Premier Wheatley mobilises key stakeholders in response to US tariff threat
The meeting, held at the BVI Finance Conference Room in Cutlass Tower, aimed to galvanise a unified national response amid rising global trade tensions.
In a formal statement issued through Government Information Services (GIS), the Government expressed its concern over the tariffs’ potential to “impose significantly higher costs on our local economy and the wider Caribbean.”
Premier Wheatley, in that missive, noted that “Safeguarding the economic interests of the Virgin Islands is our utmost priority, and we will continue to do all we can to ensure the stability of our economy and the prosperity of our society”
"We are actively engaging with key stakeholders from across industries and will be meeting with business leaders and retailers over the coming days to ensure our response protects the needs and interests of BVI consumers as effectively as possible.”
Potential Impact
The Donald J. Trump government's latest economic measures include a 10% tariff on the Virgin Islands imports into that country as part of a broader wave of international tariffs that also target goods from some 180 countries worldwide.
These tariffs follow prior US tariffs imposed on goods imported from Mexico, Canada and China, as well as tariffs on imported steel globally.
The tariffs announced by Trump were slapped on imports into the US from 180 countries, each with an across-the-board 10%. Additional ‘reciprocal’ rates were also calculated for countries based on their trade deficits with the US.
To this end, it was noted that in the Virgin Islands, Government continues to consult with the relevant stakeholders to assess the potential impact of these developments on the Virgin Islands, including with CARICOM, OECS and ACS on the steps the region can take to help mitigate the potential impact of higher tariffs and higher shipping costs.
The meeting brought together key voices from within the Government, including Junior Minister for Financial Services and Economic Development, Honourable Lorna G. Smith, OBE (AL); Former Junior Minister for Agriculture and Fisheries, Dr The Honourable Karl Dawson (R1); and Financial Secretary, Mr Jeremiah G. A. Frett, among other pertinent industry representatives.
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5 Responses to “Premier Wheatley mobilises key stakeholders in response to US tariff threat”
Please allowed me to help us.
Being active could be both protective or unprotective. Proactive is meant to protect something that may happen from happening or to lessen its impact.
In the case of the group or posible groups to help lessen the impact of the 10% tariff levied against the B.V.I and other countries by USA Donald Trump, will be futile at best, because they too will be negatively impacted by its economic punch.