UAE's EGA 'well prepared' for Trump's steel, aluminium tariff threat

"Alongside Europe, Asia and the United Arab Emirates, the US is an important market for EGA," the spokesperson said, adding, "We are well prepared for whatever market conditions may arise."

Trump has proposed a 25 percent tariff on steel imports and 10 percent on aluminium, without exemptions for any countries.

The UAE is the third largest aluminium exporter to the U.S. after Canada and Russia, while EGA is the third-largest producer of primary aluminium outside China.

Last week, the International Monetary Fund (IMF) spokesperson Gerry Rice said Trump’s proposals to heavily tax steel and aluminium imports would cause damage not only outside the US, but to the US economy itself as well, including its manufacturing and construction sectors.

Reuters reported earlier that EU officials have said that they would respond “firmly” potentially by imposing 25 percent tariffs on around $3.5 billion worth of imports from the US.