Belize Government Responds to U.S. Tariffs, Engages with Private Sector and CARICOM

The Government of Belize has convened a high-level meeting to assess the impact of the United States’ newly imposed 10% reciprocal tariff on Belizean exports. The meeting, held in Belmopan, brought together key ministers and senior officials from the Ministry of Foreign Affairs and Foreign Trade, the Ministry of Finance and Economic Transformation, and the Central Bank of Belize to discuss potential economic repercussions and mitigation strategies.

According to a government press release, for over four decades, Belize has enjoyed duty-free access to the U.S. market under the Caribbean Basin Initiative (CBI), established in 1983. It said that the new U.S. trade policy threatens to disrupt this preferential arrangement, potentially affecting key exports such as sugar, seafood, and citrus products.

The government says that officials are currently conducting a thorough analysis of the tariff’s impact on trade and Belize’s broader economic outlook. While the tariff applies universally to all U.S. trading partners, potentially minimising the direct disadvantage to Belize, authorities remain cautious about long-term effects on exports and foreign exchange earnings.

The government has engaged the private sector to explore risk management strategies and ensure businesses are supported amid changing trade conditions. Belize is leveraging its diplomatic channels to push for trade negotiations and potential exemptions. Discussions are expected to take place bilaterally with U.S. officials and at the regional level through CARICOM, as several Caribbean nations are also affected by this tariff.