Gulf markets show mixed reaction to Trump's tariffs

Major stock markets in the Gulf were mixed in early trade on Thursday, as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth.

Trump escalated his tariff campaign on Wednesday, announcing a 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both effective on August 1.

Trump also issued tariff notices for seven minor trading partners, adding to 14 others issued earlier in the week, including 25% levies on imports from South Korea and Japan, set to take effect on August 1 unless agreements are reached.

Saudi Arabia's benchmark index TASI edged 0.1% higher, supported by a 1.2% gain in Saudi National Bank 1180, the kingdom's largest lender by assets.

However, oil giant Saudi Aramco 2222 slipped 0.1%.

Aramco is in talks with Commonwealth LNG to buy liquefied natural gas from the U.S. company's proposed facility in Cameron, Louisiana, as it seeks to strengthen its position in the market for the fuel, Reuters reported on Wednesday.

Dubai's main share index DFMGI added 0.1%, with Gulf Navigation GULFNAV advancing 3.3%.

Elsewhere, Drake & Scull International DSI jumped more than 10%. Earlier this week, the contracting company launched its first self-owned commercial project in Dubai.

In Abu Dhabi, the index FADGI fell 0.2%.

By contrast, Abu Dhabi Ports Company ADPORTS advanced 2.9% after AD Ports Group launched Gulflink JV operations with Kazakhstan Railway.

The Qatari index GNRI eased 0.2%, hit by a 1.2% fall in Commercial Bank CBQK.