'Put a task force in place quickly'- Hon Penn on US tariffs
Hon Penn was on Tola Radio’s Da Morning Braff Show with host Floyd Burnett aka ‘Heritage’ on Monday, April 7, 2025.
Last week, April 2, 2025, US President Donald J. Trump announced a new wave of tariffs on countries worldwide. For the VI, a 10% tariff increase on imports into the US destined for the VI.
All of us are ‘speculating’- Hon Penn
Many persons have been giving their opinion on the possible impacts of these tariff increases; however, Hon Penn said everyone, including himself, is just speculating.
“None of us are experts in this space. We’re all here on the radio speculating as if we have the authority on this.”
The Opposition Legislator quickly added that this is why he has continuously told the present government that the assistance of those versed in this field should be consulted.
“We need to put the experts in a room, put a task force in place quickly so that we could understand the implications of this to our people because the BVI imports more than 90% of the things that we consume.”
Hon Penn called for the experts, economists, and those in the shipping industry who know about this topic, to give the VI a sense of what the possible implications for the territory could be.
“What [are] the implications of this and how we could better advise our people and how can we ensure that we make swift policy decisions so the impact is not as great on the bottom line for the people.”
Coincidentally, Premier Wheatley held a meeting with key stakeholders on April 7, 2025, to discuss the implications of the global tariff war.
No logic behind tariff according to experts- Hon Penn
Host Heritage jumped in to thank Hon Penn for his honesty on the topic and for admitting that he is no expert on the topic of tariffs.
“We need a blatant clarity on what truly this is, what truly it means. It just can’t be a million speculations with no clarity.”
Heritage also wanted to clarify just what President Trump’s reasoning for the tariff increases was.
Hon Penn, in his response, said according to analysts, economists and experts on the subject whom he has heard, “There’s no logic in terms of the rationale behind of it based on the growth and breadth of America’s economy. To say that America is somehow being taken advantage of the evidence doesn’t reflect that.”
.png)
.png)
.jpg)
Follow Us On
13 Responses to “'Put a task force in place quickly'- Hon Penn on US tariffs”
cuz yall greedy
just the mention of tariffs and yall going put good from the 200% profit it is now to 450% profit and all after go back to normal bvi going still keep them price the same and government wont do ntn cuz everybody in high class benefiting!
corona and gas prices effects still going in the bvi when everywhere else going back to their old prices
then our politicians going wan blame Irma for everything that happened in 2017
greed and madness
1) No negative impact on BVI because we do not export anything to the US. If we did, the US buyer would have to pay the extra 10%
2) BVI have 10% tariff imposed because UK have 10% tariff imposed. BVI is not a sovereign nation. The tariff is applied by extension through the UK. If a task force is needed, let it be at the UK level.
Some people need to know their place as a pawn in international affairs and go look real work to do in the territory. Not because tariffs is talk of the day means one will be a hero or look smart for mentioning it.
Solutions, create new international shipping HUBs in Latin America ie Panama all the ships flow through there already. Find new vendors that are no US base, but until you have another reliable Hub problem persist
A tax is a government's tax on imported or exported goods.
Import tariff: Tax on goods coming into a country.
???? Example of an Import Tariff:
Let’s say the U.S. places a 25% tariff on imported steel.
A company in the U.S. wants to buy steel from another country.
The price of the steel is $1,000 per ton.
With a 25% tariff, the company has to pay $250 extra per ton in taxes.
So the total cost becomes $1,250 per ton.