US President Donald Trump’s announcement on Wednesday that his country would impose tariffs on virtually all others was widely expected, and yet it was still shocking. Even some uninhabited island territories were not spared, incurring 10 per cent levies on their presumably hypothetical exports. Other tariffs – 54 per cent for China and 30 per cent for South Africa, to name two – will have far more serious consequences for global trade and development.
For numerous world leaders, many Americans and the global markets, Mr Trump’s underlying policy goal remains unclear. He has given contradictory signals – on the one hand, saying the tariffs will make America self-sufficient, and on the other, saying they are a “reciprocal” measure. The former implies permanent protectionism, the latter suggests a strategy to coerce the whole world to address tariffs together. Another reading, based on a different set of past remarks, is that Mr Trump doesn’t mind either scenario, as long as the US achieves a surplus in all its trade relationships.
In the absence of a definitive explanation, for now, the world beyond America’s shores remains in the dark about what it’s in for. In the West, historically the bastion of free trade, a fierce trade war looms between Washington and Europe.
But the spirit of free trade retains some resilience across the world, in no small part because of the enthusiasm with which it has been embraced in the East in recent years. While many used tariffs to get a foothold on the development ladder early on, Asian countries know they have gained more from open markets than they have lost, and they can continue to do so even without American leadership.
When Mr Trump pulled America out of the Trans-Pacific Partnership early in his first term, proponents of the free trade pact between East Asian and North and South American countries feared that would spell its demise. Instead, the TTP morphed into the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), saddled with a clunkier name but more streamlined in the absence of American demands.
Asian countries know they have gained more from open markets than they have lost
In the Middle East, too, many governments have sought to steer themselves in the direction of openness. The UAE has signed a flurry of Comprehensive Economic Partnership Agreements (Cepas) with countries from India to Chile. Several others in the region – including Bahrain, Jordan and Oman – have free trade agreements with America.
Yet the impact of the new tariffs will certainly be felt in this region, particularly among countries still working to build out their manufacturing sectors. Jordan, despite being the first Arab state to sign a free trade deal with the US, has been hit with a 20 per cent levy. Iraq, a long-time US ally with a fragile non-oil economy, faces a tariff of 39 per cent. The economically stronger GCC states are set to face a 10 per cent tariff – Mr Trump’s minimum amount.
Whatever the justification or the end game, there is no doubt Wednesday’s announcement from Washington has set a new, and difficult, cadence for the global economy. But to the extent that it can, the East will likely continue its march towards a freer, rules-based market. It is the way to prosperity. In time, perhaps, free trade’s doubters will rejoin the ranks.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
Honeymoonish
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THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
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Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
UAE currency: the story behind the money in your pockets
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
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
Company%20Profile
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THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
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Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Brief scores:
Pakistan (1st innings) 181: Babar 71; Olivier 6-37
South Africa (1st innings) 223: Bavuma 53; Amir 4-62
Pakistan (2nd innings) 190: Masood 65, Imam 57; Olivier 5-59
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
