#Tariffs
Economic uncertainty and weakened goods trade are expected to reduce demand for transport and intermediate services in 2025
For the Chinese imports, the exclusion of the tech products applies only to Trump’s reciprocal tariffs, which climbed to 125 per cent this week
Bullion rose more than 1 per cent to scale an all-time peak of $3,219.84 earlier in the session, and has gained around 5 per cent this week
But US stock futures and the dollar missed out on Thursday’s relief rally
Under the agreement, tariffs will be eliminated over five years on 99.5 per cent of UAE export lines and 98 per cent of Republic of the Congo export lines
Japan’s Nikkei sank 6.6 per cent to hit lows last seen in late 2023, while South Korea dropped 5 per cent
The benchmark Tadawul All Share Index (TASI) tumbled 6.1 per cent — more than 700 points — to below 11,200 on Sunday
The Nasdaq confirmed it was in a bear market, ending more than 20 per cent below its record high close
The Nikkei index was down 3.6 per cent at 33,474.56, and on course for a weekly decline of nearly 10 per cent
As Asia digested the news, Japan’s Nikkei share index slumped to an eight-month low, with US and European stock futures also diving
The tariff regime, described by Trump as a “universal baseline tariff”, aims to set a flat 10 per cent import tax on all goods entering the US
The United States imposes a 2.5 per cent tariff on passenger vehicle imports, while India imposes 70 per cent, the White House said in a statement
The sweeping penalties announced against the serene backdrop of the White House Rose Garden on Wednesday immediately unleashed turbulence across world markets
The vastness of Magna’s facility in Michigan underscores its role as a key cog in the intricate global auto supply chain
Spot gold was up 0.2 per cent at $2,848.69 per ounce, after hitting a record high of $2,853.97 earlier in the session
China’s Finance Ministry said it would impose levies of 15 per cent for US coal and LNG and 10 per cent for crude oil
Gold is considered a safe investment during geopolitical turmoil and thrives in a low interest rate environment
His inauguration speech focused on emergencies in immigration and energy and a more expansionist foreign policy, including a pledge to take back the Panama Canal
The updated roster has over 70 violations with fines ranging from Dhs2,000 through to Dhs10m