1st week’s highlights
US Treasury Secretary Scott Bessent said that the 15% global tariff under Section 122 of the 1974 Trade Act was likely to be implemented shortly.
A coalition of 24 U.S. states filed a lawsuit arguing that the tariff exceeds presidential authority. It also infringes on Congress’s control over trade policy.
A U.S. trade court ordered the government to commence refunding more than USD 130 billion in tariffs previously ruled unlawful. As a result, thousands of companies have filed for refunds.
Caribbean and hemispheric trade developments
The minister says that becoming a member of Mercosur would benefit Trinidad & Tobago (T&T).
Trinidad & Tobago’s potential membership in the South American trade bloc Mercosur (short for the Spanish Mercado Común del Sur, or Southern Common Market) may bring significant benefits, according to Sean Sobers, the Foreign and Caricom Affairs Minister.
Mercosur promotes free trade, economic integration, and cooperation amongst its member states.
Trinidad & Tobago’s Prime Minister Kamla Persad-Bissessar shared with Daily Express earlier during the 1st week of March that while T&T would sustain its ties with the Caribbean Community (Caricom), it also intends to expand relations with other nations. She also revealed that T&T had requested membership in Mercosur.
Responding to questions for the Daily Express, Sobers confirmed that T&T had submitted an application to Paraguay’s Ministry of Foreign Affairs. This was in its capacity as Pro Tempore president of Mercosur.
Sobers added that the Prime Minister was expected to engage in bilateral talks with the President of Paraguay on this issue and other matters. This was during her attendance at the Chief of the Americas Summit at the Trump National Doral Miami, which was held in Doral on Saturday, 7 March.
The minister asserted that T&T currently trades with all regions of the world. Exports tend to be skewed towards North America, Caricom, and Europe. These regions tend to account for about 69% of total exports.
