{"id":102253,"date":"2025-04-03T00:00:00","date_gmt":"2025-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-uae-slapped-with-a-10-tariff-as-trump-triggers-global-trade-war\/"},"modified":"2025-04-03T00:00:00","modified_gmt":"2025-04-03T00:00:00","slug":"this-morning-uae-slapped-with-a-10-tariff-as-trump-triggers-global-trade-war","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/04\/03\/this-morning-uae-slapped-with-a-10-tariff-as-trump-triggers-global-trade-war\/","title":{"rendered":"THIS MORNING: UAE slapped with a 10% tariff as Trump triggers global trade war"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, lovely people. <\/strong>It\u2019s the (relative) calm before the storm as investors, economists, and business owners everywhere digest news of US President Donald Trump's new sweeping trade tariff policy, which is expected to trigger a deluge of retaliations and negotiations in the coming weeks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY here at home<\/strong> <strong>\u2014 and everywhere \u2014 is news of the tariffs and its impacts on different countries, including the UAE, which was slapped with a 10% levy. <\/strong>Besides the tariffs: We have more M&amp;A updates for you this morning, with e&amp; PPF completing its acquisition of Serbia Broadband, and news that EU antitrust regulators have until 12 May to make a decision on Adnoc\u2019s takeover of Covestro. <strong>Plus:<\/strong> G42\u2019s investment in Cerebras should now be going through after it agreed to acquire non-voting shares. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2600\ufe0fWEATHER- It\u2019s getting hotter by the day<\/strong>, with the mercury today peaking at 36\u00b0C before cooling to an overnight low of 26\u00b0C. Over in <strong>Abu Dhabi<\/strong>, temperatures will reach 31\u00b0C, with an overnight low of 23\u00b0C. <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a><strong> #1- South Africa\u2019s third largest bank Absa\u2019s corporate and investment banking unit is <\/strong><strong>planning to open a representative office in Dubai in 1Q 2026 <\/strong>as the region continues to deepen its relationship with Africa, the CEO of the unit, Yasmin Masithela, told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-04-02\/south-africa-bank-absa-to-open-dubai-office?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The office, which is pending regulatory approvals, will help the bank service clients who seek to do business in the Gulf, as well as Middle East-based businesses looking to access African markets. Dubai specifically was chosen due to the amount of clients looking to invest in African infrastructure, since infrastructure development is among the bank\u2019s \u201cstrategic objectives,\u201d Masithela said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It wouldn\u2019t be the only South African bank in Dubai: <\/strong>South African bank Investec <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e73c8a9c-dc3c-451a-9e28-6acfa6e37c12\/this-morning:-more-family-offices,-lenders-set-up-shop-in-dubai-%2B-kenya-eyes-usd-1.5-bn-bailout-from-the-uae\" style=\"\" rel=\"noopener\">opened a regional office<\/a> in the Dubai International Financial Center last year to serve high-net-worth clients and family offices in the GCC. Meanwhile, Standard Bank, Rand Merchant Bank and Nedbank all have offices in Dubai, Bloomberg said.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#2- Abu Dhabi Commercial Bank is eyeing the potential sale of a package of <\/strong><strong>non-performing loans by the end of the year <\/strong>as it looks to shore up its balance sheet, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-03-28\/abu-dhabi-s-second-biggest-bank-said-to-weigh-selling-bad-loans?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing sources familiar with the matter. The exact timing and size of the sale has yet to be decided, the sources said, though they suggested it could be close to the terms of another sale of USD 357 mn distressed debt it made to a recovery fund led by Grant Thornton 2023. It also offloaded a USD 1.1 bn loan book to US hedge fund Davidson Kempner Capital Management. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>#3- Dubai is getting self-driving taxis next year<\/strong>, after the Roads and Transport Authority inked agreements with Uber and WeRide, as well as China\u2019s Baidu, to test the vehicles this year before deploying them commercially in 2026, it said in a <a target=\"_blank\" href=\"https:\/\/rta.ae\/wps\/portal\/rta\/ae\/home\/news-and-media\/all-news\/NewsDetails\/global-partnerships-to-operate-autonomous-taxis\" style=\"\" rel=\"noopener\">statement<\/a>. WeRide\u2019s vehicles are already <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/70b6beba-645f-4eed-85e7-55b5cb586c5f\/uber-and%253cmark%253e-weride%253c%2Fmark%253e-are-bringing-robotaxis-to-the-uae\" style=\"\" rel=\"noopener\">set to become available<\/a> on the Uber app in Abu Dhabi this year. Dubai aims to make 25% of all journeys in the city autonomous by 2030, while Abu Dhabi has the same target for 2040. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#4- Trade and economic partnership agreements with <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/b7c7d8ac-ba4a-4f80-a690-74d76359c3af\/uae-inks-economic,-trade-agreement-with-mauritius\" style=\"\" rel=\"noopener\">Mauritius<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9994b950-7b03-4bcc-8cd5-b20e99edab0f\/uae-pledges-usd-100-mn-to-support-sudan-%2B-inks-trade-agreement-with-costa-rica\" style=\"\" rel=\"noopener\">Costa Rica<\/a><\/strong><strong> have taken effect<\/strong>, Trade Minister Thani bin Ahmed Al Zeyoudi said in an <a target=\"_blank\" href=\"https:\/\/x.com\/ThaniAlZeyoudi\/status\/1907128145448227144\" style=\"\" rel=\"noopener\">X post<\/a>. The agreement with Mauritius is set to grow the Emirates\u2019 economy by 0.96% and Mauritius\u2019 by over 1% by 2030, while the one with Costa Rica could see further cooperation in tourism, renewable energy, food security, ICT, and manufacturing<\/p>\n<p class=\"tag-border-left\"> HAPPENING NEXT WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Conference season is back into full gear next week after the Ramadan and Eid lull: <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The Mohammed Bin Rashid Space Center is set to host <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gsw2025.ae\/\" style=\"\" rel=\"noopener\">Geo-Spatial Week<\/a><\/strong><strong> from<\/strong> <strong>6-11 April in Dubai<\/strong> with the International Society for Photogrammetry and Remote Sensing. The week-long event will welcome experts in photogrammetry, remote sensing, and spatial sciences.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- EFG Hermes\u2019 <\/strong><strong><a target=\"_blank\" href=\"https:\/\/efghldg.com\/en\/our-services\/conferences#:~:text=the%20MENA%20markets.-,Read%20More,and%20family%20offices%20managing%20hundreds%20of%20millions%20of%20dollars%20in%20assets.,-EFG%20Hermes%20Egypt\" style=\"\" rel=\"noopener\">One on One conference<\/a><\/strong><strong> will take place from Monday, 7 April <\/strong><strong>until<\/strong><strong> Thursday, 10 April<\/strong> <strong>in Dubai. <\/strong>The conference is the largest gathering of its kind devoted to emerging and frontier equities and connects international institutional investors with senior execs in industries ranging from food and fintech, to banking and petrochemicals.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/aimcongress.com\/event-highlights\" style=\"\" rel=\"noopener\">AIM Congress 2025<\/a><\/strong><strong> is set to take place from Monday, 7 April until<\/strong><strong> Wednesday <\/strong><strong>9 April <\/strong>at the Abu Dhabi National Exhibition Center. The event will bring together senior executives, government officials, and global investors to foster investment collaboration to drive global economic development. Attendees can expect forums, panel discussions, workshops, and a startup competition, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/article\/bits76u-abu-dhabi-gears-host-25000-global-participants-aim\" style=\"\" rel=\"noopener\">Wam<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.middleeast-energy.com\/en\/home.html\" style=\"\" rel=\"noopener\">Middle East Energy<\/a><\/strong><strong> will take place from Monday, 7 April to Wednesday, 9 April <\/strong>at the Dubai World Trade Center. The exhibition and conference brings together industry leaders, and energy professionals to discuss the energy transition, sustainability practices, innovations in power generation, renewable energy, and energy efficiency. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.who.int\/initiatives\/world-local-production-forum\" style=\"\" rel=\"noopener\">The World Local Production Forum<\/a><\/strong><strong> is running from Monday, 7 April to <\/strong><strong>Wednesday, 9 April <\/strong>at the Abu Dhabi National Exhibition Center. The World Health Organization-backed event will bring together global leaders to discuss localized, sustainable, and diversified medicine production, and strategies to enhance access to quality assured health products.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/commodityinsights.spglobal.com\/fujcon.html\" style=\"\" rel=\"noopener\">The Fujairah Bunkering and Fuel Oil Forum<\/a><\/strong><strong> (FUJCON 2025) will take place from <\/strong><strong>Monday, 7 April until Wednesday, 9 April <\/strong>at DoubleTree by Hilton Fujairah. Organized by S&amp;P Global Commodity Insights, in collaboration with the Fujairah government, the Port of Fujairah, and the Fujairah Oil Industry Zone, the event will bring together energy leaders to discuss geopolitical and decarbonization impacts on shipping and bunkering, fuel quality, market trends, and technological advancements. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/aws.amazon.com\/startups\/lp\/aws-gen-ai-loft-dubai\" style=\"\" rel=\"noopener\">AWS GenAI Loft Dubai<\/a><\/strong><strong> 2025 will take place from Monday, 7 April to Friday, 11<\/strong><strong> April<\/strong> at Dubai International Financial Centre\u2019s (DIFC) Innovation One building. The five-day event will see industry startups, business leaders, investors, developers, and AI enthusiasts attend workshops and lectures on generative AI technologies and their practical applications across industries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#8- The World Crisis and Emergency Management Summit will take place in Ab<\/strong><strong>u <\/strong><strong>Dhabi on Tuesday, 8 April and Wednesday, 9 April<\/strong>, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/biqt1w2-world-crisis-and-emergency-management-summit-set\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Under the theme Together Towards Building Global Resilience, the event will bring together global leaders to discuss improving international cooperation in crisis management, emergency planning, and risk prediction. The event will also feature two exhibitions \u2014 Crisis Management Technologies and Generation Readiness \u2014 to showcase new sector-specific technological tools.<\/p>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt5\"><\/a> <strong>The global foreign press is focusing on one thing, and one thing only: Tariffs<\/strong><strong>. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US President Donald Trump slapped a universal 10% tariff on all US imports, and higher reciprocal tariffs on others<\/strong>, as he vowed to liberate the US from the \u201clooting, pillaging, and raping\u201d of the US by other countries. Among the tariffs imposed, the US slapped China with a 34% tariff, taking the total tariff on Chinese imports to 54%, the EU with 20%, Vietnam with 46%, Taiwan with 32%. Vietnam, Japan,Taiwan, and Cambodia are also among countries that would face steep tariffs. <strong>The UAE was hit with a 10% tariff, along with Saudi Arabia and Egypt.<\/strong> You can find the full list of tariffs in this thread <a target=\"_blank\" href=\"https:\/\/x.com\/RapidResponse47\/status\/1907531727683334384?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1907531727683334384%7Ctwgr%5Ed029aaca0f5b72d907b86dafa2e5cbcd181553b3%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2025-04-02%2Ftrump-says-he-s-signing-executive-order-on-reciprocal-tariffs\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The reciprocal tariffs will reportedly take place on 9 April, while the 10% tariff will come into effect on Saturday<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/trump-escalate-global-trade-tensions-with-new-reciprocal-tariffs-us-trading-2025-04-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> quoted a White House official as saying. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move is set to ignite a global trade war after decades of liberal trade measures from the US<\/strong>, with trading partners widely expected to retaliate. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A slight reprieve:<\/strong> Mexico and Canada will not be subject to tariffs beyond the 25% tariffs already announced earlier, while products like steel, aluminum, and auto parts will also be exempt from the reciprocal tariffs and only subject to the previously announced levies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news is getting attention across global front pages:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/live-blog\/2025-04-02\/trump-s-tariff-announcement?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2025\/04\/02\/business\/trump-tariffs-liberation-day\" style=\"\" rel=\"noopener\">NYT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8c8062e5-2744-40ea-ad8d-40073782e51d\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/politics\/2025\/apr\/02\/trump-hits-uk-with-10-tariffs-as-he-ignites-global-trade-war\" style=\"\" rel=\"noopener\">Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/trump-tariffs-trade-war-stock-market-04-02-2025?mod=WSJ_home_mediumtopper_pos_1\" style=\"\" rel=\"noopener\">WSJ<\/a> | <a target=\"_blank\" href=\"https:\/\/www.politico.eu\/article\/donald-trump-europe-trade-tariffs-imports-liberation-day\/\" style=\"\" rel=\"noopener\">Politico<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/trump-tariffs-liberation-day-2a031b3c16120a5672a6ddd01da09933\" style=\"\" rel=\"noopener\">AP<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We dive into the response from global investors and financial markets following the announcement in Planet Finance<\/strong>, below. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq.<span style=\"background-color: transparent;\">&nbsp;<\/span><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" rel=\"noopener\">Tap or click here<\/a><span style=\"background-color: transparent;\"> to get your own copy of EnterpriseAM UAE.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on  <a target=\"_blank\" href=\"mailto:UAE@enterpriseAM.com\" style=\"\" rel=\"noopener\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong>, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>,<\/strong> and the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">climate<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> industries?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Dubai to get on-demand self-driving cars this year<\/p>\n","protected":false},"author":1,"featured_media":102254,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[215,159,87,7,1334,1367,1212,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-102253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-abu-dhabi-commercial-bank","tag-banking","tag-dubai","tag-enterpriseam-uae","tag-trade","tag-transport","tag-us-uae-relations","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"77d838b5-61d3-4873-8553-8ff5c5263d96","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/4\/15.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: UAE slapped with a 10% tariff as Trump triggers global trade war","related_issue":[102251],"teaser":"Plus: Dubai to get on-demand self-driving cars this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.4f83ca53-052a-49a0-b086-720b3da85258.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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