Caribbean seeks stronger Africa trade as traditional routes waver
Stronger trade ties with Africa would signal a key economic shift in a region relies heavily on trade with the U.S., Canada and Europe, in a period of growing protectionism.
In April, Washington imposed a baseline 10% tariff on nearly all its trade partners. It has been levying its power to influence domestic Caribbean policies on issues such as Cuban medical services and citizen-by-investment programs.
"We must decisively open the door to greater trade between our regions," Caribbean Community (CARICOM) Secretary-General Carla Barnett said at the opening of the AfriCaribbean Trade and Investment Forum in Grenada.
"CARICOM trade with the Continent must grow beyond the current levels of less than 3% of our overall trade, particularly with the uncertainty that currently looms over trade with traditional partners."
The U.S. is CARICOM's largest trading partner, according to latest data from the Observatory of Economic Complexity (OEC).
The U.S. bought a quarter of the bloc's $38.8 billion in exports shipped throughout 2023, according to OEC data, and sold 39% the $43.4 billion worth of goods imported into the region.
Caribbean nations remain particularly vulnerable to global economic shocks such as inflation and pandemics, due to their reliance on tourism, imported food and fuel, and their exposure to climate-related disasters.
Barnett said the region has already collaborated with Africa on so-far unsuccessful campaigns for slavery reparations from former colonizers and for compensation from rich nations for climate change, which disproportionately affects small island states.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
34 minutes ago
- Reuters
India's Reliance warns tariff uncertainties could hit trade flows
Aug 7 (Reuters) - Reliance Industries ( opens new tab, India's biggest buyer of Russian oil, said in its annual report on Thursday that geopolitical and tariff-related uncertainties could hurt trade flows and the demand-supply balance. The operator of the world's largest refining complex said crude prices remained volatile amid evolving sanctions, shifting tariff policies, and output decisions by the Organization of the Petroleum Exporting Countries and non-OPEC members. The report, which did not elaborate on the tariffs, covered the fiscal year to March 2025, before U.S. President Donald Trump ratcheted up pressure on India, imposing on Wednesday an additional 25% tariff on goods imported from the country over its energy ties with Russia. The new levy, aimed at penalising India for its Russian oil imports, is on top of existing tariffs Washington has levied to fix its trade deficit with New Delhi. Russia continued to be the largest oil supplier to India during the first six months of 2025, accounting for about 35% of New Delhi's overall supplies, followed by Iraq, Saudi Arabia, and the United Arab Emirates, trade data shows. While state refiners have paused imports of Russian oil, private companies Reliance, Nayara Energy, and HPCL Mittal Energy continue to buy it. Late last year, Russia's state oil firm Rosneft ( opens new tab agreed to supply nearly 500,000 barrels per day of crude to Reliance in the biggest ever energy deal between the two countries. "If we cave under pressure, we risk losing access to cheaper Russian crude, which could squeeze refining margins. That's a risk for Reliance and oil marketing companies," Pramod Gubbi, co-founder at portfolio manager Marcellus Investment Managers, said referring to additional U.S. tariffs. Reliance shares fell 1% on Thursday before trimming losses to close 0.2% down. Shares of oil marketing companies including Indian Oil Corp ( opens new tab closed between 0.4% and 2% lower. The European Union has also banned imports of refined petroleum products made from Russian crude processed in third countries, with exceptions for a few Western nations. It has imposed direct sanctions on Russian-backed private refiner Nayara Energy. Reliance, a major exporter of refined products, shipped an average of 2.83 million barrels of diesel and 1.5 million barrels of jet fuel per month to Europe in the first seven months of this year, according to LSEG shiptracking data.
The Guardian
34 minutes ago
- The Guardian
New Trump tariffs come into force against dozens of countries
Good morning. Dozens of countries have been hit with higher taxes on their exports to the US after Donald Trump's latest wave of tariffs came into effect on Thursday morning. The levies announced by the White House a week ago came into force at a minute past midnight Washington time on Thursday, shortly after Trump claimed on social media that the tariffs would send billions of dollars into US government coffers. The rates, which range from 41% for war-torn Syria to 10% for the UK, are being levied in addition to the usual tariffs applying to US imports. Since last week's announcement, governments around the world have been scrambling to try to make deals to avert tariffs they fear could scare off investors and lead to job losses. Toyota, the world's biggest carmaker, said it expected its operating profits to drop by 16% in its financial year to March 2026 due to the levies. Has anyone been spared from double tariffs? The EU is the only trading partner whose baseline rate – fixed at 15% after a deal – will include previous tariffs. Donald Trump could meet Vladimir Putin to discuss the Ukraine war as early as next week, White House officials have said, although senior aides warned that significant 'impediments' remained to securing a ceasefire. Asked late on Wednesday when he would meet the leaders of Ukraine and Russia, the US president told reporters at the White House: 'There's a good chance that there will be a meeting very soon.' But he added that there was no specific advancement leading to talk of a meeting. The New York Times and CNN, citing sources familiar with the plan, reported that Trump planned to meet Putin as soon as next week. Trump reportedly then wants a three-way meeting with the Russian leader and the Ukrainian president, Volodymyr Zelenskyy. When did the US and Russian leadership last meet? In June 2021, in a Geneva meeting between the then president, Joe Biden, and Putin. More than 1,500 civilians may have been killed in an attack on Sudan's largest refugee camp in April, in what would be the second-biggest war crime of the country's devastating civil war. A Guardian investigation into the 72-hour attack by the paramilitary Rapid Support Forces (RSF) on North Darfur's Zamzam camp discovered repeated testimonies of mass executions and abductions. Hundreds of civilians remain unaccounted for in the attack. The war between the Arab-led RSF and the Sudanese military, which has been raging since April 2023, has been characterised by repeated atrocities. How has the number been arrived at? A committee created to investigate the death toll has so far counted more than 1,500 killed in the attack, in which it was previously believed that 400 non-Arab civilians had been killed. The former Superman actor Dean Cain has said he has enlisted to join Immigration and Customs Enforcement (Ice) in support of Donald Trump's crackdown on immigration. JD Vance's team raised the water level of a lake in Ohio to accommodate the vice-president's recent boating vacation with his family, the Guardian can reveal. US police have charged a British man with the attempted murder of his daughter-in-law after he allegedly tried to drown her in a swimming pool in Florida. Israel's bombardment of Gaza has left starving Palestinians with just 1.5% of farmland that is accessible and able to be cultivated, figures from the UN show. This has fallen from 4% in April, according to the Food and Agriculture Organization (FAO), indicating that Israel has continued to target Palestinian croplands since it began its total blockade in early March, while Gaza is now on the brink of a 'full-scale famine', the FAO director general said. From Silicon Valley billionaires to posters on Reddit's r/collapse forum, survivalism, or prepping, is undeniably having a moment. The term 'survivalist' goes back to a 1975 novel by the same name – but authors have been telling the stories of those who persist against the odds for centuries. 'The difference between a survivor and a survivalist is that one is a temporary condition and the other a permanent identity,' writes Dorian Lynskey as he charts their depiction in culture. In January, scientists traced the route charted by Carsten Borchgrevink's Southern Cross, Sir Ernest Shackleton's Discovery and Capt Robert Falcon Scott's Terra Nova expedition between 1898 and 1913. Aiming to measure how global heating is affecting the marine life in the world's southernmost waters, their findings contained a mix of 'sweet and sour', the lead oceanographer said. While they recorded 'crazy levels' of wildlife, including 150 whales, in the world's only area largely untouched by plastic pollution and the fishing industry, planetary heating means waters are increasingly acidic. As a result, the sea urchins they collected were fragile and crumbled easily – a worrying indication for marine life. Leroy Carter was happily surprised to get the news that he had been selected for the All Blacks squad to play in Argentina in the opening rounds of the Rugby Championship. But soon after, he made a less-than-ideal discovery: his dog had eaten his passport. Luckily, he seems to have sorted out an emergency one and kept a cool head: 'I thought it would happen to me, something like that, so no point getting stressed about it.' First Thing is delivered to thousands of inboxes every weekday. If you're not already signed up, subscribe now. If you have any questions or comments about any of our newsletters please email newsletters@
BreakingNews.ie
35 minutes ago
- BreakingNews.ie
Harris ‘eager' to progress trade talks to avoid further tariffs
Foreign Affairs Minister Simon Harris has said he is 'eager' to see further progress on trade talks around certain sectors, including the drinks industry, as a wave of US tariffs takes effect. Mr Harris said that while some areas have been agreed as exempt from tariffs between the European Union and the US, he wants to 'tease through the detail' of other areas, citing the pharma sector in particular. Advertisement US President Donald Trump's tariffs took effect from Thursday, with exporters in Ireland facing a new 15 per cent rate applying to imports to the US. It is not yet clear whether the drinks industry will be exempt from the new wave of tariffs. The Tánaiste said it is 'absolutely essential' to maximise the number of areas that can apply zero-for-zero tariffs. 'Whilst there are some areas that have already been agreed as exempt from tariffs between the US and the EU, I'm very eager to see more progress made in more areas, including for the drinks industry, which is an important part of the Irish economy,' Mr Harris said in a statement on Thursday. Advertisement 'We'll also need to continue to work in the time ahead to tease through the detail in relation to particular sectors. 'From a pharma point of view, my position remains the same, as does the position of the European Union. 'There is huge potential and scope for the EU and the US to work together in the interests of patients, their economies, and the pharma industry. 'In many ways, the EU and the US are interdependent when it comes to pharma. In the very first instance, it's vital that the US keeps its agreement in terms of a tariff rate of no higher than 15 per cent on the pharma industry. Advertisement 'But actually, in the time ahead, it's important that we seek to further improve that. US pharma companies need to have a base in the European Union – and Ireland has been a very constructive, very good home for those businesses. They've done very well in Ireland. Freight trucks at Rosslare Europort in Co Wexford, Ireland. Photo: Niall Carson/PA. 'We need to continue to make sure that nothing happens that causes disruption to the industry or to global supply chains. So, there's much work to do in the weeks and months ahead. World Trump's broad tariffs go into effect Read More 'We also must continue to control what we can control and continue to make our country, and our European Union, as competitive as possible, as good a location as possible to invest in and create jobs. 'We must also look for other opportunities to diversify markets for Irish business. While we want to continue to do business with the US and indeed want to grow business. It is important that we take every opportunity to identify new markets.' Advertisement He said the Government will publish a new Market Diversification Action Plan this month.
