President Donald Trump announced new tariffs on goods from over 90 countries, including St Vincent and the Grenadines (SVG).
The tariffs mean companies importing foreign goods into the US will have to pay the taxes to the government, and experts suggest these companies may pass costs on to consumers.
The 10% tariff will come into effect for SVG on August 7.
In April, the government formed a task force in response to the 10% tariffs on goods from the country entering the United States.
Local statistics show that in 2024, the United States of America (USA) purchased goods worth approximately $8.4 million from St Vincent and the Grenadines (SVG).
In May, Gonsalves stated that the 10% baseline tariff implemented by the USA on goods from the Organisation of Eastern Caribbean States (OECS) and other countries is minimal in relation to SVG, and not expected to do much damage.
According to the Ministry of Foreign Affairs, the leading export categories include molluscs at $201,000 and precious metal scraps at $49,300.
SVG exports to the USA represent just 0.32% to 1% of this country’s Gross Domestic Product (GDP).
