GB Chamber Chief: We Need To Seek Sources Outside U.S. That Aren’t High Tariffed

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GRAND BAHAMA, BAHAMAS – The U.S. recently imposed a 25% tariff on steel and aluminum imports, and in response, the European Union announced retaliatory tariffs targeting American-used products like whiskey, motorboats and motorcycles, initially set to begin on April 1st.

However, in an announcement by the EU commission Thursday morning, the EU has decided to delay these measures until mid-April, following further negotiations.

These developments have raised concerns among the Bahamian business community about the ripple effects this can have on the local economy.

Newly elected Grand Bahama Chamber of Commerce President Dillion Knowles expressing his concerns about the tariffs saying,

“We are required to import everything that we need to live and by convenience, we do so mostly from the United States of America, and they have the economies of scale to get goods from around the world at reasonable prices, and logistically its easier and less expensive to get those goods from them than to have in the past go to the source ourselves.”

The Chamber President adds that growing food locally seems to be a challenge, and that increased tariffs could lead to higher costs for imported goods to The Bahamas.