Government Steps Up Trade Talks To Ease Tariffs On Local Manufacturers
The government has been stepping up its international trade negotiations, aiming to ease tariff burdens on local manufacturers.
This was revealed by Minister of Planning, Economic Affairs and Development, Dr Kennedy Swaratsingh, who stated that he has been engaging with the United States to address tariff issues that have impacted local exporters.
On July 31st this year, an Executive Order issued by the White House outlined an increase in the reciprocal tariff rates from 10% to 15% on a range of imports, including goods from Trinidad and Tobago. Those new measures took effect on August 7th.
Minister Swaratsingh says Prime Minister Kamla Persad-Bissessar, who led a recent trip to Washington, has been negotiating with the United States to resolve tariff issues affecting local manufacturers.
While wrapping up debate on the Budget in the Senate, he noted that the government has not stopped negotiations.
« That when the Prime Minister visited the UN General Assembly in Washington, the Minister of Foreign Affairs did meet with the Commerce Department to talk about tariffs and we have had ongoing meetings with the US Department of Trade and Commerce, referring to the tariff matters. In fact, we have continued to have those conversations with them and engage with them behind closed doors. »
Minister Swaratsingh also laid out a continuous plan to engage the private sector in driving growth across key industries.
« When it comes to housing and other areas, there is a big role for the private sector. In fact, there is a significant amount of work that we are inviting the private sector to partner with this government to make sure that we can get the requisite growth in other areas because as you know, even if we start to build hotels now in Tobago, the tourism sector will take time, even if you do that, that contribution to revenue will take time. But we have to make those investments now. We have to start training people. We have to focus on jobs. We have to make sure and get the economy going. »
As for the manufacturing sector, he said the EXIMBank is being repositioned under the Ministry of Finance to better support local producers.
« The other thing, of course, is that in the manufacturing sector, the EXIM Bank is going to continue to play a very important role and has been moved back to the Ministry of Finance in order to repurpose it to make sure and focus on supporting the manufacturing sector. »
Meanwhile, he said the government will take steps to protect renters from unfair charges, assuring citizens that there will be oversight to ensure that the Landlord Surcharge is not abused.
« I must say that the Rent Assessment Board will continue to play, in fact, will have to play an even more rigorous monitoring role to make sure that the Landlord Wurcharge is not unfairly passed on to other people. »
The Minister also sought to address concerns during the Senate budget debate on the government’s “implementation.”
« So we do have some things to do. And of course, one of the things that we have been focused on as we get past this Budget is to move towards the implementation stage, because, as Senator Attzs alluded to, a lot rests on our ability to implement the things that we have discussed and put in the Budget. »
