How Will Belize Respond to Trump’s 10% Tariff?

Doctor Almendarez warns that the ten percent tariff imposed by the Trump administration could hurt jobs. However, he sees a silver lining: it opens up opportunities to explore new markets beyond the U.S., such as increasing trade with CARICOM and the European Union. Here’s how he explains it.

 

Dr. Leroy Almendarez, Economic Consultant

“The immediate reaction would be, then what happens to us in terms of consumption. What about our products going into the United States, because if that ten percent applies then it actually makes our products more expensive for consumption in the U.S. So those who normally consume our sugar, molasses, our seafood, our wood products might start to look for substitutes. In other words, we might have lost our competitiveness, which means a loss of revenues. To produce those things means employment. So, we might end up with a situation that can reduce employment. And just looking at February 2025, we exported twenty-three point three million but imported over two hundred million. Exports went up and import when down. But what was significant is that most of our exports went to CARICOM. And under the Treaty of Chaguaramas there is the free movement of goods. So therefore if we can export more into CARICOM then it means our goods will not attract those kinds of tariffs, the UK was second, the EU was third, very good trading partners.”