[et_pb_section bb_built=”1″ admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_text admin_label=”Text”]
Senator the Hon. Kamina Johnson Smith, Minister of Foreign Affairs and Foreign Trade today confirmed that the Government of Jamaica has been closely monitoring the decision by the United States of America to impose tariffs on steel and aluminium imports.
Senator Johnson Smith noted, “As I stated in the Senate last Friday, the Ministry of Foreign Affairs and Foreign Trade is in direct consultation on the matter with the Ministry of Transport and Mining which is closest to the relevant stakeholders.”
By way of update, the Minister noted that, “Comments in the media appear to have overlooked the fact that Jamaica does not currently produce and export neither aluminium nor steel and would therefore not be directly impacted by the new regulations.”
“We also wish to advise that bauxite and alumina, which are major exports for us and are inputs in the manufacture of aluminium, are not subject to the tariffs imposed. They are in fact both tariff exempt under the CBI, which governs our trade with the USA.”
The Minister further advised that even in respect of the tariffs that would affect the aluminium exports of certain countries such as EU Member States, there appears to be a limited likelihood of impact on our exports of alumina to them. This is based on the amount of aluminium exported to the US by our largest destination markets for alumina. It is also noteworthy that, Canada, our second largest market for alumina in 2017, may be exempt from the announced US tariffs.
She further explained, “These countries are, however, still in the process of evaluating and considering their own responses to the measures announced, including seeking exemptions. In the context of this level of fluidity and the levels of direct risk to us at this time, it is ill-advised for Ms Hanna to be calling for immediate action and operational plans when what is required is a clear and considered understanding of the issues as they unfold, in order to inform strategy where appropriate.”
With respect to the particular investments highlighted by the opposition spokesperson as cause for alarm, Minister Johnson Smith also advised that her understanding was that the investment plans remain intact.
In concluding, Minister Johnson Smith stated, “I must underscore that the Government of Jamaica cannot and will not adopt ‘knee-jerk’ reactions to the management of our trade exports, which are critical to our economic growth agenda. Our commitment to the people of Jamaica requires a much more responsible approach to such matters. The Ministry is paying close attention to the potential impact of the measures on the global trading system and is committed to making informed and strategic decisions in our national interest. The Ministry will continue to monitor developments, while engaging with international partners and the private sector, in order to ensure that we can effectively anticipate and counteract any potential market effects.”
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
