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Home World News Middle East

Major Gulf markets subdued on Trump’s plans for tariffs

January 21, 2025
in Middle East
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Major stock markets in the Gulf were subdued in early trade on Tuesday in line with Asian shares as investors exercised caution after U.S. President Donald Trump unveiled plans for trade tariffs on neighbouring countries, just hours into his presidency.

Global investors are closely watching the president, who announced plans to impose 25% tariffs on Mexico and Canada as early as Feb. 1, sparking concerns about the potential impact on global trade and the economy.

The Trump administration’s policies may have far-reaching consequences, potentially affecting the value of the U.S. dollar, Treasury yields and inflation rates, in turn leading to fewer interest rate cuts.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed’s decisions, as most regional currencies are pegged to the dollar.

Saudi Arabia’s benchmark index fell 0.3% in early trade, with ACWA Power Company losing 1.4% and Elm Company down 3.7%.

In Qatar, the index eased 0.1%, hit by a 1% fall in telecoms firm Ooredoo.

Oil prices – a catalyst for the Gulf’s financial markets – ticked lower in Asian trading as investors took stock of Trump’s plans to apply new tariffs later than expected while boosting oil and gas production in the United States.

Dubai’s main share index was flat while the Abu Dhabi index nudged 0.1% higher.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan)

Tags: egyptEQUITIESMARKETSMiddle East
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