ANTIGUA PM: US SHIP LEVIES COULD DRIVE UP PRICES IN REGION Source:https://caribbean.loopnews.com/, News Editor, First Published on March 24th, 2024 Price increases for imported goods, following a proposed policy change by the Trump administration, ABS Television reported. The United States Trade Representative has suggested imposing fines of up to US$1.5 million on Chinesemade ships, or vessels within fleets that include ships made in China, if they dock at US ports. This proposal, which has raised concerns across the Caribbean, could significantly disrupt freight costs and ultimately drive up consumer prices, according to Antigua and Barbuda’s Prime Minister Gaston Browne. In an interview on Pointe FM on Saturday, Browne expressed his deep concern over the potential inflationary effects of this move. He emphasized that freight costs would rise significantly, pushing up consumer prices and exacerbating inflation in Antigua and Barbuda, with potential increases of up to 14 percent. “The analysis has been done, and we’ve been advised that a container typically increases by about three to four thousand US dollars each. If that happens, you’re talking about an increase in prices by 8 to 10 percent easily,” Browne stated. The Prime Minister further warned that the move could be devastating to Caribbean economies that heavily Opening Lines 7 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
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