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DUBAI: Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by latest tariff threats from US President Donald Trump.
Trump ramped up his trade offensive on Tuesday, announcing a 50% tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals.
He also reiterated plans to slap 10% tariffs on imports from Brazil, India, and other BRICS countries.
The United Arab Emirates is a member of BRICS, while Saudi Arabia has held off formally joining the bloc, according to Reuters sources.
In the UAE, Dubai’s main index gained 0.7%, hitting a fresh 17-year high, lifted by a 3.6% rise in Emirates Central Cooling Systems Corp.