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"Everything related to tourism, from airlines, hospitality to tour guides and duty-free shops, has been heavily hit," she added.

"Egypt is an important gateway for banks and financial companies from China to enter into African continent," Etreby said at the office opening ceremony on Thursday.

"Even though we strongly disagree with the administration's concerns, for nearly a year we have sought to engage in good faith to provide a constructive solution," a TikTok spokesman, Josh Gartner, said earlier, arguing that an executive order issued by President Donald Trump deprived it of due process.

"Economists nearly unanimously agree that tariffs have negative economic effects, and this has been observed time and time again when countries impose tariffs," said Erica York, an analyst with the Center for Federal Tax Policy at the US Tax Foundation, who wrote the report titled "The Impact of Enacting President Trump's Tariffs".

"Economics says the differences are incredible assets – comparative advantages, division of labor, all stuff you read in economic textbooks says you should leverage differences," said Garrett, a native of Australia specializing in international political economics who also has been a professor at Oxford, Yale and Stanford universities.