No direct impact from US tariff hike, says Maldives' economic minister

The decision by the United States to raise the tariff on imports will not have a direct impact on the Maldives, says Economic Minister Mohamed Saeed.

He made the remarks in response to questions by a reporter from Sun during a press conference he hosted from the President’s Office on Monday afternoon.

Earlier this month, US President Donald Trump decided to implement a 10 percent tariff baseline on imports from all foreign countries, and an individualized reciprocal higher tariff on the countries with which America has the largest trade deficits.

The Maldives exports fish and fish products to the US.

Saeed told Sun that they have not observed any direct loss to the Maldives from the decision.

He added that the tariff rate on Maldivian products is 10 percent – which is the baseline. He said that Maldives’ competitors have a higher tariff rate imposed on them.

Speaking further, Saeed stressed the need for Maldives to explore new marks for its fish products.

He added that this was the main reason while the Maldives formed a free trade agreement with China, and a preferential trade agreement with Türkiye.

“However, the decisions made by the world’s largest economies could have potential impacts on the world supply chain. This is something that experts, from economists to financial experts, are discussing,” he said.