NASSAU, BAHAMAS – Senator Michael Halkitis, Minister of Economic Affairs, acknowledged yesterday his concerns over the global economic impact of the ongoing trade war, particularly its potential trickle-down effects on Bahamian industries, consumer prices, and overall economic growth.
“I’m not concerned about the Customs regime being threatened. We export very little and import a lot. When we do export to the U.S., it’s mostly seafood. I’m not worried about any retaliation from that perspective. When speaking about the tariff scenario, what concerns me more is the potential impact on the economies of the U.S., Canada, and Europe, and how it could affect industries and growth. If these tariffs are implemented and persist, we could be facing a potential recession.
What’s the impact of tariffs on goods coming from China, and how do those goods routed through the U.S. affect us? What will be the effect on consumer prices? Inflation has been coming down, but with this new round of the trade war, we are seeing the effects of tariffs on Mexico and Canada. If these countries are severely impacted, could it lead to an economic downturn in those markets? And how does that impact us, particularly in terms of tourism? These are the issues that concern me far more than any threat to the import duty regime.
I wouldn’t say ‘worry,’ but I would call it a serious matter. Global economic output has a trickle-down effect on us.”
Senator Halkitis’ comments come in light of the recent executive actions by President Donald Trump, which delayed tariffs on goods from Mexico and Canada for nearly one month. This move marks a significant reversal in the administration’s economic plan, which has caused uncertainty in global markets, businesses, and consumers.
