Shura committee discusses impact of US tariffs on Oman's economy

Muscat: The Economic and Financial Committee of the Shura Council held a meeting on Wednesday to discuss the repercussions of the new tariffs recently imposed by the United States on Omani exports.

Chaired by Said Ahmed Al-Sharqi, head of the Economic and Financial Committee, the members discussed the major challenges faced by the industrial sector due to increased export costs and loss of competitiveness in the U.S. market, one of Oman’s key trade partners.

The meeting was held as part of regular sessions to monitor economic developments and review high-priority financial issues, in light of the regional and international developments affecting global markets.

The committee also addressed the indirect effects of these tariffs on supply chains, emphasising the importance of coordination among relevant authorities to develop a comprehensive plan to support affected businesses and explore alternative markets.

The meeting included an analytical review of the initial government revenue projections in light of the recent decision by the OPEC+ alliance to increase crude oil production, examining the potential impact of this decision on global oil prices and its effect on the state's budget.

This comes as part of ongoing efforts to enhance financial sustainability and reduce reliance on oil revenues.

Said Ahmed Al-Sharqi emphasised the importance of cooperation between the council and the government in addressing these critical issues, providing effective recommendations to support the national economy, and ensuring its stability in the face of external challenges.

He noted that the committee will continue to monitor changes in the global economic landscape and developments in the upcoming period.