GEORGETOWN, Guyana – In light of the recently announced 38 percent reciprocal tariff on imports from Guyana, Vice President Dr. Bharrat Jagdeo stated on Thursday that there is potential for dialogue with the U.S. administration to negotiate a reduction of the tariffs.
On April 2, 2025, the U.S. President announced reciprocal tariffs targeting approximately 90 countries, including Guyana, aiming to address the country’s trade deficit.
Understanding the Impact – The implementation of these tariffs affects nations that have a higher volume of exports to the U.S. than imports.
During a press conference, Dr. Jagdeo indicated that this new policy was anticipated, given the President’s outlined economic strategies during his campaign. However, he highlighted discrepancies between the U.S. trade data and Guyana’s figures, which are regularly submitted to a global trade platform.
For instance, U.S. trade records indicate that Guyana exported $5.5 billion to the U.S. in 2024 while importing only $1.3 billion, resulting in a significant trade surplus of $4.1 billion. Contrastingly, Guyana’s data reflects an $800 million surplus.
Dr. Jagdeo noted that efforts would be made to clarify these data discrepancies with U.S. officials, hoping for a re-evaluation that could lower the tariffs, as the U.S. has stated that this policy is universally applicable.
Dr. Jagdeo attributed the trade surplus primarily to the rise in oil exports from Guyana since 2020.
The oil sector in Guyana is largely dominated by ExxonMobil and Hess Corporation, both U.S.-based companies, which means that a significant portion of the derived revenue benefits these corporations.
Dr. Jagdeo remarked that Guyana can advocate for reduced tariffs, particularly given the strong presence of U.S. corporations in its growing oil industry. “We aim to collaborate closely with the U.S. government regarding these figures to better reflect our trade relations,” he stated.
Commitment to Local Economy
Dr. Jagdeo reassured that the government is dedicated to protecting local businesses and jobs while preserving its diplomatic ties with the U.S.
“We will engage with them to ensure that our businesses continue to gain access to the U.S. market and beyond,” he affirmed.
Clarifying Political Misunderstandings
As some opposition figures attempt to politicize the implications of this trade policy, Dr. Jagdeo clarified that this is a universal U.S. policy. The government had anticipated these measures and was merely awaiting the details.
“While we maintain a robust partnership with the U.S. government, this is part of their broader trade rebalancing strategy, applicable to all nations,” Dr. Jagdeo emphasized, assuring that there is no cause for alarm.
