The Chamber of Industry and Commerce is calling on the Government and their CARICOM counterparts to urgently engage the U.S. on soon to be imposed tariffs.
A White House Executive Order on July 31st outlines an increase in the reciprocal tariff rates from 10% to 15% on a range of imports, including goods from T&T.
These new measures are scheduled to take effect on August 7th.
The Chamber sees this latest action as a significant departure from the long-standing principles of the Caribbean Basin Initiative, which is a U.S. policy framework designed to promote economic development and export-led growth in the Caribbean through preferential market access.
It adds that as a key beneficiary under the Caribbean Basin Economic Recovery Act, T&T has long relied on stable, preferential trade with the US to bolster its manufacturing and export capacity.
Is urging Caribbean Governments to seek clarity and advocate for a review of the decision.
It says the situation also highlights the need to revisit and modernize the Caribbean Basin Initiative, ensuring that it remains fit for purpose in a changing geopolitical and trade environment.
