#TrumpTariffs

An economic expert explains that the biggest impact of the tariff war declared by U.S. President Donald Trump on Egypt will be on the Suez Canal.

Economic expert Hani Tawfiq wrote in a Facebook post: "The tariffs imposed by Trump on the entire world yesterday will bring many companies and stock exchanges down, most notably the American stock exchange itself."

The economic expert added: "For those wondering about Egypt, the biggest negative impact will be on the Suez Canal, due to the clear slowdown in supply chains and global trade resulting from the increased tariffs."

Over the past two years, revenues from the Suez Canal have dropped to their lowest levels due to attacks by the Houthi group in Yemen on shipping and cargo vessels in the Red Sea.

Revenues from the Suez Canal, one of the most important sources of official dollars in the country, decreased by about 60% during the past year.

Hani Tawfiq continued: "In light of the American economic predicament, Trump's tariff increases are leading to inflation caused by rising prices of imported goods, and to unemployment and economic recession due to the decrease in both imports and exports as a result of the compensatory tariffs."