President Donald Trump’s imposition of 25 per cent and 10 per cent tariffs on steel and aluminium imports, respectively, has ignited fears that retaliation by China or the EU could spark an international trade war and expose global equities to the risk of loss.

If other markets were to adopt a protectionist stance, it could lead to lower demand for exports, impacting the logistics segments in the Gulf, and the UAE in particular, with its large share of the market.

A trade war would also threaten global economic health more broadly, and diminish the palatability of investment opportunities in the Middle East.

This story is an excerpt from this month’s board report