US Tariffs: ‘Don’t panic’ – Jagdeo tells local exporters; oil & gold among products exempted

Vice President Dr Bharrat Jagdeo on Thursday disclosed that three of the country’s top ten exports to the United States of America are exempted from the 38% reciprocal tariffs instituted on products from Guyana.

Quoting from an Annex to the Executive Order signed by President Donald Trump instituting various percentages of tariffs for countries around the world, the Vice President said petroleum crude, gold and aluminum are exempted. He noted that these are the highest exports to that country, with figures from 2024 showing that crude totals $3.1 billion, aluminum $36.9 million and gold $16.6 million.

Other major exports to the US are fish at $19 million, molasses, sugar and honey at $8.7 million, alcoholic beverages at $6.5 million, measuring/checking instruments at $5 million, and fish at $3.1 million.

Relating to the reciprocal tariff to be instituted on Guyanese products from April 9, 2025, the Vice President said: “from what we looked at and all we have read, it seems as though all of the countries that have higher reciprocal tariffs, are countries exporting more to the US than they are importing.”

However, Jagdeo stated that a look at the UN Comtrade reports which are submitted by each country show there are discrepancies between the US figures versus the Guyana figures.

He said Guyana reported that in 2024, it exported $3.3 billion in products to the US while importing $2.56 billion, leading to a surplus of $799 million. But the US report to UN Comtrade shows that Guyana exported $5.5 billion in products to the US and imported only $1.3 billion, leading to a surplus of over $4B.

“Clearly there is room for us to work with the US partners to clarify this information,” the Vice President said.

Jagdeo noted that based on calculations, this excessive surplus was used to calculate the tariffs.

The Government has already announced its intention to meet with the US authorities to determine a way forward.

“Clearly, we want to point out to the United States of America, because we have good import data, that we are importing more than what is reported to the UN Comtrade system,” he said.

Another negotiating factor to be used is the fact that Guyana’s largest export, crude, is produced by US companies ExxonMobil and Hess Corporation.

“Trade surplus is largely because of export of oil in the last four years and we can clearly make that case,” the Vice President said.

“So, I think there is still room to discuss a lot of these issues with [the US],” he said, assuring local traders that the government is working to address the issue.

“Our discussion with the US will have to show that there is no in-built discrimination against the US products coming into our market and we do not put high tariffs or non-tariff barriers to US exports,” he added.

To the local exporters, Jagdeo said “there is no need to panic.”

He said efforts will be made to ensure that local exporters are not affected.

“I see some people try to make it political, that Guyana alone facing this tariff and we are friends with the US…but this is their policy to rebalance their trade and it applies to everyone, friend or foe.”