Ethiopia has secured more than $1.7 billion in new investment commitments for its minerals and energy sectors, with the majority of the deals involving Chinese companies, according to the country’s Ministry of Finance.

The announcement comes as the East African nation continues to implement sweeping economic reforms. These include the planned flotation of its currency, the birr, and ongoing negotiations to restructure $8.4 billion of official debt. The reform agenda is also backed by a four-year, $3.4 billion support program signed with the International Monetary Fund in July last year.

In a statement issued late Tuesday, the Ministry of Finance said the agreements were signed during a two-day investment forum held in Addis Ababa, attracting both domestic and international investors.

Key deals include:

Hua Ye Mining Processing Company plans to invest $500 million in mineral exploration and processing, as well as in the development of a special economic zone dedicated to the mining sector.

Sequoia Mining & Processing Plc committed $600 million to develop coal mining projects across Ethiopia.

Hainan Drinda New Energy Technology will invest $360 million to establish a solar cell manufacturing facility.

CSI Solar pledged an additional $250 million toward solar energy development initiatives.

While the ministry confirmed the total investment amount, it did not provide specific timelines for when the funds are expected to be disbursed or projects initiated.

These agreements underscore Ethiopia’s efforts to attract foreign capital to revitalize its economy and modernize its energy and industrial sectors.

The tariff policies implemented by U.S. President Donald Trump have caused significant disruptions in global markets, leaving many businesses uncertain about how to plan for the future. Despite repeated announcements and adjustments, the overall effectiveness of these policies remains ambiguous.

From the outset of his second term, Trump aggressively pursued tariffs as a tool for trade and security leverage. Within days of taking office, he imposed 25% tariffs on most Mexican and Canadian imports, alongside a 10% tariff on Chinese goods.

The justification was twofold: curbing the flow of fentanyl and reducing undocumented immigration. However, these tariffs were soon suspended for Canada and Mexico—albeit temporarily—for 30 days in exchange for concessions related to border security and law enforcement. China, however, remained under the initial tariff burden.

In the months that followed, Trump escalated his trade war: he reinstated and raised tariffs on Canadian and Mexican goods, imposed 25% duties on steel, aluminum, and automotive imports, and doubled tariffs on Chinese goods linked to fentanyl concerns to 20%.

The administration’s approach remained erratic. Tariffs on car imports from North American neighbors were introduced, suspended, and then replaced with a sweeping 25% tariff on all global car imports.

In April, Trump introduced a “reciprocal” tariff regime, applying a 10% baseline tariff on all countries. This announcement triggered turmoil in financial markets, prompting a temporary 90-day pause—though the 10% tax remained. A more punitive 145% tariff on Chinese imports was enacted, prompting a retaliatory 125% tariff on American goods from Beijing.

Some relief followed, as the U.S. began rolling back tariffs in line with new trade agreements. A limited deal with the United Kingdom reduced the U.S. tariff on British auto imports from 27.5% to 10%, frustrating domestic automakers who now faced increased competition.

A more significant development came with the temporary truce between the U.S. and China. Both nations agreed to a 90-day pause and partial rollback, with U.S. tariffs lowered to 30% and China’s to 10%, while negotiations continued.

Even before this agreement, exceptions had been quietly made for high-demand technology products such as smartphones and computers—most of which are imported from China. The deal also reduced duties on low-value Chinese imports (valued under $800), cutting the tariff from 120% to 54%.

These low-value goods, previously exempt from import duties, were criticized for being channels for cheap goods and, allegedly, for drug trafficking—one of the original rationales for imposing tariffs.

Despite these tariff reductions, uncertainty continues to plague businesses, especially small enterprises. Such businesses, which employ nearly half of the U.S. workforce and contribute 43.5% of the country’s GDP, are especially vulnerable due to their limited resources to absorb rising costs and market instability.

This economic ambiguity is contributing to broader concerns. A Bloomberg poll cited a nearly 50% chance of a U.S. recession within the next year. Consumer confidence has plunged to a 13-year low, and inflation is projected to rise mid-year—despite a modest annual inflation rate of 2.3% in April.

Retailers are already feeling the pressure. Walmart, the largest importer of container goods into the U.S. (many from China), warned that it would need to raise prices by month’s end due to persistent tariff costs—even after recent reductions.

Trump himself acknowledged potential consumer impacts, remarking that American children might “have two dolls instead of 30,” with the remaining toys costing slightly more.

While some corporations, including Apple, have announced multi-billion-dollar investment plans in the U.S., analysts note that many of these figures include prior commitments. Thus, these announcements may reflect more about financial forecasting than actual job creation.

Overall, the Trump administration’s tariff policy has been marked by unpredictability, market volatility, and limited clarity on long-term strategy. Although some trade agreements have been reached and select investments announced, the broader economic and geopolitical gains remain uncertain.

In a surprising display of cordiality, President Bola Tinubu and his erstwhile political rival, Peter Obi, were spotted laughing and joking at Pope Leo XIV’s inaugural mass in Rome.

The two politicians, who locked horns in the heated 2023 presidential election, exchanged pleasantries and showcased a rare moment of bonhomie.

According to presidential spokesman, Bayo Onanuga, Obi and former Ekiti State Governor Kayode Fayemi greeted Tinubu at the event, with Fayemi welcoming the President to “our church.”

Tinubu, however, playfully responded that he should be the one welcoming them as the head of the Nigerian delegation, prompting laughter from Obi.

The lighthearted encounter has been hailed as a positive development for Nigeria’s politics, with some observers hoping it could help reduce tension between supporters of both men.

“They portrayed a good image of the country, and that’s how politics should be played – without bitterness,” said Alkassim Hussain, a member of Nigeria’s House of Representatives.

The meeting comes amid speculation that Tinubu, Obi, and other key players might face off again in the 2027 elections.

Some analysts believe the Labour Party and Peoples Democratic Party could form a coalition to challenge Tinubu, who is expected to seek a second term.

Despite the potential for another intense electoral battle, the Pope’s inaugural mass provided a rare moment of levity and camaraderie between two of Nigeria’s prominent politicians.