at Neuberger Berman, told Reuters that fuel subsidies were estimated to account for 1.8% of GDP this year, contributing to fiscal pressures.
“Investors and international financial institutions regard subsidy reform as evidence of Angola’s commitment to difficult structural adjustments,” he said.
(With inputs from Reuters)