August 1 now set as new date for sweeping trade penalties unless concessions made
US tariffs
Latest in US tariffs
HSBC
UAE businesses confident of international trade growth despite tariff woes
Businesses in the UAE remain optimistic of trade opportunities despite increased costs
Abu Dhabi
Eid Al Adha 2025 dates announced; UAE petrol prices change; new tax rule revealed; Dubai real estate tokenisation – 10 things you missed this week
UAE petrol prices, Eid holiday dates, tax rules and more top news stories this week
BNPL
UAE malls in ‘non-prime’ areas could face pressure from Chinese goods diversion amid U.S. tariffs
UAE retailers are preparing for significant changes in 2025 as global trade tensions and evolving payment preferences reshape the regional shopping landscape
Donald Trump
Trump’s EU tariff extension pushes gold prices down
Spot gold was down 0.3% at $3,346.55 an ounce, while US gold futures fell 0.6% to $3,345.80
Donald Trump
Trump postpones 50% tariff on EU imports to July 9
The euro and US dollar rose against the safe-haven yen and Swiss franc after the deadline extension
Bitcoin
UAE, regional firms switch to blockchain-based cross-border payments as global trade tensions mount
Regulatory initiatives such as the UAE Central Bank’s move to give legal clarity to payment token issuers through its Payment Token Services Regulation are accelerating the shift
Building materials
Dubai developers capitalise on local supply chains as Trump tariffs drive up construction costs
Price increases are directly impacting project plans, with many developers making significant adjustments to maintain viability
Airlines
Qatar Airways says tariff impact manageable with aircraft spares stockpile
The airline will absorb any cost increases rather than passing them on to customers through higher ticket prices, says Qatar Airways boss
Donald Trump
Dubai free zones to gain from Trump tariff policies as businesses eye neutral UAE
The UAE’s position as a global trade hub with its business-friendly environment could attract more manufacturers and logistics firms looking to mitigate exposure to U.S. tariffs
Donald Trump
IMF cuts global growth forecast as Trump tariffs create ‘major negative shock’
Global economic growth slashed to 2.8% as Trump’s tariffs create “major negative shock,” with US recession risk rising to 40% and forecasts for both US and China hit hardest
Donald Trump
Analysis: Will Gulf economies feel the heat from Trump’s tariffs?
Regional analysts predict limited direct effects but warn of broader economic fallout if global slowdown hits oil demand
global economy
Global trade to shrink by 0.2% as Trump tariffs trigger ‘dampening effect,’ WTO warns
Despite world economic growth forecast being slashed to 2.2%, WTO expects least-developed countries to potentially benefit from trade disruption
Bilateral trade
Analysis: UAE trade model offers lessons as Trump tariffs disrupt global commerce
Middle East’s exemption from Trump tariffs demonstrates how strategic economic relationships create diplomatic leverage as global trade faces disruption
Aluminium tariffs
How US tariffs could impact GCC banks and economy
Fitch Ratings analysis looks at potential impact of US tariffs on GCC banks and economy
Donald Trump
Trump tariffs to drive up UAE, Saudi Arabia construction costs up to 7%: Report
The UAE and Saudi Arabia currently have over $2.3 trillion in active projects which could be impacted by the rising prices of key materials such as steel and concrete over the next 1-2 years
Donald Trump
UAE exchanges, fintechs brace for Trump tariffs impact on remittances as global trade tensions mount
Money transfer firms in Dubai are bracing for currency swings as Trump’s tariffs shake global trade, impacting remittances to India, Pakistan, and the Philippines