US President Donald Trump has unveiled the first ‘gold card,’ a residency permit that costs $5 million each.

According to a report from Firstpost, the card offers foreigners a pathway to American citizenship.

Trump introduced the card while onboard Air Force One, with his own face appearing on its front.

Read-Trump tariffs: Your next iPhone could cost you $1100 more

The image featured on the card was taken at the Atlanta courthouse, which later became a defining moment in his re-election campaign.

In February, Trump proposed replacing the visa program for foreign investors with a so-called “gold card” that could be purchased for $5 million, offering a route to American citizenship.

Trump told reporters that he would replace the “EB-5” immigrant investor visa program—which allows foreign investors who contribute large sums of money to create or preserve U.S. jobs—with the “gold card.”

The EB-5 program grants “green cards” to foreigners who promise to invest in U.S. businesses.

“We are going to be selling a gold card,” Trump said. “We will be pricing that card at about $5 million,” he added.

“It’s going to provide green card privileges and serve as a pathway to (American) citizenship, with wealthy individuals gaining access to our country by purchasing this card,” Trump explained.

(With inputs from Reuters)

The Ministry of Investment in Saudi Arabia has revealed that foreign investors are now allowed to own and engage in the buying and selling of real estate in the country.

According to a report by Saudi Gazette, this opportunity is provided for investment purposes.

Read-Powering Saudi Arabia’s strategic leap into the future of technology

However, the ministry has outlined certain conditions for foreign investors to participate in these activities. The most notable conditions include:

• The property must be located outside the boundaries of the holy cities of Makkah and Madinah.
• The purpose of buying and selling real estate should not be for commercial speculation, which refers to the practice of purchasing assets (such as stocks, commodities, or real estate) with the expectation of profiting from price fluctuations. Speculators typically take on high-risk, high-reward investments to make quick gains.

The ministry also clarified that foreign investor firms must obtain approval to own real estate for personal residences, industrial facilities, company headquarters, employee residential facilities, and warehouses.

Additionally, there is no financial fee for this service. It is provided through the ministry’s e-services portal, and approval is granted within five business days.

Document submission requirements

Interested entities are required to submit:

• A copy of the municipality’s building permit, a letter of approval from the municipality, or a statement indicating the intended use of the land, issued by an official authority.
• A copy of the deed for the property to be acquired.

Real estate development companies wishing to implement or sell a real estate project must submit a report from an engineering office accredited by the Saudi Council of Engineers, detailing the total project cost. The cost should be no less than SR30 million for both land and construction, and the project must be located outside Makkah and Madinah. The development must be utilized within five years.

World cocoa and coffee prices fell on Thursday as investors fretted that President Donald Trump’s move to slap punishing tariffs on US imports would damage chocolate and coffee demand in the world’s top consumer of the products.

Sugar prices also fell, caught in the melee of tariffs as the US is also one of the world’s top sugar importers.

Read- Trump tariffs: Your next iPhone could cost you $1100 more

Trump said he would impose a 10 per cent baseline tariff on all US imports, taking the maximum to nearly 50 per cenr for some countries and unleashing turbulence across world markets as investors fret about the end of a decades-long era of trade liberalisation.

The worst hit coffee growers

Top robusta growers Vietnam and Indonesia were targeted with 46 per cent and 32 per cent tariffs, respectively, top arabica and sugar grower Brazil was hit with 10 per cent tariffs for its goods, while top cocoa growers Ivory Coast and Ghana face 21 per cent and 10 per cent tariffs.

The first US tariffs on coffee imports since colonial times will increase costs and complexity to importers and roasters already dealing with near-record prices, experts said on Thursday.

The US is also a major importer of processed cocoa products like butter and powder from the EU, Malaysia and Indonesia. Trump slapped 20 per cent tariffs on EU imports and 24 per cent on Malaysian goods, while the 32 per cent tariffs on Indonesia of course apply to both robusta coffee and to cocoa products.

“We don’t know the (full) impact right now (but) there are no winners, this is bad for everyone. For the US, its inflationary while others lose access to the US, a huge market,” said a Europe-based coffee trader.

Arabica coffee futures on the ICE exchange, seen as a global price benchmark, settled down 3.6 cents, or 0.9 per cent, at $3.8525 per lb​​, having earlier fallen nearly 3 per cent, while robusta coffee futures slipped 0.2 per cent at $5,388 a ton, having earlier fallen 2.5 per cent.

How are tariffs effecting

London cocoa futures fell 1.4 per cent to 6,683 pounds per ton, having earlier fallen nearly 5 per cent, while New York cocoa gained 3.6 per cent to $9,291 a ton, having earlier risen nearly 6 per cent.

Dealers said New York cocoa was being boosted by weakness in the dollar as the harsher-than-expected Trump tariffs sent investors scrambling for bonds and gold.

A weak dollar makes dollar-priced cocoa cheaper for non-US investors.

Sterling for example gained versus the dollar, making sterling-priced London cocoa more expensive for investors outside Britain and prompting them to sell.

In other soft commodities traded, raw sugar ​​settled down 0.48 cents, or 2.5 per cent, at 19.11 cents per lb​, while white sugar sank 1.6 per cent at $543.80 a ton.

The pace of technological advancement today is unprecedented, and those driving innovation are shaping the future of the global digital economy. Saudi Arabia is embracing this shift with ambition and purpose. Having witnessed the Kingdom’s rapid progress, I’m deeply impressed by its strategic commitment to technological leadership.

Guided by the forward-thinking framework of its Vision 2030, Saudi Arabia is redefining its economy and cultivating a dynamic ecosystem driven by technology that unlocks new opportunities for future generations. Saudi Arabia recently ranked 4th in the 2024 United Nations E-Government Development Index. It also placed 14th in the Global AI Index for 2024 , and first in the Arab world, demonstrating the country’s rapid progress in AI adoption as well as its growing influence in the technology sector.

At HP, we view ourselves as a key partner in Saudi Arabia’s technological advancement, actively investing in local manufacturing, AI and talent development to support sustainable economic growth.

Building a new era of manufacturing excellence

At LEAP, we announced a new manufacturing facility in Riyadh which marks a significant milestone in our support for reinforcing the country’s technological infrastructure. As part of HP’s “Made in Saudi” initiative, this strategic investment enhances HP’s regional presence and ability to scale local production, contributing to a more resilient supply chain.

Saudi Arabia’s strategic position, bridging Asia, Europe and Africa, makes it a prime location for regional and global distribution. Establishing operations in the Kingdom ensures that regional businesses and consumers have seamless access to the latest technology while enhancing trade networks. This new facility will manufacture millions of devices locally, boosting supply chain resilience, and enabling HP to better serve its customers in the region.

With economic development in mind, HP’s “Made in Saudi” initiative and the new manufacturing facility also support the Kingdom’s broader economic diversification agenda by contributing to its job creation goals. By 2027, thousands of new jobs will be created thanks to the Riyadh facility, enhancing the country’s economic transformation through direct and indirect employment and empowering local talent.

Accelerating AI leadership

As AI is reshaping industries worldwide, HP also intends to support Saudi Arabia in leading this transformation. HP’s new AI and R&D Centre of Excellence (CoE) in Dhahran will serve as a hub for innovation and new AI solutions, optimising business operations, enhancing decision-making, and unlocking new economic opportunities for Saudi companies. This investment by HP in Saudi Arabia’s knowledge-based economy by equipping its workforce with AI skills and tools also fits within the Vision 2030’s objective to diversify the country’s economy.

By attracting top talent and fostering collaboration with AI experts from HP’s global research teams, the CoE will empower Saudi professionals to drive AI advancements and innovation across various industries. The facility will develop specialised research initiatives, equipping Saudi businesses with the capabilities to remain competitive in a changing economy. It will facilitate training programs, workshops, and talent exchange efforts, ensuring the Saudi workforce remains at the forefront of technological advancements.

Beyond driving research and development, the CoE will solidify Saudi Arabia’s leadership in implementing new AI solutions to existing industries. By embedding AI capabilities in smart cities as well as into core sectors such as healthcare and finance, the CoE will support businesses in adapting to an increasingly AI-powered world.

Transforming the future of work with AI

Business leaders in Saudi Arabia recognise AI’s potential to sharpen employee focus and unlock new levels of efficiency. At HP, we envision a future where AI redefines productivity, personalisation and workplace fulfilment. According to HP’s Work Relationship Index, a survey of 15,600 IT industry workers across 12 countries, more than half of surveyed participants believe that AI will create a better working environment. HP is committed to delivering on that optimism, ensuring businesses in Saudi Arabia and beyond can fully leverage AI’s potential in the workplace.

HP is putting AI directly in the hands of businesses with solutions designed to enhance and streamline workflows. As part of its commitment to the future of work, HP has recently unveiled the HP EliteBook Ultra, a next-generation AI-powered PC designed to significantly improve productivity and collaboration. This new device is equipped with AI features such as real-time transcription, intelligent noise reduction, and an AI-enhanced camera experience. Its sustainable design also aligns with Saudi Arabia’s growing commitment to environmental responsibility. The EliteBook Ultra, along with HP’s suite of AI-powered products, offers an opportunity to empower professionals to work smarter, faster, and more efficiently.

HP’s long-term vision in Saudi Arabia extends beyond providing technology. It involves becoming a trusted partner in the Kingdom’s digital transformation. The “Made in Saudi” initiative, the CoE, and HP’s workforce development projects exemplify its dedication to supporting Saudi Arabia’s leadership in AI-driven industries, economic diversification, and job creation.

As Saudi Arabia advances towards becoming a global AI and technology pioneer, HP is honoured to play a key role in this journey.

• Fadle Saad, Managing Director Saudi Arabia, HP MENA Regional Headquarters

Countries around the world threatened to ratchet up a trade war with the United States as President Donald Trump’s sweeping tariffs ignited fears of steep price increases in the world’s largest consumer market.

The penalties announced by Trump on Wednesday triggered a plunge in world financial markets on Thursday and drew condemnation from other leaders reckoning with the end of a decades-long era of trade liberalisation.

Full list: Trump’s tariffs on every country, including the UAE, Saudi

But there were conflicting messages from the White House about whether the tariffs were meant to be permanent or were a tactic to win concessions, with Trump saying they “give us great power to negotiate.”

US tariffs: Highest trade barriers in a century

The US tariffs would amount to the highest trade barriers in more than a century: a 10 per cent baseline tariff on all imports and higher targeted duties on some of the country’s biggest trading partners.

That could jack up the price for US shoppers of everything from running shoes to Apple’s iPhone. A high-end iPhone could cost nearly $2,300 (Dhs8,448) if Apple passes the costs on to consumers, based on projections from Rosenblatt Securities.

The iPhone 16 Pro Max currently starts at $1,199, making it the most expensive model in Apple’s lineup.

Businesses raced to adjust. Automaker Stellantis said it would temporarily lay off US workers and close plants in Canada and Mexico, while General Motors said it would increase US production.

Canadian Prime Minister Mark Carney said the United States had abandoned its historic role as a champion of international economic cooperation.

“The global economy is fundamentally different today than it was yesterday,” he said as he announced a limited set of countermeasures.

Retaliation towards Trump’s measures

Elsewhere, China vowed retaliation for Trump’s 54 per cent tariffs on imports from the world’s No. 2 economy, as did the European Union, which faces a 20 per cent duty.

French President Emmanuel Macron called for European countries to suspend investment in the United States.

Other trading partners, including Japan, South Korea, Mexico and India, said they would hold off on any retaliation for now as they seek concessions.

Washington’s allies and rivals alike warned of a devastating blow to global trade. Japan, one of the United States’ biggest trading partners and its largest foreign investor, is now facing a “national crisis”, Prime Minister Shigeru Ishiba told parliament.

The tariffs “clearly represent a significant risk to the global outlook at a time of sluggish growth,” IMF Managing Director Kristalina Georgieva said in a statement.

“It is important to avoid steps that could further harm the world economy. We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty,” Georgieva said.

US Commerce Secretary Howard Lutnick and senior trade adviser Peter Navarro both told cable news programs on Thursday the president would not back off, and that the tariff increases were not a negotiation.

Trump then appeared to contradict them, telling reporters, “The tariffs give us great power to negotiate. Always have. I used it very well in the first administration, as you saw, but now we’re taking it to a whole new level.”

Global meltdown suffered by the stocks

Stocks suffered a global meltdown, the US dollar crumbled and oil prices were set for their worst week in months as analysts warned the tariffs could upend supply chains, hurt corporate profits and push the world economy towards recession.

The Dow fell nearly 4 per cent, its biggest one-day percentage loss since June 2020. The S&P 500 lost nearly 5 per cent and the tech-heavy Nasdaq declined nearly 6 per cent, its worst day in percentage terms since the pandemic era of March 2020.

American companies with significant overseas production took a hit. Nike shares lost 14 per cent and Apple fell 9 per cent.

Asian shares struggled to recover as their markets opened on Friday with Japan’s Nikkei down 1.85 per cent, extending its 2.8 per cent slide from Thursday. Chinese markets were closed for a holiday.

Trump says the “reciprocal” tariffs are a response to barriers put on US goods, while administration officials said the tariffs would create manufacturing jobs at home and open up export markets abroad, although they cautioned it would take time to see results.

Vice President JD Vance in an interview with Newsmax faulted critics for taking a short-term view.

“That’s fundamentally what this is about, the national security of manufacturing and making the things that we need, from steel to pharmaceuticals,” Vance said.

Impact of the tariffs

Since returning to the White House in January, Trump’s on-again, off-again tariff threats have rattled consumer and business confidence. Trump could step back again, as the reciprocal tariffs are not due to take effect until April 9.

“The tariff plan does not appear to be well thought-out. Trade negotiations are a highly technical discipline, and in our view these proposals do not offer a serious basis for negotiations with any country,” said James Lucier, founding partner at Capital Alpha.

Economists say the tariffs could reignite inflation, raise the risk of a US recession and boost costs for the average US family by thousands of dollars.

Analysts said the tariffs could also alienate allies in Asia and undercut strategic efforts to contain China.

Trump has slapped a 24 per cent tariff on Japan and a 25 per cent tariff on South Korea, both home to major US military bases. He also hit Taiwan with a 32 per cent tariff as the island faces increased military pressure from China.

Canada and Mexico, the largest US trading partners, were not hit with targeted tariffs on Wednesday, but they already face 25 per cent tariffs on many goods and now face a separate set of tariffs on auto imports.