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U.S. reduces reciprocal tariff on Guyana
A section of the table with the modified reciprocal tariff announced on Thursday
Kaieteur News – The United States of America on Thursday reduced its tariff on Guyanese exports from 38% to 15%. The reduction was announced via Executive Orders that modified the country’s reciprocal tariff rates.
Back in April, United States (U.S.) President Donald Trump imposed a 38% tariff on goods from Guyana as part of a sweeping new trade policy targeting some of the country’s largest trading partners. He also implemented a 10% across-the-board tariff that all countries are required to pay. However, days later, the U.S. administration announced a 90-day pause on reciprocal tariffs.
Vice President Bharrat Jagdeo had previously assured Guyanese exporters that the government would work to clarify discrepancies in trade surplus data with the U.S., which he believes contributed to the imposition of the 38% tariff. He had argued that the surplus was largely due to oil exports from ExxonMobil Guyana to the United States.
At his press conference on Thursday, Jagdeo disclosed that there was recently a meeting with the U.S. Trade Representative and team. However, he said, “I have not received the report at that time on the meeting.”
He noted that the U.S. now appears to have a clearer understanding of the situation. “They know that it’s almost entirely from the export of oil into the U.S. So given that I think they’ve approached this matter differently,” Jagdeo explained.
“…I anticipate that we should have a favorable outcome,” the Vice President added, expressing hope that the reciprocal tariff would remain at the 10% base rate.
The reciprocal tariff also includes exemptions. Petroleum, aluminum ore, and gold are among the products excluded from the revised tariff scheme.
The Guyana Manufacturing and Services Association (GMSA) on Friday welcomed the reduction.
In a statement the GMSA said, “The GMSA extends its sincere appreciation to the Government of Guyana for its active engagement and representation throughout the negotiation process. The Association further acknowledges that discussions are ongoing and expresses its full support for continued diplomatic and trade efforts aimed at securing additional tariff reductions.”
The association further noted that it remains committed to representing the interests of local manufacturers and service providers, and will continue collaborating with national and international partners to open new trade opportunities for Guyanese businesses.
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