Michel El-Gamal clarified that the positive impact of these tariffs lies in the fact that they were imposed on other countries at higher rates than Egypt. Consequently, Egyptian products will remain competitive in the US market, while American consumers will bear the increased burden.
He believed that Egypt will become an export platform
and more attractive to foreign investment, especially from countries subject to
higher tariffs, such as China. This will positively impact Egyptian citizens,
who will find more jobs and more competitive incomes.
He stressed, in press statements today Tuesday, that
American importers will bear the financial burden of these tariffs, keeping
Egyptian products competitive, especially since the cost of exporting from
Egypt is much lower compared to many other countries.
He pointed out that the tariffs could affect Egyptian
exports, particularly in the clothing and textiles sector, which is one of the
most prominent sectors benefiting from the US market. The QIZ agreement, which
Egypt concluded with the United States in 2004, could be Egypt's winning card
in mitigating the impact of these tariffs on Egyptian products, particularly in
the clothing and textile sectors.
El-Gamal clarified that Egypt can strengthen the
Qualified Industrial Zones and increase investments in them to increase
production capacity.
Last Wednesday, US President Donald Trump announced the imposition of new customs duties on exports from 185 countries around the world, ranging from 10% to 50%. According to the announced list, a 10% tariff was imposed on exports from Egypt, Saudi Arabia, the UAE, and Morocco, while the tariffs reached 20% on Jordan, 31% on Libya, 39% on Iraq, and 41% on Syria.