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HomeDaily NewsTuesday, January 13, 2026US Extends AGOA, Trump Announces Iran Tariffs, and Somalia Revokes UAE Pacts - January 2026
Business & Economy3 stories from 1 sources

US Extends AGOA, Trump Announces Iran Tariffs, and Somalia Revokes UAE Pacts - January 2026

The U.S. House of Representatives has passed a bill extending the African Growth and Opportunity Act (AGOA) for an additional three years, providing continuity for African nations. In another international policy move, President Donald Trump announced a 25% tariff on goods from countries doing business with Iran amid increasing tensions. This comes as his administration considers various military and covert options for intervention. Meanwhile, Somalia's Cabinet has revoked all agreements with the United Arab Emirates (UAE). Somalia's government cited threats to its sovereignty and territorial integrity, and the decision follows a recent ban on UAE flights due to a security breach.

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Tuesday 4:43 PMCapital Business

U.S. House of Representatives passes bill to extend AGOA for three years

U.S. House of Representatives passes bill to extend AGOA for three years

The U.S. House of Representatives has passed a bill to extend the African Growth and Opportunity Act (AGOA) for an additional three years, providing continuity for African nations reliant on preferential access to the American market.

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Key Highlights

The U.S. House of Representatives has passed a bill to extend the African Growth and Opportunity Act (AGOA) for an additional three years, providing continuity for African nations reliant on preferential access to the American market.

  • The bill was approved with 340 votes to 54 and now proceeds to the U.S. Senate for consideration.
  • Kenya is a top beneficiary of AGOA, with billions of shillings in annual export earnings from sectors like apparel, textiles, coffee, and nuts.
  • President William Ruto welcomed the proposed extension, highlighting areas for expansion including apparel and textiles, agricultural products, and ICT and digital services.
Tuesday 9:30 AMCapital BusinessFirst

Somalia revokes all pacts with UAE amid diplomatic rifts

Somalia revokes all pacts with UAE amid diplomatic rifts

Somalia's Cabinet has revoked all agreements with the United Arab Emirates (UAE), citing threats to its sovereignty and territorial integrity. This decision follows reports of the UAE undermining Somalia’s political independence and a recent ban on UAE flights due to a security breach.

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Tuesday 2:10 PMCapital Business

Trump announces 25pc tarriff on countries that do business with Iran

Trump announces 25pc tarriff on countries that do business with Iran

President Donald Trump announced a 25% tariff on goods from countries doing business with Iran, amid increasing tensions and ongoing anti-government protests in Iran. This move comes as Trump's administration considers various military and covert options for intervention.

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Key Highlights

President Donald Trump announced a 25% tariff on goods from countries doing business with Iran, amid increasing tensions and ongoing anti-government protests in Iran. This move comes as Trump's administration considers various military and covert options for intervention.

  • Over 600 protesters have been killed in Iran during three weeks of anti-government demonstrations, according to rights groups.
  • Iran's Foreign Minister has stated Tehran is open to talks with Washington but remains "prepared for war."
  • The White House Press Secretary Karoline Leavitt confirmed that an Iranian official contacted Trump's special envoy Steve Witkoff, indicating private messages differ from Tehran's public stance.
  • The proposed tariffs could significantly impact Iran's economy, which already faces severe US sanctions, a collapsing currency, and inflation that has driven food prices up by as much as 70%.
  • China is Iran's largest trading partner, followed by Iraq, the United Arab Emirates, Turkey, and India, all of whom could be affected by the new tariffs.
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Key Highlights

Somalia's Cabinet has revoked all agreements with the United Arab Emirates (UAE), citing threats to its sovereignty and territorial integrity. This decision follows reports of the UAE undermining Somalia’s political independence and a recent ban on UAE flights due to a security breach.

  • The terminated agreements include cooperation at the ports of Berbera, Bosaso, and Kismayo.
  • The Cabinet in Mogadishu cancelled all pacts with related government agencies and regional administrations.
  • The move came after the UAE reportedly began withdrawing military equipment and personnel from Somalia.