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Commerce Minister Aubyn Hill
Faced with growing concerns about the effects of his tariffs on the US economy and economies across the globe, US president Donald Trump announced a 90-day pause on higher tariffs for dozens of countries on Wednesday, but he has hiked levies on China even further to 125 per cent.
The announcement triggered a major rally on the US stock exchange.
But the pause will not benefit Jamaica which was placed on the list of countries slapped with a reciprocal tariff of 10 per cent by the US Government.
Earlier this month Trump announced a "baseline" tariff of 10 per cent on all countries, with higher rates for what he termed the "worst offenders".
He now says the higher rates will be paused for 90 days, and instead the "reciprocal tariff" will be 10 per cent.
Nevertheless, the rate for China will rise again to 125 per cent, because of "the lack of respect that China has shown to the world's markets," Trump claimed.
Earlier on Wednesday, China announced an 84 per cent tariff on US imports after Donald Trump imposed a 104 per cent tariff on Chinese goods entering the US, triggered a full blown trade war between the two countries.
Jamaica's options
Meanwhile, Commerce Minister Aubyn Hill says Jamaica is now looking to new markets to boost its exports abroad in the wake of the US tariffs, and is in talks with several countries as it seeks new trading partners.
Hill, speaking at Wednesday's Post Cabinet Press Briefing, said the government is monitoring the likely impact of the trade war between the US and China on the Jamaican economy.
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