KINGSTON, Jamaica, CMC – Trade Minister Aubyn Hill says Jamaica just isn’t instantly affected by the continuing tariff battle between the world’s largest economies, the USA (US) and China.
He disclosed whereas responding to questions concerning the brand new tariff measures carried out by the US throughout Wednesday’s post-Cupboard press briefing held at Jamaica Home.
His assertion follows the latest announcement by US President Donald Trump of a sweeping set of recent tariffs, together with a ten % baseline tariff on almost all imports getting into the US and reciprocal tariffs on varied nations.
On Wednesday, Trump introduced a 90-day pause on tariffs for greater than 75 buying and selling companions besides China, which is able to see a 125 % hike in levies on merchandise getting into the US.
Based on Hill, whereas Jamaica just isn’t the goal of both of the financial powerhouses, “we have now to be very conscious and nimble.”
He famous that the Ministry of Overseas Affairs and Overseas Commerce is reviewing the required documentation to determine whether or not the Caribbean Basin Initiative (CBI) will nonetheless apply.
Underneath the CBI, merchandise from most Caribbean nations enter the US beneath preferential preparations.
“The CBI, we aren’t clear but; we don’t have the documentation that tells us sure the CBI goes to proceed… or no, CBI has gone away and the ten % tariff [will apply] throughout the board.
“If that occurs, we have now to say, ‘Who else is within the 10 % class’… and for these in that 10 % class, do they promote the identical stuff that we promote to the USA? Some could, however they could be situated in Africa or Asia; we have now a aggressive benefit based mostly on geographic location,” Hill reasoned.
He additionally expressed confidence in Jamaica’s capability to beat challenges if the CBI is not in place for Caribbean nations.
“We should discover the methods, which is what we, as Jamaicans, have performed prior to now 10 years. We’ve got been capable of overcome the pandemic; we didn’t increase taxes; we didn’t borrow any extra money to do it, and we’ve had, via that whole interval, 10 consecutive budgets with none elevating of taxes,” Hill stated, including that the Authorities is being strategic in navigating this unsure time whereas preserving the advantages of Jamaicans on the forefront.
