Gulf markets dip after Trump announces 25% automotive tariffs
Donald Trump announced on Wednesday 25% tariffs on imported cars and light trucks entering the United States, set to take effect on April 2, further fueling the ongoing trade war and contributing to market volatility.
Most Gulf markets dropped on Thursday after President Donald Trump announced a 25% tariff on imported cars and light trucks entering the United States.
The tariffs, revealed on Wednesday, are set to take effect on April 2 and mark a significant escalation in the ongoing trade war that has been driving global market volatility.
Trump said the measures would bring “tremendous growth” to the US auto industry and lead to increased jobs and investment.
However, some analysts and industry leaders have warned that the move threatens to increase global prices and upend global supply chains. Ford Motor Co. chief executive Jim Farley warned on Feb. 11 that the tariffs would “blow a hole in the US industry that we have never seen.”
