- Arab markets plummeted in trading on Sunday after Trump imposed tariffs late last Wednesday, leading global markets, particularly the US market, into a fierce selling wave that drove the S&P 500 to its lowest level since April 2024. China's response came by imposing counter-tariffs of the same value as those imposed by the United States at 34%, signaling the start of a clearly defined trade war and raising fears of recession and inflation rebound.

The U.S. administration imposed tariffs on Egyptian imports worth 10%, which is the lowest value in Donald Trump's list of trade tariffs.

A strong drop hits the pound against the dollar
The price of the dollar in Egypt has risen sharply in today's trading at government and private banks, exceeding 51 dollars. The dollar is now recorded at the Commercial International Bank at (EGX:COMI) 51.18 for purchase and 51.28 for sale. At Banque Misr, National Bank, and Cairo Bank, it is recorded at 51.2 for purchase and 51.3 for sale.

This rise in the price of the dollar in Egypt comes as the US dollar index reached 102.7 at the end of last week's trading against a basket of foreign currencies.