GEORGETOWN, Guyana, (DPI) – Following the announcement of a 38 % reciprocal tariff on Guyana, vice chairman, Dr Bharrat Jagdeo, on Thursday defined that there’s room for engagements with america administration to scale back the tariffs’ share.
On April 2, 2025, US president Donald J Trump introduced so-called reciprocal tariffs on imports from about 90 nations, together with Guyana. In his announcement, the president stated the taxes are crucial to deal with the commerce deficit between the US and different nations.
What does this imply? It implies that the reciprocal tariffs had been imposed on international locations that export extra to the US than they import.
Talking on this matter at a press convention, Dr Jagdeo stated this coverage got here as no shock to Guyana, since Trump revealed his financial insurance policies all through his marketing campaign path. Nonetheless, the vice chairman identified that the US commerce knowledge, used to calculate the share of tariffs, differs from Guyana’s knowledge, which is routinely submitted to the United Nations world commerce platform, Comtrade.
For example, US commerce knowledge for 2024 reveals that Guyana exported $5.5 billion to the US however imported solely $1.3 billion, making a $4.1 billion commerce surplus. In distinction, Guyana’s data present an $800 million surplus.
Towards this discrepancy, Dr Jagdeo stated Guyana would search additional clarification from the US “… there may be nonetheless room to debate loads of these points with america of America…to make clear …any distinction in knowledge on which the calculations had been made, which hopefully may end up in a decrease tariff as a result of america have already made it clear [that] each nation on this planet must pay.”
The vice chairman identified that the commerce surplus is essentially pushed by Guyana’s oil exports, which have elevated since 2020.
You will need to perceive that ExxonMobil and Hess Company, each oil giants within the US are majority holders of petroleum operations in Guyana. Which means that extra of the income from the exports in the end advantages the businesses.
Dr Jagdeo stated Guyana can current a case for decrease tariffs, given the US company presence in Guyana’s increasing petroleum sector. “We’re nonetheless to work nearer with the US authorities on the numbers and to see if that’s relevant in our case…clearly we want to level out to the US, as a result of we’ve good vital knowledge, that we’re importing rather more from the US, than what it’s reported.”
Help for native companies
Importantly, Dr Jagdeo stated the federal government is dedicated to safeguarding native companies and jobs whereas sustaining diplomatic relations with the US administration.
“We will probably be assembly with them, working with them to make sure that they’ll proceed to entry the US market and different markets on this planet,” Dr Jagdeo affirmed.
Politicisation
In the meantime, as opposition operatives try and politicize this commerce coverage, the vice chairman made it clear that it is a world US coverage. In actual fact, the federal government was conscious this coverage was coming however was ready to see its remaining construction.
“Sure, we’ve a powerful partnership with the US authorities, however that is a part of their coverage to cope with their rebalancing of their commerce, and it applies to everybody, everybody around the globe,” Dr Jagdeo reminded, stressing that there isn’t any have to panic.
