Published by Youri Kemp, Nassau Guardia, November 29th, 2024
The Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC) is concerned about the possible effects of US President-elect Donald Trump’s proposed tariffs on the Bahamian economy.
Dr. Leo Rolle, chief executive officer of the BCCEC, in a statement to Guardian Business, said: “The BCCEC has noted and continues to strategize ahead of the possible tariffs as suggested by the Trump administration, which, if enacted, would undoubtedly have a deleterious impact on the business community in The Bahamas, as we are an import-reliant country.
“The BCCEC remains concerned about the impact such a move would have on both consumers and the business community, as shocks to the bottom line of a business are typically felt through inflation, by the systematic increase in the cost of goods and services to customers as a means to offset the loss of revenue.”
Trump has vowed that on his first day in office, he will impose 25 percent tariffs on all goods imported from Mexico and Canada, until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States.
Trump also said that he will impose additional tariffs of 10 percent in Chinese imports until the Asian country cracks down on the production of materials used in making fentanyl.
Rolle added: “This, we feel, highlights the need to identify alternative markets from which to source goods directly, rather than importing goods from the US as a third party.”
“Moreover, we are encouraging and emphasizing the need to produce as much of our basic food needs as possible at home, by partnering with organizations like BAIC [Bahamas Agricultural and Industrial Corporation], BAMSI [Bahamas Agriculture and Marine Sciences Institute] and the SBDC (Small Business Development Center), which provide the catalyst for the support of local farmers who are using cutting-edge technology to maximize space and production capability without compromising quality.”
Rolle also said: “We have enjoyed an excellent working relationship with the Bahamas Trade Commission, Ministry of Economic Affairs, and the Bahamas Bureau of Quality & Standards, to curate trade diversification programs that allow us to access alternative markets like the South American, Asian, European and African markets, without the encumbrance of middleman price hikes, all while working through shipping and import logistics to create an environment conducive to mutually beneficial propositions.
“Additionally, BCCEC has led several trade missions and has engaged in meaningful discussions with international organizations like CEDA (Caribbean Export Development Agency) and JAMPRO (Jamaica Promotions Corporation), with more on the table for 2025, focusing on bilateral arrangements and trade opportunities for our members to be ahead of the impending challenges that administrative tariffs could impose on our economy. We have also welcomed delegates from Indonesia, Malta, Thailand and China, who are eager to engage in reciprocal trade of goods and services between our nations.
“Despite the groundwork, there is much to be done, and we will continue to monitor the proposed changes to help our members be better prepared for the impacts of the same.”
Read the entire article here >>> https://www.thenassauguardian.com/business/chamber-has-concerns-about-possible-trump-tariffs/article_b2ebb9e4-add8-11ef-b2b2-532232731c47.html
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