"Exempt poor countries from reciprocal tariffs" - UN: Measures would cause great damage to their economies
The UN Trade and Development Agency has urged the US to exempt the world's poorest and smallest countries from reciprocal tariffs. The agency warned that they could destroy vulnerable economies while generating only minimal revenue for Washington.
President Donald Trump's administration announced sweeping tariffs on 57 trading partners, ranging from 11% for Cameroon to 50% for Lesotho, but ultimately suspended the tariffs for 90 days, except for China. The suspension has left these countries facing a universal 10% tax that applies to almost all countries.
In a report, the Agency said that "the current 90-day pause provides an important opportunity to reassess how small and vulnerable economies are treated under the reciprocal tariff policy."
"This is a critical moment to consider exempting them from tariffs that offer little or no advantage to U.S. trade policy while potentially causing serious economic damage abroad."
According to the organization, 28 of the 57 countries targeted by the tariffs face high tariffs, despite each accounting for less than 0.1% of the United States' trade deficit. These include Laos, which is facing a 48% tariff; Myanmar, at 45% despite the recent earthquake; and Mauritius, at 40%.
If the reciprocal tariffs go back into effect, demand for many goods imported into the U.S. would likely decline due to higher prices, according to the report. For 36 of the 57 trading partners listed, the reciprocal obligations would generate less than 1% of current U.S. tariff revenue, the report found.
"These economies are small in size, structurally weak with low purchasing power, they offer limited export market opportunities for the US," the agency underlined.
The report also noted that some of these countries export agricultural goods that are not produced in the U.S., for which there are few substitutes. Such products include vanilla from Madagascar and cocoa from Ivory Coast and Ghana.
In 2024, the United States imported approximately €132 million worth of vanilla from Madagascar. Cocoa imports from Ivory Coast amounted to a value of almost €704 million, while those from Ghana were valued at around €176 million.
"Raising tariffs on such goods, while generating some revenue, is expected to result in higher prices for consumers," the agency said.
Poll
Exchange rate/ Significant decline for major currencies!
The US dollar has fallen again this morning after yesterday's recovery, being bought at 87 lek and being sold at 88.5 lek according to the local exchange......
Emigrant vote/CEC: Over 87 thousand envelopes sent to six countries so far!
The Central Election Commission has begun distributing ballots to Albanians living abroad who have registered to participate in the May 11 parliamentary......
The Shëngjin-Velipoja axis ends/Rama: Added value for tourism in the north of the country!
Prime Minister Edi Rama this morning shared a video with views of the new road axis, now completed, Shëngjin-Velipoja, describing it as an added value for......
Who is the typical candidate for MP? A man, over 40 years old, lives in Tirana and is involved in politics
"Scan Intel" has often brought different profiles based on official data from INSTAT or EUROSTAT, emerging as an "identity" of an average Albanian, an......
Nvidia, $500 billion for "AI" - Promises to bring production back to the US, after Trump's threats
Nvidia said it plans to build up to $500 billion worth of artificial intelligence servers in the U.S. over the next four years. The investment will include......
Europe increases investment in AI - But Trump's policies could threaten expansion
Investment in European artificial intelligence (AI) startups is on the rise, after the European Commission unveiled plans last week to strengthen its......
"Brain" exports increase to 210 million euros - Ibrahimaj: Concrete example of technological services abroad
Prime Minister Edi Rama and the Minister of Entrepreneurship and Business Climate, Delina Ibrahimaj, held a meeting with employees of one of the information......
What coins do Albanians use the most? - BoS: 500 and 1000 lekëshi, the most consumed in 2024
During the past year, more banknotes have been sent to the Bank of Albania counters due to their physical damage. Banknote processing is a process carried......
