4 months ago
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Three of the country’s business groups are urging the local business sector to be innovative as the world grapples with tariffs recently imposed by the United States.
The call was issued on Wednesday in a joint release by the heads of the Private Sector Organisation of Jamaica, PSOJ, the Jamaica Chamber of Commerce, JCC, and the Jamaica Manufacturers and Exporters Association, JMEA.
Chevon Campbell tells us more.
The world is still attempting to adjust to the new realities surrounding global trade due to shifting US trade policies.
The World Trade Organization, WTO expects global trade to contract due to the impact of recently announced tariffs and heightened trade policy uncertainty.
Further news from the chairman of the US Federal Reserve also warns of a potential fallout in terms of increased consumers prices and higher inflation.
Local business leaders are similarly calling on their fellow entrepreneurs to prepare for the changes ahead.
A joint statement from the PSOJ, JCC and JMEA warns that global trade policy is entering a period of dynamic realignment driven by evolving U.S trade measures.
It says ripple effects from the recently imposed tariffs will be felt across local export sectors, supply chains and domestic markets.
A 10 per cent baseline tariff was imposed by President Donald Trump on all exports to the US.
The leaders note that Jamaica does not appear to be disadvantaged, as the tariffs applied remain low.
However, the leaders say pressure points for local exporters are anticipated, including buyer uncertainty and tighter margins.
They say in the climate of unpredictability, opportunity exists for those prepared to act decisively.
English (US) ·