Grounds for US to lower tariff on Guyana’s exports- Jagdeo

Last Updated on Thursday, 3 April 2025, 22:06 by Writer

Guyana believes differences in trade figures supplied to the United Nations Commodity Trade Statistics Database (UN Comtrade) provide sufficient room to request the United States (US) to lower its 38% tariff on imports from this country, Vice President Bharrat Jagdeo said Thursday.

He hoped the differences in data “hopefully can result in a lower tariff”. “There is room to work with our US partners to clarify this information,” he added.

Mr Jagdeo said Guyana submitted statistics to UN Comtrade showing that for 2024, the country’s exports to the US were worth US$3.3b and imports from that North American country totalled $799 million.

In contrast, he said the US reported to UN Comtrade that imports from Guyana during 2024 accounted for US$3.3 billion and exports to Guyana were valued at US$799 million.

“Clearly, we would want to reach out to the United States of America because we have good import data that we’re importing much more from the United States of America than is reported by the US to the UN,” he said.

He said the trade surplus has grown from US$69 million in 2020 to US$4.1 billion in 2024, because of oil a “case” that Guyana intends to raise.

Mr Jagdeo also raised the likelihood of pointing out to the US government that crude was being produced by oil ships owned by American oil companies, ExxonMobil and Hess.

Referring to differences in reporting, the 2nd Vice President sought to shutdown claims by opposition critics that the tariff was imposed despite recent commitments by US Secretary of State Marco Rubio. Mr Jagdeo said all countries’ imports would now be taxed by the US as a means of stimulating several areas of manufacturing. “It’s across the board. It is for friends and foe,” he said.

He said Guyana’s crude, aluminium ore, fresh fish, wood and wood products would be exempted from the 38% levy.