Limited Impact of US Tariffs on Oman’s Economy, Says Economy Ministry Official

The newly imposed 10% reciprocal tariffs by US President Donald Trump on GCC countries will have a limited and non-threatening impact on Oman’s economy, according to HE Dr. Nasser bin Rashid Al Mawali, Undersecretary at the Ministry of Economy.

Dr. Al Mawali explained that Omani exports of oil, gas, and refined products are exempt from the tariffs, protecting key sectors from disruption. “This policy change is being monitored closely, but we do not foresee serious consequences,” he stated.

New Strategic Opportunity for Oman

The Undersecretary emphasized that Oman could benefit strategically from this global shift in trade dynamics. “The Sultanate can enhance trade ties with countries affected by US tariffs, attract foreign investments, and position itself as a gateway to the US market,” he said.

“Oman’s geographic and economic positioning allows it to serve as a transit and logistics hub for affected economies.”

Regional and Global Outlook

In its latest MENA Monthly Outlook Report, Fitch Solutions’ BMI unit stated that GCC countries are generally shielded from direct US tariff impacts due to economic and strategic considerations.

While Middle Eastern exports may remain stable, the report warns of possible ripple effects on oil prices and inflation, especially for highly indebted emerging markets.

The White House has confirmed that the 10% tariffs will take effect on April 5, with higher rates for select nations starting April 9.

GCC Countries Affected by Tariff

Among the GCC states subject to the 10% baseline tariff are Oman, Saudi Arabia, UAE, Qatar, Bahrain, and Kuwait, alongside Egypt, Yemen, and Morocco.