President Donald Trump announced sweeping tariffs on US trading partners on Wednesday, as world leaders prepared to impose retaliatory actions, setting the stage for possible trade wars that could upend the global economy.
The minimum 10 per cent tariffs on all imports were established through an executive order on what Mr Trump called “Liberation Day”, an event attended by supporters at the White House's Rose Garden.
He said the action will be imposed on “friend and foe alike” because, “in many cases, the friend is worse than the foe in terms of trade”.
“April 2, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again,” Mr Trump said.
China and Vietnam were the targets of some of the harshest tariffs, at 34 per cent and 46 per cent. India will be hit with a 26 per cent tariff while the EU will receive a 20 per cent levy.
Pakistan (29 per cent) and Israel (17 per cent) were also on a list of more than a dozen countries hit by the reciprocal tariffs.
Mr Trump also announced a minimum baseline tariff of 10 per cent for remaining countries, with rates going even higher for countries deemed the “worst offenders”.
The baseline 10 per cent tariff will go into effect on April 5, a senior administration official told journalists, while the higher reciprocal rates would go into effect on April 9.
The President also bemoaned non-finance barriers, claiming those were more harmful to the US than monetary barriers.
“They manipulated their currency, subsidised their exports, stole our intellectual property, imposed exorbitant VAT taxes to disadvantage our products, adopted unfair rules and technical standards and created filthy pollution havens,” he said.
Mr Trump also announced a 25 per cent tariff on all foreign-made cars, which will go into effect at midnight on Wednesday.
“This is one of the most ambitious economic realignments the American people have ever seen,” a senior administration official said before Mr Trump's announcement. “The goal is to restore American greatness and prosperity for everyday American workers and their communities.”
After the announcement, Treasury Secretary Scott Bessent warned countries against responding with their own levies.
“I wouldn’t try to retaliate,” he told Bloomberg Television. “As long as you don’t retaliate, this is the high end of the number … As far as negotiations go, we’ll see.”
The Middle East has so far not been a focus of Mr Trump's tariff plans. Member states in the Gulf Co-operation Council apply a common external tariff of 5 per cent on most goods.
But in one exchange last month, Commerce Secretary Howard Lutnick accused Kuwait of not being thankful enough to the US after it had liberated the emirate from Iraq in 1991. Kuwait’s ambassador to the US, Sheikha Al Zain Al Sabah, met Mr Lutnick in Washington last week, assuring him that US taxpayers had no financial burden from the war to liberate Kuwait.
Countries in the region whose currencies are pegged to the US dollar could face stricter monetary policy, with the US Federal Reserve likely to keep interest rates elevated, which could also lead to smaller economic growth and investment.
Meanwhile, Mr Trump's aluminium and steel tariffs are expected to have a limited impact on Gulf exports.
Mr Trump has most of his tariff focus on America's three largest trading partners: Canada, Mexico and China. Together, they make up 38.7 per cent of total US trade, according to the Census Bureau.
However, those countries also make up a list of nations with whom the US has the highest goods trading deficits. At about $270 billion, the US has its largest goods trade deficit with China, followed by Mexico at $157.2 billion. Data from the US Commerce Department showed the US had a large trade deficit with the EU and India.
And in February, the US Trade Representative also listed a group of countries it is “particularly interested in” as part of a review on supposed unfair trading practices including Saudi Arabia, G20 countries and “economies that have the largest trade deficits in goods with the United States”.
While Mr Trump has argued his tariffs would improve US industrial competitiveness and reduce the nation's trade deficits, trading partners have responded by threatening to impose retaliatory tariffs of their own.
EU Commission President Ursula von der Leyen said the bloc has a strong plan to retaliate, while Canada and Mexico are preparing their own measures.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
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- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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Bullet%20Train
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
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- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
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- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
UAE currency: the story behind the money in your pockets
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
CREW
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Australia
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Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Killing of Qassem Suleimani
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Racecard
6pm: Al Maktoum Challenge Round 2 Group 1 (PA) $55,000 (Dirt) 1,900m
6.35pm: Oud Metha Stakes Rated Conditions (TB) $60,000 (D) 1,200m
7.10pm: Jumeirah Classic Listed (TB) $150,000 (Turf) 1,600m
7.45pm: Firebreak Stakes Group 3 (TB) $150,000 (D) 1,600m
8.20pm: Al Maktoum Challenge Round 2 Group 2 (TB) $350,000 (D) 1,900m
8.55pm: Al Bastakiya Trial Conditions (TB) $60,000 (D) 1,900m
9.30pm: Balanchine Group 2 (TB) $180,000 (T) 1,800m
The specs: 2019 Jeep Wrangler
Price, base: Dh132,000
Engine: 3.6-litre V6
Gearbox: Eight-speed automatic
Power: 285hp @ 6,400rpm
Torque: 347Nm @ 4,100rpm
Fuel economy, combined: 9.6L to 10.3L / 100km
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
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