Most Gulf markets end higher on potential US tariff exemptions

DUBAI: Most stock markets in the Gulf ended higher on Tuesday after US President Donald Trump suggested he might grant exemptions on auto-related levies already in place.

Trump said on Monday he was considering a modification to the 25% tariffs on auto and auto parts imports from Mexico, Canada and other places. He said car companies “need a little bit of time because they’re going to make ’em here.”

The US recently exempted smartphones, computers and certain electronics from Trump’s “reciprocal” tariffs, but probes into semiconductor imports have intensified, with Trump set to announce tariff rates soon.

Saudi Arabia’s benchmark index rose 0.2%, with Al Rajhi Bank rising 0.5% and telecoms firm Saudi Telecom Company increasing 2.3%.