Deputy Head of the Economic and Financial Affairs Committee at the Shura Council Redha Abdulla Faraj told our sister paper Akhbar Al Khaleej that the GCC states will be the least affected by the tariffs announced by US President Donald Trump, but the impact of a global economic recession that will hit the oil-exporting countries is most feared.
As a superpower, the US surprised the world with the increase in tariffs. Many countries expected an increase but the magnitude of the hikes was beyond all expectations.
Countries like Southeast Asia will be directly hit as they depend heavily on US companies. The world is waking up to a sudden and unprecedented crisis and it must learn to adapt to it, though this would take time.
Certain countries may increase prices, but this will lead to a drop in consumption. The world economy is expected to be in turmoil until at least the end of this year.
The higher tariffs will have a direct impact on money markets and the price of oil. Government plans and budgets will be thrown into disarray because the drastic changes were not taken into account.
&uuid=(email))