Iran's Araghchi heads to Geneva, and Israel's secretive nuclear programme
On today's episode of Trending Middle East:
This episode features Mina Aldroubi, Senior Foreign Reporter; and Khaled Yacoub Oweis, Jordan Correspondent.
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The National
27 minutes ago
- The National
Exporters increasingly find 'alternative markets' ahead of Aug 1 tariff deadline
With US tariffs climbing – particularly on politically sensitive goods like steel, electric vehicles and pharmaceuticals – some firms have begun rerouting exports to more predictable, lower-tariff markets, though not yet at scale. The question now is how widespread it will become, and at what economic cost. India offers an early example. The Asian subcontinent is facing tariffs of up to 26 per cent – among the steepest imposed on any major economy – on goods coming into the US under President Donald Trump 's Liberation Day levies. India's $32 billion jewellery and gems industry is looking to alternative markets, especially the Middle East. That shift will be on show at Sajex 2025, a jewellery trade fair set for September in Jeddah, Saudi Arabia. Backed by the Indian government and industry bodies, the event is part of a broader push to establish the Middle East as a long-term market for Indian exports. India, a global leader in diamond processing and jewellery manufacturing, regards Saudi Arabia as a big growth opportunity, especially as trade tensions with the US resurface. The kingdom's jewellery market was estimated at $4.6 billion in 2024 and is expected to grow strongly through 2030. Tariff push For many countries, US tariff increases under the current administration have remained modest so far, typically around 10 per cent, whereas two dozen or so face substantially higher levies. So, the impact of tariffs is concentrated but weighty. For now, many exporters are coping with this by stomaching a squeeze in their margins, negotiating lower prices with suppliers, or taking advantage of weaker domestic currencies, which help to offset some of the added cost. But if tariffs rise permanently to above 10 per cent to15 per cent, it will lead to economics shifting in many industries. At that point, rethinking where and how to export becomes unavoidable. China, which had faced tariffs as high as 145 per cent on some goods entering the US, responded by accelerating shipments ahead of tariff deadlines and redirecting exports to other markets. That redirection has been greatest to those economies with a free trade agreement with China, or where import penetration was below average. The Trump administration announced new levies in April but delayed implementation twice – first to July, then again to August – prompting a rush to beat the clock. Some of those duties have since been eased under a temporary trade truce agreed between Washington and Beijing in London. Another meeting is set to take place soon in Stockholm. Still, Chinese exports to the US fell 10.9 per cent year-on-year in dollar terms during the first half of the year. Over the same period, exports to Asean countries – some of which Washington claims are being used to reroute Chinese goods and bypass tariffs – rose 13 per cent. In June alone, total Chinese exports rose 5.8 per cent in dollar terms, driven in part by firms racing to move goods before tariffs take effect in August. The surge offered a short-term lift to China's economy, which has leaned heavily on exports to compensate for weak domestic demand amid a prolonged property sector downturn. China-EU shift? While concerns persist over a wave of redirected Chinese goods entering Europe and other industrialised markets, there is little clear evidence of such a shift – at least not yet. Much of the excess appears to be heading into emerging economies, where trade oversight tends to be lighter and price remains a bigger factor in purchasing decisions. In China's case, the worry extends beyond volume. Some believe that redirected exports are state-subsidised, fuelling fears in places like the EU that competition is being distorted long before goods cross any borders. Meanwhile, on Sunday, a new trade deal was reached between the US and the EU with a 15 per tariff on most EU goods to the US, including pharmaceuticals, automobiles and semiconductors, averting a transatlantic trade war. Tariffs on metals remain unchanged. For now, changes in global trade flows are limited. One reason is that for heavily regulated or very complex products, like medical devices or automotive parts, redirecting exports tends to require compliance with new safety and certification standards. That can be time consuming and costly. Also, shifting factories across borders does not happen overnight. The semiconductor industry offers a good example. Two years ago, Taiwan's TSMC, one of the world's largest chip makers, said it planned to build a new €10 billion semiconductor plant in Germany. However, the factory is not expected to be up and running until 2027. For exporters, such delays can affect revenue. For importers, higher tariffs usually lead to higher consumer prices. In the US, this is already happening, with inflation rising to 2.7 per cent in June, ahead of forecasts, and core inflation increasing to 2.9 per cent. US retail stalwart Walmart, which imports heavily from China and Mexico, has warned that even a partial rollback of US tariffs leaves them too high to absorb. The last US-China trade war, launched in 2018, saw nearly all tariff costs passed through to American firms and consumers. History seems to be repeating itself. Macroeconomic data points to the broader fallout. A surge in imports, driven by pre-tariff stockpiling, helped drag the US economy into a 0.2 per cent annualised contraction in the first quarter of the year, the first such decline since 2022. General Motors is a case study in tariff exposure. With plants in Mexico, South Korea and Canada, the US car maker absorbed $1.1 billion in tariff costs in the second quarter, wiping out nearly a third of its adjusted profits. For now, many executives I teach at IMD are still in wait-and-see mode. Some companies are now delaying production shifts until 2026. Many cite advice to front-load exports before each tariff deadline. That has tactic worked so far. But with another deadline looming on August 1, the space for temporary fixes is closing. The deeper lesson of this moment is that volatility in trade policy is corrosive. As World Trade Organisation modelling suggests, if global tariffs rise and countries retaliate against the US, trade growth could reverse – falling from a projected 2.7 per cent gain this year to a decline of 0.5 per cent. In a world already navigating inflation, instability and slowing demand, few economies can afford another self-inflicted slowdown.
Emirates 24/7
an hour ago
- Emirates 24/7
Towards an Inclusive Social Strategy: 70 representatives from 27 entities co-design Dubai's Social Sector Strategy 2025–2033
In a strategic step reflecting Dubai's commitment to collaborative governance, the Community Development Authority (CDA) hosted a wide-scale co-design workshop that brought together around 70 representatives from 27 local and federal government entities to contribute to shaping the future vision of Dubai's Social Sector Strategy 2025–2033. The session featured interactive dialogues and technical discussions, during which participants shared valuable insights and field-based expertise, enriching the strategy's outputs and ensuring their alignment with the real needs of the community. This workshop marks the first phase of a three-stage strategy development process taking place throughout July and August. The initiative aligns with the objectives of Dubai Social Agenda 33, Dubai Plan 2033, and the 'We the UAE 2031' vision, reinforcing Dubai's mission to place human wellbeing at the heart of every development effort. Human-Centric Strategic Outcomes The upcoming strategy is built around tangible outcomes focused on the individual, the family, and the wider community: • Personal Wellbeing: Enhancing the psychological and social health of individuals • Family Cohesion: Strengthening the nurturing and supportive role of families • Community Belonging: Empowering every individual to participate and contribute meaningfully to society The strategy also places strong emphasis on leveraging technology, digital transformation, and artificial intelligence to reimagine the delivery of social services—enabling faster, more precise responses to societal needs and enhancing the overall user experience. A Renewed Vision for a Resilient and Cohesive Society Building on past achievements, the strategy aims to expand its reach and impact through: • Strengthening societal resilience, empowering families to adapt to emerging challenges • Transitioning from traditional care models to social investment that values community contribution and ensures sustainability • Reinforcing national identity and belonging, particularly amid digital and social transformations • Addressing cost-of-living pressures for low- and middle-income families Collective Commitment to a Sustainable Social Future Speaking at the workshop, Her Excellency Hessa bint Essa Buhumaid, Director General of the Community Development Authority, highlighted the importance of inclusive participation in building Dubai's social future: 'Shaping the future of the social sector is not achieved through decisions alone—it requires dialogue, participation, integration, and the courage to ask difficult questions. This strategy is more than just a working document; it is a sincere call to renew our commitment to people and society, and to pursue development pathways that are more inclusive, equitable, and sustainable.' Her Excellency added that adopting a co-design approach reflects the Authority's belief that lasting solutions come from within—from ordinary citizens, practitioners, and experts alike. She praised the active role of participating entities in proposing innovative ideas that meet the aspirations of today's community and tomorrow's generations. A Co-Created Strategic Roadmap The development process consists of three main phases: 1. Situational analysis and future foresight 2. Designing key pillars, initiatives, and performance indicators 3. Building an integrated implementation plan and roadmap Each phase will include direct engagement with stakeholders through technical workshops, interviews, and field visits to ensure the development of a practical and actionable strategy with measurable impact on individuals, families, and communities. The CDA affirmed that the strategy represents a long-term commitment to human wellbeing and reinforces Dubai's global position as a model for building cohesive, inclusive, and future-ready societies.
Emirates 24/7
2 hours ago
- Emirates 24/7
Dubai Customs hosts Expanded Meeting with Traders and Partners
In a step that reflects Dubai Customs' strategy to develop the business environment towards achieving the goals of the Dubai Economic Agenda D33, Dubai Customs held an expanded cooperative meeting that included representatives of traders and strategic partners. The meeting was attended by His Excellency Nasser Al Neyadi, CEO of the Ports, Customs and Free Zone Corporation (PCFC); His Excellency Dr. Abdulla Busenad, Director General of Dubai Customs; His Excellency Abdullah bin Damithan, CEO and Managing Director of DP World in the GCC; and a group of experts, specialists, and stakeholders. The meeting discussed enhancing supply chain efficiency and improving operational performance to facilitate the movement of commercial shipments. It also heard suggestions from traders to support the commercial sector. The meeting also included extensive discussions on exchanging visions, integrating roles, and enhancing customs clearance and inspection mechanisms. The meeting reviewed the efforts of PCFC to innovate and develop customs and logistics services in accordance with the best international practices. These services enhance commercial activities, increase operational returns, and reducing time based on advanced digital technologies and artificial intelligence programs. His Excellency Dr. Abdulla Busenad said: "We are working within an integrated plan to unify efforts and enhance coordination with DP World and the entities affiliated with the Ports, Customs and Free Zone Corporation to enrich the experience of traders, promote their business growth, and contribute to achieving Dubai's vision to become one of the top three economic cities in the world by 2033, in accordance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. He emphasized that Dubai Customs continues its sustainable efforts to facilitate trade and enrich the customer experience. Achieving this goal requires enhancing integration between institutions, simplifying procedures, upgrading digital infrastructure, and responding quickly and effectively to the needs of the business community." His Excellency added: "Dubai Customs embodies this direction through its ongoing initiatives. This meeting is part of a series of periodic meetings with business and trade groups aimed at facilitating the movement of shipments, enhancing the value of Dubai's external trade, and supporting its position as a leading global hub for trade and logistics services." Dr. Abdulla Busenad also explained that the strategic partnership between the public and private sectors represents a fundamental pillar in achieving sustainable development and enhancing the efficiency of government performance. Dubai Customs has been keen to develop an integrated perspective for this partnership, which enhances the attraction of foreign investments in the commercial and logistics sectors, given the ease of business environment and procedures that are among the best in the world. In the same context, a number of traders expressed their happiness with this open dialogue, praising the initiative led by Dubai Customs, which brings together relevant government and private entities to enhance operations. They noted that the participation of traders and customers in formulating solutions to the challenges that their businesses may face is an important step towards embodying true partnership. They also praised the digital services and logistics solutions offered by the trade sector in Dubai, which outperform the best global trading cities, consolidating Dubai as a major and pivotal center in global trade.
