Muscat: Oman will also impose a matching 10% tariff on U.S. goods, following the administration’s broad move to enforce “reciprocal” tariffs on trading partners.

GCC countries, including the United Arab Emirates, face the same tariff treatment as Oman, with both nations now included among a long list of countries impacted by what Trump calls an effort to correct long-standing trade imbalances. The blanket 10% tariff acts as a minimum baseline, with dozens of countries facing even higher rates based on U.S. assessments of trade barriers.

Key U.S. allies were not spared, with China hit with a 34% tariff, the EU with 20%, and Japan with 24%, alongside 25% auto tariffs that took effect Thursday. While some sectors like steel, aluminum, semiconductors, and pharmaceuticals are temporarily exempt, the removal of a short-term goods exemption means even more products are now vulnerable.

Markets in turmoil:

The announcement—dubbed a “Liberation Day” move by Trump—sent global equity markets into freefall.

Tokyo’s Nikkei plunged over 4%,

U.S. futures collapsed

Gold soared to a record high

Yen surged amid flight-to-safety fears.

Governments reacted sharply:

China vowed countermeasures and urged dialogue

Japan called the move “extremely regrettable,”

EU chief Ursula von der Leyen called the move a “major blow to the world economy” and said the bloc is “prepared to respond.”