UN trade agency urges US to exclude poor states from tariffs
The UN Trade and Development agency, UNCTAD, is urging the US to exclude the poorest and smallest economies from reciprocal tariffs. According to UNCTAD, imposing tariffs on these countries would have minimal impact on US trade policy objectives but could cause significant economic harm to the affected countries. The agency believes that exempting small, vulnerable economies and least developed countries from tariffs would be beneficial, as they offer limited or no export market opportunities for the US.
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UNCTAD's argument is supported by the fact that 36 of the 57 trading partners listed would generate less than 1% of current US tariff revenues. Additionally, some countries targeted by the tariffs export goods not produced in the US, such as Madagascar's vanilla and cocoa from Côte d'Ivoire and Ghana. Increasing tariffs on these goods could lead to higher prices for consumers. The US had imposed tariffs ranging from 11% to 50% on 57 trading partners, including the European Union, but later paused the duties for 90 days for all but China, reducing the rate to 10% for those states.
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