WASHINGTON: President Donald Trump on Friday promised a big announcement about tax reform next week and ordered an administration review of Obama-era tax rules written to discourage US companies from relocating overseas to cut their tax bills.
“We will be having a big announcement on Wednesday having to do with tax reform. The process has begun long ago, but it really formally begins on Wednesday,” Trump said during a visit to the US Treasury Department.
First reported in an Associated Press interview with Trump, the news came as a surprise to lobbyists and congressional aides who had no idea what Trump’s announcement might include.
In February, Trump promised to release a “phenomenal” tax plan within a few weeks, without offering details. But none emerged.
A White House official said the impending announcement could come later than Wednesday, adding: “The president was saying what we have been saying all along, that he wants to do tax reform as quickly as possible while still doing it right.”
Trump’s latest comments got a warm reception from the Republican tax chief in the House of Representatives.
“I appreciate the president’s leadership and strong commitment to comprehensive tax reform,” House Ways and Means Committee Chairman Kevin Brady said in a statement.
Brady added that the panel’s Republican members “are ready to work with President Trump and his team.”
During the 2016 election campaign, Trump initially issued a plan that proposed deep cuts in tax rates for individuals and corporations, a reduction in the number of tax brackets to four from seven, repeal of the estate tax, an offshore profits repatriation tax holiday for multinationals and a cap on the deductibility of business interest. He later revised the number of tax brackets to three.
The plan partly resembled one developed by House Speaker Paul Ryan.
Trump on Friday also signed an executive order directing the Treasury to review tax-related regulations adopted over the past 18 months under former President Barack Obama.
Asked if that would include rules against tax-driven foreign corporate deals known as inversions, Treasury Secretary Steven Mnuchin said: “It is one of the significant things and one of the things we would be looking at.”
Trump and Republicans in Congress view tax reform as the best vehicle for eliminating what they say are tax incentives for US companies to move their headquarters, manufacturing facilities and jobs overseas.
Trump sets US tax reform announcement, orders tax rule review
Trump sets US tax reform announcement, orders tax rule review
Aramco’s 13% rally helps Saudi stocks post second weekly gain
RIYADH: Saudi Aramco extended its year-to-date rally to nearly 13 percent on Thursday, helping the Kingdom’s benchmark stock index secure a second straight weekly gain despite a weaker final trading session.
Saudi Aramco shares, which carry the heaviest weighting on the Saudi Exchange, closed at SR26.86 ($7.16), leaving the stock 12.72 percent higher since the start of 2026. The stock also remained 3.09 percent above last week’s close, even after falling 1.1 percent in Thursday’s session.
The rise in energy shares came as escalating tensions in the Middle East pushed oil prices above $100 a barrel, after attacks on tankers in the Gulf and the Strait of Hormuz heightened concerns over supply disruptions.
The Tadawul All Share Index maintained its weekly uptrend, rising nearly 1.07 percent week on week to close at 10,778.32, despite falling 0.45 percent in Thursday’s session. Compared with the first trading day of the year, the index has gained 4.01 percent.
Total trading turnover on the benchmark index reached SR5.05 billion at Thursday’s close, with 88 stocks advancing and 176 declining.
Aramco’s performance continued to anchor sentiment after the company reported adjusted net income of $104.7 billion for 2025 earlier this week, while net profit fell 12.1 percent year on year to $93.39 billion, compared with $106.25 billion in 2024, as lower crude prices weighed on earnings despite higher sales volumes across oil, gas and refined products.
On a March 10 earnings call, Aramco CEO Amin Nasser warned that prolonged disruption in the Strait of Hormuz could have severe implications for global energy markets. Roughly 20 percent of the world’s oil normally passes through the waterway each day, but shipments have been largely blocked.
“There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on ... the more drastic the consequences for the global economy,” he said.
“While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced.”
Saudi equities showed mixed performance in Thursday’s session. The MSCI Tadawul Index fell 5.99 points, or 0.40 percent, to close at 1,476.76.
The Kingdom’s parallel market Nomu gained 132.47 points, or 0.6 percent, to close at 22,370.4, with 38 stocks advancing and 34 declining.
On March 11, the International Energy Agency announced the release of 400 million barrels of oil from its reserves, the largest such move in its history. As part of that, the US said it would release 172 million barrels starting next week.
