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US President Donald Trump yesterday abruptly backed down on his tariffs on most nations for 90 days - while increasing tariffs on China to a whopping 124%. But the precise details of Trump's plans to ease tariffs on non-China trade partners were not immediately clear.
And that's why The Government of Belize participated in a high-level CARICOM consultation with public and private sector representatives yesterday to address the implications of the recently announced 10% reciprocal tariff from the US. A release says, "The measure poses a serious threat to regional exports and undermines longstanding trade preferences granted under the Caribbean Basin Initiative (CBI).
Representing Belize, Director General of Foreign Trade Andy Sutherland outlined the immediate risks to more than US$45 million in national exports particularly in the sugar, marine, and pepper sauce industries. Belize put forward concrete proposals aimed at defending economic stability and fostering a unified regional response.
Belize's Embassy in Washington has been directed to engage with U.S. officials. to seek clarification, advocate for exemptions, and reaffirm the country's commitment to rules-based trade under the CBI."End quote.
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