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    Oil Prices Surge and Stock Markets Stumble After Israel Strikes Iran

    The military strikes jolted investors, raising concerns that a broader Mideast conflict would disrupt the world’s energy supplies.Israel’s military strikes against Iran shook global markets, as oil prices surged and stocks tumbled on worries that the attacks could set off a broader Mideast conflict that would disrupt the world’s energy supplies.Prices of Brent crude oil, the international benchmark, jumped nearly 9 percent to almost $78 a barrel in the hour following the Israeli strikes. As investors worried that rising oil prices might lead to more inflation and hurt the economies of oil-importing nations, stock markets fell broadly.The Nikkei 225 Index in Japan fell 1.3 percent in early trading Friday, while the Hang Seng Index dipped 0.7 percent in Hong Kong. Wall Street was closed at the time of the attack, but overnight futures market trading indicated that they could also fall as much as the Tokyo market.Iran is among the world’s largest producers of oil, and it sells almost all of what it produces to China, which consumes 15 percent of the global supply. Sales by Iran’s state oil company to China represent about 6 percent of Iran’s entire economy, and are equal to about half of its entire government’s spending.Iran’s exports have lagged in recent years as international sanctions have limited its ability to modernize its oil extraction and transportation technology.But Iran’s shipments have begun to recover in the past year on strong demand from China, which would be forced buy oil elsewhere if a broader conflict were to interrupt Iranian supplies. Beijing does have a large strategic oil reserve, accumulated through more than a decade of purchases and dispersed among numerous sites across the country. That could allow it to withstand weeks of an interruption in imports without difficulty.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    U.S. Oil Companies Are ‘Battening Down the Hatches’

    The industry is bracing for the OPEC Plus oil cartel’s meeting on Saturday, which is widely expected to further increase oil production despite weak demand.U.S. oil companies are pulling back as lower commodity prices take a toll.After two months of crude oil prices hovering around $60 a barrel, companies are shutting down drilling rigs and laying off workers as they pare spending. It now appears very likely that U.S. oil production will not grow much this year, if at all.There are two main reasons for low oil prices. President Trump’s trade war is likely to slow the global economy, hurting demand for fuel. And OPEC Plus, an oil cartel led by Saudi Arabia, is increasing production of oil as demand is softening.On Saturday, eight members of the cartel are widely expected to announce plans to bring even more oil to market this summer, which could send prices lower still.American oil companies are not waiting to find out.While the oil giants Exxon Mobil and Chevron are maintaining their spending plans, smaller companies are pulling back. Those focused on drilling for oil now plan to spend around 3.5 percent less this year than previously planned, according to a BloombergNEF analysis of a dozen publicly traded companies. All things equal, more drilling tends to drive oil prices down and less drilling generally props them up.“We can’t run our program on hope,” Tom Jorden, chief executive of the oil and gas producer Coterra Energy, told analysts during an earnings call this month. “So we are battening down the hatches, expecting this to last for a while.”The Houston-based company said it would drill less in the Permian Basin of Texas and New Mexico, the top U.S. oil field, and more in the Northeast, which is rich in natural gas. Prices for that fuel, used in power plants and for heating, have been much more resilient.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    ‘Very disturbing’: Trump receipt of overseas gifts unprecedented, experts warn

    Former White House lawyers, diplomatic protocol officers and foreign affairs experts have told the Guardian that Donald Trump’s receipt of overseas gifts and targeted investments are “unprecedented”, as the White House remakes US foreign policy under a pay-for-access code that eclipses past administrations with characteristic Trumpian excess.The openness to foreign largesse was on full display this week as the US president was feted in the Gulf states during his first major diplomatic trip abroad this term, inking deals he claimed were worth trillions of dollars and pumping local leaders for investments as he says he remakes US foreign policy to prioritise “America first” – putting aside concerns of human rights or international law for the bottom line of American businesses and taxpayers.But quite often, the bottom line also has benefited Trump himself. His family’s wealth has ballooned by more than $3bn, according to press estimates, and the reported benefits from cryptocurrencies and other investment deals such as plans for new Trump-branded family properties may be far larger. Deals for billions more have been inked by business associates close to Trump, meaning that their political support for the White House can translate into lucrative contracts abroad.“When we’re negotiating with other countries, the concern is that our negotiating position will change if someone does a favor or delivers a gift to the president of the United States,” Richard Painter, the chief White House ethics lawyer in the administration of George W Bush, said.“Whether it’s trying to resolve the Russia-Ukraine war, or the Middle East or anything else. You know the the impression is given that the position of the United States can be swayed and even bought.”Others argue that the message being sent by the White House is that American foreign policy is being sold to the highest bidder.View image in fullscreen“Trump has put a for-sale sign out front of the White House,” said Norm Eisen, the executive director of the legal advocacy group State Democracy Defenders Fund and a White House “ethics czar” and ambassador to the Czech Republic under Barack Obama. “Of course you’re going to see Qatar and UAE as like a bidding war. Qatar says: ‘I’ll give you a $400m plane,’ and the UAE says: ‘Hold my beer, I’ll give your crypto company $2bn.’”In a particularly eye-catching incident this week, Qatar offered to give the US Department of Defense a $400m Boeing 747-8 that Trump had suggested could be used as Air Force One and then passed on to his presidential library after he leaves office.The plane has become a lightning rod among US Democrats, and critics have argued it violates the emoluments clause of the constitution that prohibits the president from receiving gifts from foreign entities.Trump had called the plane a “great gesture” from Qatar and said that it would be “stupid” for him not to accept the gift. A Democratic lawmaker had called the plane a “flying palace”, and even diehard Maga supporters such as the commentators Laura Loomer and Ben Shapiro have criticised it publicly.Painter suggested that it would be similar to King George III gifting George Washington a copy of the royal stagecoach for his use in office. “You think the founders wouldn’t have considered that a bribe?” he said.But Gulf states have offered other incentives, including a $2bn investment from a UAE-controlled funds into a Trump-linked stablecoin that could incentivise the president to shape foreign policy in favour of Abu Dhabi.An advisory sent to congressional Democrats this week and seen by the Guardian said: “President Trump and the Trump family have moved at breakneck speed to profit from a massive crypto scam on the American people.”The gifts, and in particular the potential gift of a jet, have led to a series of denunciations on Capitol Hill as they seek to build momentum for a legislative push.“This isn’t America first. This is not what he promised the American people. This is Trump first,” said Chris Murphy, a Democratic senator from Connecticut. “He is willing to put our nation’s security at risk, take unconstitutional bribes, just so he can fly himself and his Mar-a-Lago golf buddies around the world in gold-plated luxury planes gifted to him by foreign governments.”But is it illegal? As Qatar would give the jet to the Department of Defense, some experts have said that it may not directly violate the emoluments clause or other laws, even if Trump were to make use of the plane while in office.“Never seen it before,” said Scott Amey, the general counsel of the Project On Government Oversight, a non-profit government watchdog group based in Washington. “Is it allowed? I’m still uncertain.”Past administrations would have run from the perceived conflicts of interest being welcomed by Trump. The former White House ethics advisers described crises such as when a Gulf state tried to present a Rolex to a national security adviser, or when the Boston Red Sox tried to gift the White House chief of staff a baseball bat signed by all the players (the addressee was forced to pay its estimated market value, said Painter). Eisen said that he forbade Obama from even refinancing the mortgage on his house in Chicago because of his capacities to influence the market.“The status quo has been saying no, because it’s an actual and apparent conflict of interest, and it could jeopardize our domestic and foreign policies,” said Amey. ”It certainly doesn’t pass the sniff test for a lot of Americans.”The lavish gifts and other investments come as Trump is reshaping America’s policy in the Middle East, skipping Israel and turning toward the Gulf states in a flurry of deal-making that could benefit both sides handsomely. And Trump’s family and other advisers, such as Steve Witkoff, with interests in the Gulf states are closely involved.View image in fullscreen“When the first Trump administration came in, I saw that people in the Gulf said, ‘Finally, an American administration we understand. He sends us his son-in-law to talk to us,’” said Dr F Gregory Gause III of the Middle East Institute, a former professor of international affairs at the Bush School. “It’s a startling change in American norms … the notion that Trump family private business and US government business walk hand in hand is remarkable.”While potential gifts like a jet cannot be hidden, the potential to move billions of dollars in cryptocurrency secretly has watchdogs, the political opposition and other foreign observers deeply concerned. “We’re talking about billions of dollars, almost infinite money, that can be paid by anyone,” said one senior European diplomat. One little-known China-linked firm with no revenue last year bought $300m of a Trump meme coin this week, raising further concerns of dark foreign money moving into US politics.Senate Democrats have called for rewriting the Genius Act, Trump-backed legislation that they say would provide for far-too-lax regulation of so-called stablecoins, in order to ban him from benefiting. “If Congress is going to supercharge the use of stablecoins and other cryptocurrencies, it must include safeguards that make it harder for criminals, terrorists, and foreign adversaries to exploit the financial system and put our national security at risk,” said the memo.The flood of foreign money has left former officials who used to carefully track the giving of gifts and other goods from foreign government infuriated.The rules can be “annoying and sort of stupid, but it is what separates the good guys from the bad guys, as it relates to corruption and good governance”, said Rufus Gifford, a former head of protocol for the state department, which also tracks gifts to US officials from foreign governments. “And I think that Trump just has no respect for those institutions that have been set up for a very specific purpose, which is to root out corruption.“It is very, very disturbing that a president of the United States could be in a position to profit off the office in which he holds,” he continued. “And that is, again, something that is never supposed to be able to happen. And it’s really quite extraordinary.” More

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    Elon Musk shows he still has the White House’s ear on Trump’s Middle East trip

    Over the course of an eight-minute interview, Elon Musk touted his numerous businesses and vision of a “Star Trek future” while telling the crowd that his Tesla Optimus robots had performed a dance for Donald Trump and the crown prince of Saudi Arabia, Mohammed bin Salman, to the tune of YMCA. He also announced that Starlink, his satellite internet company, had struck a deal for use in Saudi Arabia for maritime and aviation usage; looking to the near future, he expressed his desire to bring Tesla’s self-driving robotaxis to the country.“We could not be more appreciative of having a lifetime partner and a friend like you, Elon, to the Kingdom,” Saudi Arabia’s minister of communications and IT, Abdullah Alswaha, told Musk.Although Musk has pivoted away from his role as de facto leader of the so-called “department of government efficiency” and moved out of the White House, the Saudi summit showed how he is still retaining his proximity to the US president and international influence. As Musk returns to his businesses as his primary focus, he is still primed to reap the rewards of his connections and political sway over Trump.skip past newsletter promotionafter newsletter promotionStarlink diplomacyMusk’s Starlink announcement comes after a spate of countries have agreed to allow the satellite communications service to operate within their borders. Several countries that have approved Starlink did so after US state department officials mentioned the company by name or pushed for increased satellite services in negotiations over Trump’s sweeping tariffs, according to internal memos obtained by the Washington Post.Concerns over whether Musk and the Trump administration are leveraging their power to force countries into adopting Starlink has prompted calls for a state department inspector general investigation into whether there is undue influence at play in these agreements. On Wednesday, a group of Democratic senators issued a letter requesting a broad review of the state department’s alleged efforts to assist Starlink.“These reports indicate that Mr Musk may be using his official role and his proximity to the President as leverage for his own personal financial benefit – even if it comes at the expense of American consumers and the nation’s foreign policy interests,” the senators wrote.Musk’s empire expands in Saudi ArabiaThe Saudi-US Investment Forum summit was held in Riyadh and featured top ministers from the kingdom’s government as well as US cabinet secretaries Scott Bessent and Howard Lutnick. Saudi Arabia has been sinking billions into tech and artificial intelligence in recent years as it expands its portfolio of investments, in addition to its already extensive deals in industries such as defense and energy. The White House and Saudi government announced an arms deal worth $142bn following the event.Musk was one of a long list of Silicon Valley moguls and top executives of major US companies to attend the summit. The CEO of Palantir and Musk ally, Alex Karp, took part, as did the OpenAI CEO and Musk rival, Sam Altman. Amazon’s chief executive, Andy Jassy, and Nvidia’s CEO, Jensen Huang, were some of the other tech leaders present. The list also included CEOs from a range of boldface names such as Boeing, Coca-Cola and Halliburton.Earlier on Tuesday, Musk talked with Trump and Prince Mohammed inside the Saudi Royal Court and warmly greeted both leaders. Weeks before Musk’s arrival in Riyadh, his Twitter/X social media platform had managed to refinance some of its billions in debt with help from a Saudi fund. Tesla also launched in Saudi Arabia last month, opening a new showroom in the capital. More

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    Donald Trump says lifting sanctions on Syria ‘gives them a chance of greatness’ – US politics live

    Donald Trump has said that lifting sanctions on Syria “gives them a chance of greatness”.“The sanctions were really crippling, very powerful,” he added. He said the US will drop “all of the sanctions on Syria, which I think will be a good thing.”He said that he is looking to normalise relations with Syria.President Donald Trump continues his visit to the Middle East with a Qatari state visit later today.According to a schedule released by the White House, the president will arrive at Doha’s Hamad International Airport within the next hour, before stopping off to visit Amiri Diwan.He will then arrive at St Regis Doha for the state visit shortly before 4pm local time.Trump is also scheduled to attend a state dinner at the Lusail Palace this evening at 8pm.The meeting between Donald Trump and Syria’s president, Ahmad al-Sharaa, in Saudi Arabia was the culmination of months of diplomacy by the Syrians, as well as their Turkish and Saudi allies, who believed face time with Trump would help end Syria’s international isolation, writes William Christou.Damascus had prepared a pitch to Trump that included access to Syrian oil, reassurances of Israel’s security and a proposal to build a Trump tower in Damascus.A meeting with Trump was seen as a key step towards recognition of the legitimacy of the new authority in Damascus after Bashar al-Assad was ousted as Syria’s president in December.The Trump administration had previously been wary of engaging with Sharaa, a former leader of the Islamist rebel group Hayat Tahrir al-Sham.Though sanctions were originally imposed on Assad after his bloody crackdown on peaceful protesters in 2011, the US and other countries retained their economic embargo on Syria as they evaluated the new Islamist-led government in Damascus.The US state department had handed the Syrians an extensive list of conditions to end sanctions and were in the process of negotiating when Trump suddenly announced the lifting of US sanctions on Tuesday night.At the end of his speech to the Gulf Cooperation Council in Riyadh, Trump told leaders in the region that he wants them to forge a Middle East that is “thriving” and the “geographic centre of the world”. He said the “whole world is talking about what you are doing”.He added that it had been a pleasure to spend time with Mohammed bin Salman before he criticised the “fake news” media.Saudi Arabia’s crown prince Mohammed bin Salman has told Donald Trump that Arab Gulf states were seeking to work with the US to de-escalate tensions in the region, as the Israel-Hamas war in Gaza continues to drag on and destabilise the Middle East.According to a White House spokesperson, Donald Trump called on Syria’s Ahmed al-Sharaa to ‘“deport Palestinian terrorists” and to help the US to prevent the resurgence of Islamic State. He urged Syria to sign onto the Abraham Accords with Israel.Al-Sharaa invited American companies to invest in Syrian oil and gas.During Trump’s speech to Arab leaders, he said he wants a future of “safety and dignity” for Palestinians but warned that was impossible if leaders in Gaza continued down a path of violence.He praised the “constructive role that the leaders in this room have taken trying to bring this conflict to an end”.He also thanked those involved in helping secure the release of Israeli-American hostage Edan Alexander.Donald Trump has said that lifting sanctions on Syria “gives them a chance of greatness”.“The sanctions were really crippling, very powerful,” he added. He said the US will drop “all of the sanctions on Syria, which I think will be a good thing.”He said that he is looking to normalise relations with Syria.Donald Trump has said he wants to make a deal with Iran, but it can only go ahead if the regime stops “supporting terror” and abandons its nuclear plans.“Many are watching with envy,” Trump told assembled Arab leaders during a speech and said there “are incredible deals within reach for this region”.He accused the Biden administration of “creating bedlam by being incompetent”.The US president says “people at this table know where my loyalties lie”.In related news, Iran’s deputy foreign minister will meet with European diplomats for nuclear talks in Istanbul on Friday, Foreign Minister Abbas Araqchi said on Wednesday.Reuters reported on Tuesday that Iran would hold talks on the now moribund 2015 nuclear deal with European parties, which include France, Britain and Germany.Turkish president Recep Tayyip Erdoğan has said Donald Turmp’s decision to lift sanctions on Syria is of historic importance, Turkish state-owned Anadolu news agency reported on Wednesday.Erdoğan met online with Donald Trump, Mohammed bin Salman and Syrian president Ahmed al-Sharaa.Speaking at an investment forum on Tuesday, Trump said that he planned to lift sanctions on Syria after holding talks with Saudi Arabia’s Mohammed bin Salman and Turkey’s Recep Tayyip Erdoğan. “I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness,” Trump said.Ahmed al-Sharaa’s pitch to woo the US president offered access to Syrian oil, reconstruction contracts and to build a Trump Tower in Damascus in exchange for the lifting of US sanctions on Syria.Though the details of the sanctions relief were still unclear, Sharaa’s team in Damascus was celebrating, writes William Christou in Beirut.“This is amazing, it worked,” said Radwan Ziadeh, a Syrian writer and activist who is close to the Syrian president. He shared a picture of an initial mockup of Trump Tower Damascus. “This is how you win his heart and mind,” he said, noting that Sharaa would probably show Trump the design during their meeting in Riyadh on Wednesday.Donald Trump has met Syrian president Ahmed al-Sharaa in Saudi Arabia after agreeing to lift sanctions on Syria.Despite concerns within sectors of his administration over the Syria’s leaders’ former ties to Al Qaeda, Trump said on Tuesday during a speech in Riyadh he would lift sanctions on Syria. The onetime insurgent leader spent years imprisoned by US forces after being captured in Iraq.The White House says Trump agreed to “say hello” to al-Sharaa before the US leader wraps up his visit to Saudi Arabia and moves on to Qatar.Trump is also scheduled to attend a meeting of the Gulf Cooperation Council, the grouping of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. He then sets off for Qatar, the second stop in his Gulf tour. Trump will be honored with a state dinner in Qatar.Al-Sharaa was named president of Syria in January, a month after a stunning offensive by insurgent groups led by al-Sharaa’s Hayat Tahrir al-Sham, or HTS, stormed Damascus and ended the 54-year rule of the Assad family.Trump said he decided to meet with al-Sharaa after being encouraged to do so by Saudi crown prince Mohammed bin Salman and Turkish president Recep Tayyip Erdoğan. The president also pledged to lift years-long sanctions on Syria.“There is a new government that will hopefully succeed in stabilizing the country and keeping peace,” Trump said in a wide-ranging foreign policy address Tuesday in which he announced he was lifting the sanctions that have been in place in Syria since 2011. “That’s what we want to see in Syria.”Trump also urged Iran to take a “new and a better path” as he pushes for a new nuclear deal and said he wanted to avoid conflict with Tehran.The United States and Saudi Arabia signed a $142bn arms deal touted by the White House as the “largest defence sales agreement in history” in the first stop of Donald Trump’s four-day diplomatic tour to the Gulf states aimed at securing big deals and spotlighting the benefits of Trump’s transactional foreign policy. More

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    Trump news at a glance: president gives Syria ‘chance at greatness’ with promise of sanctions relief

    Donald Trump has announced plans to lift sanctions on Syria after holding talks with Saudi Arabia’s Mohammed bin Salman and Turkey’s Recep Tayyip Erdoğan, describing it as an effort to “give them a chance at greatness”.The announcement came as the White House also confirmed that Trump would meet with Syria’s new leader, Ahmed al-Sharaa, the former rebel commander whose forces helped overthrow Bashar al-Assad in 2024. It would be the first face-to-face meeting between a US president and a Syrian leader since 2000, when Bill Clinton met with the late leader Hafez al-Assad in Geneva.Sharaa’s pitch to Trump for sanctions relief included access to Syrian oil, reconstruction contracts and to build a Trump Tower in Damascus, according to sources who spoke to Reuters.“I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness. It’s their time to shine,” Trump said at an investment forum on Tuesday in Riyadh. “We’re taking them all off. Good luck Syria, show us something very special.”Here are the key Trump administration stories of today:Trump announces $142bn US-Saudi arms deal and Syrian sanctions reliefThe United States and Saudi Arabia have signed a $142bn arms deal touted by the White House as the “largest defence sales agreement in history”. Trump announced sanctions relief on Syria alongside the Saudi arms deal, in the first stop of his four-day diplomatic tour to the Gulf states aimed at securing big deals and spotlighting the benefits of Trump’s transactional foreign policy.Read the full storyTop Democrat to obstruct DoJ picks over Trump jet giftThe Senate Democratic leader, Chuck Schumer, announced on Tuesday he would obstruct all Trump administration justice department nominations until the White House provided answers about plans to accept a luxury aircraft from Qatar for presidential use.The move has ignited controversy over the constitutional and security implications of accepting a foreign government’s offer to provide what would become the new Air Force One. Schumer called the proposed arrangement “not just naked corruption”, likening it to something so corrupt “that even [Russian president Vladimir] Putin would give a double take”.Read the full storyUS tech firms secure AI deals as Trump tours Gulf statesA swath of US technology firms announced deals in the Middle East as Trump trumpeted $600bn in commitments from Saudi Arabia to American artificial intelligence companies during a tour of Gulf states.Among the biggest deals was a set signed by Nvidia. The company will sell hundreds of thousands of AI chips in Saudi Arabia, with a first tranche of 18,000 of its newest “Blackwell” chips going to Humain, Saudi Arabia’s sovereign-wealth-fund-owned AI startup, Reuters reported. Cisco on Tuesday said it had signed a deal with G42, the AI firm based in the United Arab Emirates, to help the company develop that country’s AI sector.Read the full storyFederal grand jury indicts Wisconsin judge over alleged obstructionA federal grand jury has indicted a Wisconsin judge who was arrested by the FBI last month on allegations that she helped an undocumented immigrant avoid federal authorities.Hannah Dugan, a county circuit court judge in Milwaukee, was charged on Tuesday with concealing a person from arrest and obstruction of proceedings.Read the full storyTrump must realise Putin is an obstacle to peace, Zelenskyy saysVolodymyr Zelenskyy has said he hopes the current period of frantic diplomacy and high-stakes gambits between Russia and Ukraine will end with Trump understanding that Vladimir Putin is the real obstacle to a peace deal.“Trump needs to believe that Putin actually lies. And we should do our part. Sensibly approach this issue, to show that it’s not us that is slowing down the process,” said Zelenskyy, speaking to a small group of journalists, including the Guardian, in his office at the presidential administration in Kyiv.Read the full storyRFK Jr and his grandchildren swam in DC creek contaminated by sewageThe US health secretary, Robert F Kennedy Jr, has revealed that he went swimming with his children in a Washington DC creek that authorities have said is toxic due to contamination by an upstream, aging sewer system.The “Make America healthy again” crusader attracted attention for the Mother’s Day dip in Dumbarton Oaks Park with his grandchildren Bobcat and Cassius, which he posted about on X. He was also accompanied by relatives Amaryllis, Bobby, Kick and Jackson.Read the full storyHarvard hit with $450m more in cuts Eight federal agencies will terminate a further $450m in grants to Harvard University, the Trump administration announced on Tuesday, escalating its antagonization of the elite institution over what officials frame as inadequate responses to antisemitism on campus. The latest cuts follow a $2.2bn freeze, bringing total federal penalties against Harvard to $2.65bn.Read the full storyWhat else happened today:

    The pace of inflation slowed in April, the month that Donald Trump announced his sweeping “liberation day” tariffs on the US’s largest trading partners. The annual inflation rate was 2.3% in April, down from an annual rate of 2.4% March, according to a new inflation report from the Bureau of Labor Statistics.

    Stars of Trump’s Make America great again movement are speaking out in unambiguous terms against the plan for him to be donated a jet described as a “palace in the sky” and convert it into Air Force One
    Catching up? Here’s what happened on 12 May 2025. More

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    US and Saudi Arabia sign $142bn arms deal as Trump to meet Syrian leader

    The United States and Saudi Arabia have signed a $142bn arms deal touted by the White House as the “largest defence sales agreement in history” in the first stop of Donald Trump’s four-day diplomatic tour to the Gulf states aimed at securing big deals and spotlighting the benefits of Trump’s transactional foreign policy.During the trip, the White House also confirmed that Trump would meet with Syria’s new leader, Ahmed al-Sharaa, the former rebel commander whose forces helped overthrow Bashar al-Assad in 2024. The informal meeting will be the first face-to-face meeting between a US president and a Syrian leader since 2000, when Bill Clinton met with the late leader Hafez al-Assad in Geneva.Speaking at an investment forum on Tuesday, Trump said that he planned to lift sanctions on Syria after holding talks with Saudi Arabia’s Mohammed bin Salman and Turkey’s Recep Tayyip Erdoğan. “I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness,” Trump said.Sharaa’s pitch to woo the US president offered access to Syrian oil, reconstruction contracts and to build a Trump Tower in Damascus in exchange for the lifting of US sanctions on Syria.Though the details of the sanctions relief were still unclear, Sharaa’s team in Damascus was celebrating. “This is amazing, it worked,” said Radwan Ziadeh, a Syrian writer and activist who is close to the Syrian president. He shared a picture of an initial mockup of Trump Tower Damascus. “This is how you win his heart and mind,” he said, noting that Sharaa would probably show Trump the design during their meeting in Riyadh on Wednesday.The visit was heavily focused on business interests and securing quick wins – often with characteristic Trumpian embellishment – for the administration. Saudi Arabia’s Crown Prince Mohammed pledged to invest $600bn in the United States during a lunch with Trump, including $20bn in artificial intelligence data centres, purchases of gas turbines and other energy equipment worth $14.2bn, nearly $5bn in Boeing 737-8 jets, and other deals.But details of the specific commitments remained vague, the numbers put out by the White House did not total $600bn, and some of the programs began under Joe Biden’s administration.The White House called the arms deal the “largest defence sales agreement in history” and said that it included plans for more than a dozen US defense companies to sell weapons, equipment and services in the areas of air force advancement and space capabilities, air and missile defense, as well as border and maritime security.The US president was feted with a royal guard as he arrived in Riyadh on Tuesday. Royal Saudi Air Force F-15s escorted Trump’s Air Force One jet as it arrived in Riyadh and Trump sat with Salman in an ornate hall at the Royal Court at Al Yamamah Palace with members of the US and Saudi and business elite. Among them were Elon Musk, prominent figures in AI such as Sam Altman, as well the chief executives of IBM, BlackRock, Citigroup, Palantir and Nvidia, among others.When Salman pledged that Saudi Arabia would invest $600bn in the US economy, Trump smiled and joked that it should be $1tn.The trip is part of a reordering of Middle Eastern politics dominated by Trump’s “America first” platform of prioritising domestic US economic and security interests over foreign alliances and international law. Critics have said that the dealmaking empowers Trump and a coterie of businessmen around the president, and the US president’s family has business interests in Saudi Arabia, the United Arab Emirates and Qatar, giving this administration an unprecedented conflict of interest.The most glaring example of the new commoditisation of American foreign policy under Trump has been the proposed gift from the ruling family of Qatar of a luxury Boeing 747-8 jumbo jet that the White House said could be converted into a presidential plane and then be given to Trump’s presidential library after he leaves office.The gift has provoked anger from congressional Democrats, one of whom described it as an “aerial palace” and said it would constitute “the most valuable gift ever conferred on a president by a foreign government”.Trump has defended the offer, saying in a post it would “replace the 40 year old Air Force One, temporarily, in a very public and transparent transaction” and called Democrats asking for an ethics investigation “World Class Losers!!!”The meeting between Trump and Salman was characterised by smiles and friendly backslapping, a sharp contrast to past summits when the Saudi leader was mired in controversy over the 2018 murder of journalist Jamal Khashoggi.While his administration touted big deals, Trump also admitted that his geopolitical goals of Saudi Arabia’s diplomatic recognition of Israel would take time due in large part to the Israel’s prosecution of the war in Gaza.“It will be a special day in the Middle East, with the whole world watching, when Saudi Arabia joins us” in the Abraham accords, the Trump administration’s framework for Arab states to recognise Israel, he said. “And I really think it’s going to be something special – but you’ll do it in your own time.”Trump is also due to visit the United Arab Emirates on Thursday before continuing on to Qatar this week.His negotiations in the region have been characterised by big-ticket investment deals, and those appeared to play a role in his reversal of US policy on Syria as well.Sharaa, who is keen to normalise relations with the US, has reportedly offered Trump a number of sweeteners including the Trump tower in Damascus, a demilitarised zone by the Golan Heights that would strengthen Israel’s claim to the territory it has occupied since 1967, diplomatic recognition of Israel, and a profit-sharing deal on resources similar to the Ukraine minerals deal.The idea to offer Trump a piece of real estate with his name on it in the heart of Damascus was thought up by a US Republican senator, who passed on the idea to Sharaa’s team.“Sanctions in Syria are very complicated, but with Trump, he can [get] most of them lifted. It is a great opportunity,” Ziadeh said.The trip is also extraordinary for Trump’s decision not to visit Israel, the US’s closest ally in the region, due to the war in Gaza and Trump’s fraught relationship with Benjamin Netanyahu. Hamas released the last remaining American hostage, Edan Alexander, on the eve of Trump’s visit to the Middle East, in an effort to push Trump to pressure Netanyahu to end the war.Netanyahu doubled down on the war on Tuesday in a show of defiance, saying that any ceasefire would only be “temporary”.“In the coming days, we will enter with full force to complete the operation to defeat Hamas,” he said. “Our forces are there now.”“There will be no situation where we stop the war,” he added. More

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    Why Saudi Arabia Rolled Out a Lavender Carpet for Trump’s Visit

    In recent years, Saudi Arabia has swapped red carpets for lavender, a symbolic color for the kingdom that celebrates national identity.No, don’t call it purple. When President Trump disembarked from Air Force One in Saudi Arabia on Tuesday, he stepped onto the rich lavender-colored carpet unfurled before him, just one feature of the lavish welcome extended to the visiting American leader on the first day of his Gulf tour.Along with a fighter-jet escort in the air and riders on Arabian horses on the ground, the lavender carpet is one of the distinctive and symbolic Saudi protocols for greeting high-profile dignitaries. Saudi Arabia swapped red carpets for lavender in 2021, as the ruling royal family sought to define its own protocols and celebrate national identity, according to a report by the official Saudi Press Agency published at the time.“Lavender in the kingdom of Saudi Arabia is associated with blossoming wildflowers that carpet the kingdom’s desert landscapes in the spring and is a symbol of Saudi generosity,” the report said. In spring, Saudi Arabia’s rugged dunes are covered in lavender, basil and Germander, a flowering shrub that grows across the Arabian Peninsula, also known by the Arabic name “Aihan.”The color of the carpet is also a nod to how the blooms transform an otherwise harsh desert landscape, the report said, symbolizing the growth that Prince Mohammed has promised to generate through his blueprint to diversify the economy of the oil-dependent kingdom, called “Vision 2030.”The carpet features a border of the traditional Al Sadu textile design created by Bedouin women. The geometric patterns, tightly woven on a hand loom, were included on a list of the intangible cultural heritage of humanity compiled by the United Nations cultural agency, UNESCO, in 2020.Saudi Arabia first rolled out a lavender carpet in 2021, for Sheikh Mohammad Bin Zayed Al Nahyan, the crown prince of Abu Dhabi, a key Saudi partner in the Gulf, according to the Saudi Press Agency. The carpet is also used for state receptions and other official occasions. More