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Sultan Ahmed bin Sulayem, chairman and CEO of DP World said on Tuesday that the aim of US President Donald Trump’s most recent announcements on steel and aluminium is not to stop trade, but to achieve fair trade not free trade, and make sure countries exporting goods to the US come to the table, listen and negotiate.
Trump raised tariffs on steel and aluminium imports on Monday to a flat 25%. Bin Sulayem told the World Governments Summit in Dubai that the US President’s aim is to say he has won.
“I believe he won’t stop trade. He wants fair treatment of [US] products.. He wants to come with a deal, that gives him something to say “I won there,” bin Sulayem said.
Trump announced tariffs on Canada and Mexico, which had been delayed pending fulfilment of requests made by him, he added. While there may be threats of retaliatory tariffs between China and the US, the eventual goal is also that they sit at the table and discuss.
The UAE is one of the world’s top five exporters of aluminium and was the second largest exporter of the metal to the US last year after Canada. The GCC produces 10% of aluminium globally, a third of which is exported to the US and the EU.
The lightweight metal has gained in importance because of its use in battery casings and electric vehicles.
China is home to eight of the world’s top 10 steel producers, with Japan’s Nippon Steel the fourth largest and India’s Tata Steel the 10th largest.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
