President Trump's Gulf tour continues

Summary

Marketplace Morning Report: President Trump's Gulf Tour Continues

Release Date: May 14, 2025
Host: David Brancaccio (via Liana Byrne)
Source: BBC World Service

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Overview of President Trump's Gulf Tour

On May 14, 2025, the Marketplace Morning Report highlighted the ongoing second day of President Donald Trump's four-day tour in the Middle East. Hosted by Liana Byrne and featuring reports from the BBC World Service, the episode delved into significant developments arising from the tour, including the lifting of sanctions on Syria and substantial investment pledges from Saudi Arabia.

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Lifting Sanctions on Syria

Economic Impact and Public Sentiment

During the tour, the U.S. administration moved to lift several sanctions against Syria, a decision that has been met with widespread jubilation among Syrians. Citizens expressed optimism about the future, anticipating economic revival and stability.

• Syrian Citizen [01:27]: "There is incredible happiness for all Syrians."
• Syrian Citizen [01:29]: "It will be great for our country."
• Syrian Citizen [01:31]: "Construction will return, the prices will drop. There is good to come, God willing."

Expert Analysis

Leena Sinjab of the BBC provided an in-depth analysis of the sanctions' implications:

• Leena Sinjab [01:46]: "They mean a lot for the country. This is a country that's been wrecked by the war."

She detailed the economic devastation Syria has suffered, noting that:

• Leena Sinjab [01:46]: "90% of the population under the poverty line. That was mainly because of Assad's corruption."

Sinjab emphasized that lifting the sanctions marks a pivotal moment for Syria:

• Leena Sinjab [02:21]: "It was just a joy and celebration. Exactly mimicking the day where people realized Assad is gone and 54 years of dictatorship is gone."

Sinjab concluded that the removal of sanctions opens "a new chapter filled with hopes and opportunities" for Syria.

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Pledges and Deals in Saudi Arabia

Significant Investment and Arms Deals

President Trump's visit to Saudi Arabia resulted in pledges totaling $600 billion in U.S. investments and agreements to purchase billions of dollars' worth of American-made weapons.

• Samir Hashmi [03:16]: "The big one is really the arms deal which talks about the United States selling arms worth $142 billion to Saudi Arabia."

Hashmi also highlighted additional agreements across various sectors:

• Samir Hashmi [03:16]: "A number of agreements signed across energy, tech and even sectors like construction."

The involvement of major tech firms was also noted:

• Samir Hashmi [03:47]: "Nvidia will now be supplying AI chips to Saudi Arabia."

Skepticism Over Pledges

Despite the impressive figures, there is skepticism about the feasibility of these pledges:

• Samir Hashmi [03:54]: "600 billion would be a stretch," citing the current economic challenges in Saudi Arabia, including:

  • Samir Hashmi [03:54]: "Oil prices have plunged to a four-year low which has put pressure on Saudi's ability to spend a lot."

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Global Market Updates

Asian Markets and Trade Tariffs

The report touched on recent movements in the Asian markets, which saw an uptick as the U.S. and China agreed to pause their previously escalating tariffs.

Corporate Downsizing: Burberry

The iconic British luxury fashion brand Burberry announced the reduction of 1,700 jobs in an effort to cut costs amid declining profits.

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The Rise of Mobile Businesses

Revival of Mobile Commerce

A notable segment of the episode focused on the burgeoning trend of mobile businesses, particularly the "shop on a truck" model. This concept, long established in rural France, is experiencing a global resurgence, allowing businesses to reach customers directly.

Case Study: AV Beauty's Mobile Beauty Truck

Alison Salazar, founder of AV Beauty, operates a mobile beauty parlour that travels from village to village near Paris.

• Alison Salazar [05:07]: "I can get to where my customers live while allowing them to get out of their homes and come to this place, which is really cozy."

Salazar highlighted both the advantages and challenges of her mobile setup:

• Pros: Greater geographical coverage and flexibility.

• Cons: Limited space for inventory and inconsistent income.

• Alison Salazar [06:21]: "To make it work, I need to do at least $5,000 of business a month. At the moment, I get very close from May to September, but the rest of the year is a bit slow."

Industry Growth Insights

Abdul Wasi, COO of a business research company in Hyderabad, shared insights into the mobile business sector:

• Abdul Wasi [07:03]: "The food truck industry is thriving and its growth trajectory is highly promising. In 2024, the global market is valued at approximately $4 billion and is projected to reach $5.8 billion by 2029."

He further elaborated on the financial growth:

• Abdul Wasi [07:20]: "Expanding at a compound annual growth rate of 7.4%."

Wasi noted the regional dynamics:

• Abdul Wasi [07:20]: "While North America continues to hold the largest market share, Asia Pacific is emerging as the fastest growing region."

Diversification of Mobile Businesses

Helousine Kujan, CEO of FC Mag near Paris, discussed the versatility of mobile businesses:

• Helousine Kujan [07:49]: "We've done mobile pet grooming salons, mobile workshops for clothes repairs, for example. For the medical sector too, we did a medical testing laboratory and a mobile eye specialist."

Kujan emphasized the economic resilience of mobile businesses:

• Helousine Kujan [08:29]: "If you just look at food trucks, for example, they've grown with the economic crisis we've been living through these past years."

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Conclusion

The episode of Marketplace Morning Report provided a comprehensive overview of President Trump's ongoing Gulf tour, highlighting its significant economic implications for both Syria and Saudi Arabia. While the lifting of sanctions offers a hopeful outlook for Syria's recovery, the substantial investment pledges from Saudi Arabia present both opportunities and challenges amid fluctuating oil prices. Additionally, the report shed light on the evolving landscape of global markets and the innovative rise of mobile businesses as a resilient model in changing economic climates.

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Produced by: Craig Henderson
Edited by: Naomi Rainey
Reporter: Liana Byrne

Transcript

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[Liana Byrne]

So far in Trump's Gulf tour, sanctions have been dropped and deals have been signed. Good morning, this is the Marketplace Morning Report and we're live from the BBC World Service. I'm Liana Byrne. So today is day two of Trump's four day tour in the Middle East. So far, there's been billions in Saudi investment. And later on, he's expected to meet Syria's interim leader to lift sanctions against the country.

[Syrian Citizen]

There is incredible happiness for all Syrians.

[Liana Byrne]

It will be great for our country.

[Syrian Citizen]

Construction will return, the prices will drop. There is good to come, God willing.

[Liana Byrne]

The BBC's Leena Sinjab is following this one for us. Hello.

[Leena Sinjab]

Hi. Good morning.

[Liana Byrne]

Good morning. So from an economic point of view, what do these sanctions reliefs actually mean?

[Leena Sinjab]

They mean a lot for the country. This is a country that's been wrecked by the war. The economy was devastated. 90% of the population under the poverty line. That was mainly because of Assad's corruption. Economy mainly filtered to benefit the Assad regime, leaving people in dire need for even basic foods. Electricity was cut, Many cities were living in darkness, and most importantly, the banking sector, that was all halted. So Syria, it felt like it was out of the world map.

[Liana Byrne]

And how is this deal playing out in Syria at the moment?

[Leena Sinjab]

Well, you cannot believe the feelings of Syrians. It was just a joy and celebration. Exactly mimicking the day where people realized Assad is gone and 54 years of dictatorship is gone. Some people even say that, you know, today is the real day where Assad is really gone because they felt that all what Assad has done for them, these sanctions that were tailored because of Assad's war crimes. Now they're lifted off their chest and shoulders and that a new chapter filled with hopes and opportunities has now opened for the country.

[Liana Byrne]

Okay, Lina Sinjab, thank you so much for joining us in Marketplace.

[Leena Sinjab]

Thank you.

[Liana Byrne]

Now let's return to Trump's stop in Saudi Arabia because he left there with the Saudis pledging $600 billion in US investments and buying billions of American made weapons. The BBC's Samir Hashmi is in Riyadh. Hello.

[Samir Hashmi]

Hi there.

[Liana Byrne]

So, I mean, these are big numbers. Sounds pretty huge, but what's behind those numbers, Samir?

[Samir Hashmi]

Yeah, these are massive numbers. Among the announcements, the big one is really the arms deal which talks about the United States selling arms worth $142 billion to Saudi Arabia. This arms deal includes a range of weapons that will be supplied to the Saudis. Other than that, there have been a number of agreements signed across energy, tech and even sectors like construction. The other big announcement was Nvidia. Nvidia will now be supplying AI chips to Saudi Arabia.

[Liana Byrne]

It's all framed as a big win for the US but are these pledges sometimes more promises than actual follow?

[Samir Hashmi]

Yeah, if you look at these numbers, these are massive numbers. But you have to take them with a grain of salt because $600 billion is a massive investment. And if you look at the Saudi economy right now, they are facing a lot of challenges. Oil prices have plunged to a four year low which has put pressure on Saudi's ability to spend a lot. So 600 billion would be a stretch.

[Liana Byrne]

Samir Hashmi, thank you so much for joining us in Marketplace.

[Samir Hashmi]

Nice speaking to you.

[Liana Byrne]

Now let's do the numbers. Asian markets closed up as the US And China put a pause on those sky high tariffs today. And the iconic British luxury fashion brand Burberry is slashing 1,700 jobs to reduce its costs as its profits are falling. Now here's an idea that's picking up speed globally, putting businesses on four wheels and driving them to where the customers are. In France, it's long been a lifeline. Mobile bakers, butchers, grocers and fishmongers have served rural villages for decade. And now the shop on a truck model is getting a new lease of Life. Here's the BBC's John Laurenson.

[John Laurenson]

Oh, that's really nice. What are you putting on my face there?

[Alison Salazar]

It's a lime purifying gel. We want to cleanse the skin so that the active ingredients penetrate more easily.

[Samir Hashmi]

I'm in.

[John Laurenson]

Alison Salazar's Beauty Truck getting what she calls her targeted line treatment. Alison set up AV Beauty, as her itinerant beauty parlour is called two years ago. Now she drives it from country village to country village in an area about 40 miles southeast of Paris.

[Alison Salazar]

I can get to where my customers live while allowing them to get out of their homes and come to this place, which is really cozy. Being mobile also means I cover a much bigger geographical area. And if things don't work out in one place, I get back in my little lorry and go and discover another one.

[John Laurenson]

The downside? Stock management. Because there's not much space in a lorry, Alison keeps the products she uses at home and just loads up with what she needs for the day. And while there may be fewer overheads than a traditional salon, being mobile still doesn't guarantee a comfortable income.

[Alison Salazar]

To make it work, I need to do at least $5,000 of business a month. At the moment, I get very close from May to September, but the rest of the year is a bit slow. I manage to pay myself a salary of just over $1,000 a month. My partner works, so it's enough to get.

[John Laurenson]

Alison's beauty truck is one of a growing number of mobile businesses globally. The business research company based in Hyderabad, India, conducted a worldwide study on the food truck industry, the biggest mobile business sector and the best indicator we have of the strength of the mobile sector generally. Abdul Wasi is its chief operating officer.

[Abdul Wasi]

The food truck industry is thriving and its growth trajectory is Highly promising. In 2024, the global market is valued at approximately 4 billion and is projected to reach 5.8 billion by 2029.

[Public Media Representative]

Talking dollars.

[Abdul Wasi]

Expanding. Yes, in dollars. Expanding at a compound annual growth rate of 7.4%. While North America continues to hold the largest market share, Asia Pacific is emerging as the fastest growing region.

[John Laurenson]

In a workshop north of Paris of a company called FC Mag that buys second hand lorries and turns them into what they call Camille Mag truck STALLS.

[Syrian Citizen]

With this lorry we're taking out some of the rendering so we can open up the side.

[John Laurenson]

Helousine Kujan is CEO. This lorry is for Portuguese star marinated chicken. But he doesn't only do food trucks.

[Syrian Citizen]

This year we did one for selling wood pellet stoves and another for horse riding gear. We've done mobile pet grooming salons, mobile workshops for clothes repairs, for example. For the medical sector too, we did a medical testing laboratory and a mobile eye specialist.

[John Laurenson]

He says mobile businesses are successful because often cheaper to set up and cheaper to buy from than bricks and mortar stores.

[Syrian Citizen]

If you just look at food trucks, for example, they've grown with the economic crisis we've been living through these past years.

[John Laurenson]

For businesses on four wheels, he says the bad times are good near Paris. I'm the BBC's John Laurenson for Marketplace.

[Liana Byrne]

And that's it from the Marketplace morning report from the BBC World Service. Craig Henderson is my producer today. Naomi Rainey as the editor. And I'm Liana Byrne. Have a great day. Thanks for listening.

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[Syrian Citizen]

I think you're breaking into this wall.

[Public Media Representative]

Regardless, I was hoping you wouldn't say that. I need to go and get this whiskey.

[Abdul Wasi]

I think I would get the whiskey for sure.

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