TTMA IN THE NEWS
Businesses worry over Trump's tariff
The business community has expressed concern over the imposition of a 10 per cent tariff on Trinidad and Tobago’s imports to the US by that country's government as announced on April 2. Several chambers have said the tariff has the potential to damage the already delicate trade relationship between the two countries. “Concern was being expressed for some time that TT’s economy may be affected by Trump’s adjustments to the US trade regime,” said San Fernando Chamber president Kiran Singh. Read more here
Trump tariffs worry business groups
Business groups yesterday expressed concern that the baseline 10 per cent tariff imposed on T&T by the US will negatively impact this country and even worsen the foreign exchange situation. The T&T Chamber of Industry and Commerce said the measures threaten to disrupt the flow of goods, spike consumer prices and undermine export competitiveness across the Caribbean. Of concern, the T&T Chamber noted, is the baseline 10 per cent tariff on all goods entering the US and the US$1 million fee proposed on all Chinese-built vessel docking at US ports. It said the US accounts for 37 per cent of T&T’s exports and 39 per cent of its imports, making the local economy highly vulnerable to the shifts. Read more here
NEWS
Stakeholders welcome VAT removal on school uniforms
The president of the Trinidad and Tobago Unified Teachers’ Association (TTUTA) is expressing scepticism over Prime Minister Stuart Young’s campaign pledge to remove Value Added Tax (VAT) from school uniforms if re-elected. During an interview with Guardian Media yesterday, Martin Lum Kin noted that while the tax relief may offer some financial ease to parents, it does not address the pressing and systemic issues plaguing the education sector. “TTUTA is not impressed with the latest promise by the honourable Prime Minister, Stuart Young. The removal of VAT on school uniforms will present a small savings to our parents but there are more pressing issues within the education system which the honourable Prime Minister will well be aware of.” Read more here
POLITICS
Tancoo: Devaluation is not an option for UNC
The UNC is making it clear that as it aspires to office on April 28, devaluing the TT dollar is not an option as claimed by Prime Minister Stuart Young. From a PNM platform at Harris Promenade, San Fernando on April 2, Young said if the UNC wins the election, to facilitate its bag of election "poison" not goodies, they will have to go to the International Monetary Fund (IMF) and subsequently devalue the dollar. He read from a document titled the UNC National Economic Transformation Master Plan from 2020 to 2025, which he said is still on their website and which speaks to the devaluation. Read more here
Trade Minister says T&T, US to hold talks to ‘review’ tariff structure
Minister of Trade Paula Gopee-Scoon says officials from this country and the United States have agreed to engage in dialogue to continuously review the tariff structure between the two nations. The assurance came after a meeting between the Minister and Jenifer Neidhart de Ortiz, Chargé d’affaires, and a team from the United States Embassy in Port-of-Spain to discuss the issue. he Donald Trump administration on Wednesday, imposed a baseline 10 per cent import tariff on all goods entering the United States, effective April 5, including from long-standing partners such as T&T. Yesterday, the Ministry of Trade and Industry made it clear that this country’s exports have not been disproportionately disadvantaged as the lowest reciprocal tariff rate has been applied. In a news release, the ministry said T&T’s exports to the United States and the rest of Caricom’s exports (except Guyana) have been given the minimum discounted reciprocal base rate of 10 per cent. Read more here
BUSINESS
Young pleased with Cypre gas production
PRIME Minister Stuart Young said he was pleased with the announcement by bp Trinidad and Tobago (bpTT) that the Cypre field has produced its first gas. He said this project has seen a record turnaround, having been approved in late 2022. Speaking at the post-Cabinet media briefing at Whitehall on April 3, Young said the project was an example of a project which was not outside of TT’s borders. “I’m bringing this up today because those who would like to mislead the population want to say all our eggs are in cross-border gas. I was reminded this project was sanctioned by the head of bpTT in London in a meeting with Dr Rowley and myself in autumn 2022 as a result of the negotiations and discussions we were having in the boardroom of bp in London. Then CEO Bernard Louis told then PM Rowley and myself that based on the discussions and the relationship, etc., bp would sanction Cypre.” Read more here
Young highlights local energy projects
On the heels of bpTT announcing the delivery of first gas from its Cypre development off the southeast coast of Trinidad, Prime Minister Stuart Young outlined several other energy projects under way locally to counter claims that the country has put all its eggs in the cross-border gas basket. Speaking at yesterday’s post-Cabinet news conference at Whitehall, Young highlighted the “good news” announced by bpTT regarding the Cypre development. Read more here
REGIONAL
President Ali receives prestigious Global Leadership Award for Open Innovation
PRESIDENT, Dr. Irfaan Ali, on Thursday, received the prestigious Global Leadership Award for Open Innovation for 2024 from the University of California, Berkeley at the NASA Ames Research Centre, where the Berkeley Innovation Forum 2025 is currently being held. According to information from the Office of the President, the Global Leadership Award for Open Innovation has been conferred upon many great political leaders, reformers, statesmen and business leaders responsible for stimulating national and global economic growth. Read more here
INTERNATIONAL
South Korea's president has been removed from power: What happens now?
South Korea's president has been removed from office after the Constitutional Court voted unanimously to uphold his impeachment. Yoon Suk Yeol was suspended from duty in December after being impeached by parliament, following his failed attempt to impose martial law. The ruling on Friday was met with tears of joy and sadness among Yoon's critics and supporters, who had gathered in various parts of Seoul to watch the verdict live. A snap election to vote for Yoon's replacement must be held by 3 June. Read more here
4th April 2025