President of the Grand Bahama Chamber of Commerce, Dillon Knowles recently commented on the ongoing international trade war.
Knowles is of the view that The Bahamas will experience the affects of a phase 1 depression. He said, “the kind of collateral damage, if you wish, where we’re just caught in the crossfires. If you look at it what do we export that a 10% tariff is going to hinder. We do very little exporting. In fact we import everything. We are never going to be a trade problem to the United States of America. We’re a trade benefit to the United States of America.”
The Chamber President says President Trump using trade wars and tariffs as negotiating tactics and that when he achieves his goal will reverse course. “The question then is how long will that take and how much pain will we experience. If you read in his book he says himself that he is never adverse to causing pain and strife in order to accomplish the deal. The rest of us in the world are going to have to suck it up for a period of time whether that is a week, a month or a year. I don’t really know at this point in time. It all depends on how quickly he can achieve his negotiating tactics.”
Knowles says The Bahamas must develop new trade opportunities. “At the end of the day we need to be more strategic in our thinking and less emotional in out thinking. We need to plan more and not just spend more on our immediate desires and needs. We need to always be in the position to take advantage of opportunities when they come about.”
