Reducing impact of Trump's tariffs

THE EDITOR: With US President Donald Trump, the leader of the free world, championing a "Made in America" agenda and imposing tariffs on imports of steel and aluminium, countries worldwide are prompted to reconsider their economic strategies.

These tariffs aim to correct trade imbalances but will inevitably disrupt existing supply chains, particularly in the construction sector, leading to increased prices for essential materials.

TT must take this opportunity to pivot from its traditional dependence on exporting raw materials toward the manufacturing of finished products. By focusing on local production, the country can minimise the impact of external market fluctuations and create a more resilient economy.

One promising avenue is the support for chocolate manufacturing, building on the existing small-scale production and capitalising on Trinidad's rich cocoa heritage.

Additionally, investing in the processing of agricultural produce can significantly bolster the agriculture sector, ensuring year-round demand and stabilising prices for local farmers.

Furthermore, expanding financial assistance to small and medium-sized enterprises (SMEs) that focus on import substitution will foster innovation and stimulate economic growth. Encouraging local businesses to produce goods that meet domestic demand can reduce reliance on imports and create jobs.

These strategies highlight the proactive measures that TT can take in response to global economic shifts. By focusing on diversifying and enhancing local production, the country can position itself for sustainable growth and prosperity in an increasingly competitive landscape.

As Trump’s policies reshape the global market, TT has a unique opportunity to leverage these changes for its own economic advancement. Stay safe, save lives, and embrace these opportunities.

GORDON LAUGHLIN

via e-mail