Published by Youri Kemp, Tribune News, February 4th, 2025
Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) Chairman Timothy Ingraham said on the Morning Blend radio talk show yesterday that several businesses have been stockpiling goods as they brace for the tariffs implemented by US President Donald Trump on several countries, along with the retaliatory tariffs by those targeted countries against US products.
Ingraham discussed the potential impact of US tariffs on imports from Canada, Mexico, and China, with tariffs set to take effect at 12:01 am on February 3. The tariffs could increase costs for Bahamian businesses, particularly those importing perishable goods and small appliances.
Ingraham noted: “We know that some local businesses have stockpiled and have several months worth of inventory on hand, but obviously, if you’re talking fresh fruits, vegetables, those types of things, that’s not possible. And so there’s going to be some things where, if the tariffs go on, if they are allowed to come into effect, you will see an increase, almost immediate increase, within a week or two on the cost of certain items.”
Ingraham continued: “After the pandemic in 2020, you may recall that at that time there was talk of the US not exporting food because of food shortages in the US. We had some conversations around food security on our end, but as soon as the threat went away, those conversations pretty much fell away, and we haven’t really moved forward in any meaningful way since then. And so we need to get to the table – the government, the private sector, the farmers, the producers – we need to sit around the table and figure out what is the best way forward. Not one of these branches can solve this problem themselves, it has to be a collaborative effort.”
Ingraham also emphasized the need for local businesses to diversify suppliers and consider new markets. He noted, however, that establishing these new markets depends on whether local businesses have “things in motion” already. “You might be able to go and talk with the trade commission and say, Look, my avocados coming from the US are going up in price, so have you identified a market I can import some avocados from? And if they have done that, then you know it might be easy to do it.
He continued: “We have Copa Airlines, that flies from Central and South America. They have been very keen to open up air cargo routes between Central and South American countries for us to import stuff directly from them. So if you’re having a problem, for instance, with avocados and the price of avocados going up, then maybe you can source a supplier in Mexico. I’m sure, with what’s happening in the US, they will be keen to find other markets.
This is where I think we need to get to, to reduce our dependence somewhat on our neighbors. They are great friends and have been great neighbors, but there comes a time when you have to say, what do we need to do for ourselves to make sure that we are taken care of in difficult times?”
Read the entire news article here >>> https://www.thenassauguardian.com/business/bccec-some-businesses-stockpiled-goods-ahead-of-tariffs/article_958bb048-e276-11ef-a571-3b91a3987098.html
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