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Jamaica’s Finance and Public Service Minister Fayval Williams is encouraging Jamaican business leaders to make the most of the current economic situation.
Even though the global economy is facing difficulties, she said Jamaican businesses should act now to find opportunities and use government support to grow.
“Trade is changing,” she said. “Tariffs are becoming more important again. As countries try to protect their own industries while still competing globally, chances will arise. I urge our business leaders to make the most of this. Jamaica must take this opportunity and face the new trade environment with clear thinking and confidence.”
Minister Williams spoke at the Cumax Wealth Management Spring Investment Forum at the Terra Nova Hotel in Kingston. The theme of the event was “Trade Winds or Trade Woes: The Tariff Effect on Jamaica’s Economy”.
Tariffs are taxes on imported goods, and they strongly affect Jamaica’s economy.
She explained that the effects of tariffs on Jamaica are complicated. Because Jamaica is a small country that relies heavily on trade with the United States—for exports, tourism, and money sent home from Jamaicans living abroad—anything that affects the U.S. economy also affects Jamaica.
She said the Jamaican government is carefully considering its policies to deal with these changes in global trade.
“Jamaica depends on trade for many important things like food, fuel, machines, and technology. So the rules that control these items really matter to us,” she said.
Tariffs can raise prices and affect how competitive some Jamaican industries are, especially those that use a lot of imported materials.
She said every business needs to look at how tariffs might affect them, depending on where they get their supplies or sell their products.
Still, she ended on a hopeful note: “There are opportunities. We can still find ways to become part of the global supply chain, attract smart investment, and build trade relationships on purpose—not just react to changes.”
Source: Jamaica GIS.
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