Oman's economy to see limited impact from US tariffs, says official

Muscat: Dr. Nasser Al-Maawali, Undersecretary of the Ministry of Economy, has addressed the United States' decision to impose new tariffs on Omani imports, indicating that the impact on Oman's economy is anticipated to be relatively limited and not a cause for concern in the medium to long term. He clarified that the new tariffs do not apply to US imports of Omani oil, gas, and refined products.   

Dr. Al-Maawali acknowledged that potential economic effects on Oman could arise from global trade disruptions and a slowdown in global economic growth. However, he also emphasised the potential for Oman to capitalise on opportunities presented by these challenges. He suggested that the high US tariffs on other nations could allow Oman to enhance its trade relationships with those affected and attract foreign investment. Additionally, Oman could strengthen supply chains with countries negatively impacted by the tariffs and leverage its strategic position as a transit hub to facilitate access to the US market for those facing increased tariffs.   

Dr. Al-Maawali stressed Oman's capacity to transform challenges into opportunities by utilising its geographical advantages and implementing proactive economic strategies. These actions align with Oman's broader economic vision.