The Guyanese government did not respond to requests for comments. The country, once one of the poorest nations in the western hemisphere, and a former British colony, has been enjoying a surge in wealth since it first discovered oil in its territorial waters in 2015. Last year it exported $3.13bn (£2.4bn) of crude oil to the US, according to United Nations figures. Across the Caribbean all countries now face a 10% tariff on their exports to the US. However, it is the price impact of Trump's global tariffs on what they import from the US that is of most concern. This is because the Caribbean's love for, and reliance on, US products is immediately apparent when you glance at a High Street or supermarket shelf across the region. In fact, some islands are said to import as much as 70% of their consumer goods from their North American neighbour. And with American goods that rely on overseas raw materials or components set to go up in price, this will inevitably be passed on to consumers in the Caribbean. Also, much of what Caribbean nations buy from other countries around the world comes to them via the US. So with the White House now hitting Chinese goods coming into the US with tariffs of 125%, Chinese items that are then reexported to the Caribbean should see price hikes of a similar amount. And by around 10% for goods from other countries that arrive via the US. With already ever-increasing shipping costs in the Caribbean, and high local import duties causing exorbitant prices in a region beset by low wages, the impact of Trump's tariffs could be profound and keenly felt.
CONTINUE READING