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Trump’s New Tariffs Threaten Caribbean Economies With Higher Costs and Trade Uncertainty
The Caribbean is bracing for economic turbulence following the Trump administration’s announcement of sweeping tariffs on imported goods, a policy shift that experts warn could significantly impact regional economies.
The new tariffs, introduced in April 2025, impose a baseline 10% duty on all imports, with higher levies targeting key industries, including automobiles, electronics, and manufacturing materials. The measures are part of a broader strategy to reduce reliance on foreign goods and promote domestic production in the United States, but the repercussions are already being felt beyond American borders.
For the Caribbean, where many consumer products, building materials, and energy supplies are imported from or pass through the U.S., the new trade barriers threaten to drive up costs and disrupt supply chains. Caribbean businesses and governments are now forced to reassess trade strategies and consider alternative markets as they navigate this sudden shift in U.S. policy.
Economists predict a sharp rise in consumer prices across the region. Essential goods such as appliances, motor vehicles, and construction supplies could see double-digit price hikes as importers pass on increased costs to consumers. Additionally, tourism, the lifeblood of many Caribbean economies, could take a hit if American consumers face higher expenses at home and cut back on discretionary spending, including travel to the region.
Beyond direct economic impacts, the tariffs are raising concerns about future trade relations between the U.S. and the Caribbean. CARICOM leaders have expressed apprehension over the unpredictability of American trade policies and the potential for further restrictions that could stifle economic growth. Prime Minister Gaston Browne of Antigua and Barbuda has called for a unified CARICOM response, urging regional leaders to negotiate with the U.S. government to protect Caribbean interests.
As the new tariffs take effect, Caribbean governments and businesses must explore ways to diversify trade partners, strengthen regional economic cooperation, and invest in local production to mitigate reliance on imported goods.
The Royal Virgin Islands Police Force (RVIPF) has identified the body recovered from the waters near Maria’s By The Sea Hotel as that of Vincent Warner, 47, of Tortola.
According to a statement issued by the RVIPF on Friday, officers recovered the body of a male individual from the sea near Maria’s By The Sea Hotel. “Officers are currently on scene,” the statement read. “Further details will be provided as they become available.”
Warner had been reported missing since May 26, 2025. Family members have since confirmed his identity to police.
He was described as having a slim build and a dark complexion, standing approximately 5 feet 6 inches tall and weighing around 170 pounds. He was the son of Viva Ham-Warner.
As of Saturday, the RVIPF has not released details on the cause of death. The investigation remains ongoing.
The Premier of the British Virgin Islands, Hon. Dr. Natalio D. Wheatley, has moved to reassure the public and international stakeholders of the Territory’s financial stability following the planned wind-down of Bank of Asia (BVI) Limited. In an official statement released Friday, Dr. Wheatley emphasized the government’s commitment to transparency, strong regulatory oversight, and the continued integrity of the Virgin Islands’ globally recognized financial services sector.
“As Premier, my priority is the stability and wellbeing of our Islands,” Wheatley said. “We are proud of the global confidence placed in our financial services sector, and I want to reaffirm that this Government remains focused on protecting that reputation.”
Wheatley praised the leadership of the Financial Services Commission (FSC) and the Virgin Islands Deposit Insurance Corporation (VIDIC), two key institutions responsible for regulating and protecting the Territory’s banking sector. He described both as operating with “professional expertise and international best practices” and expressed confidence in their ability to manage the wind-down process with diligence and in full compliance with the BVI’s regulatory framework.
The Premier also addressed public concerns over the placement of government funds with Bank of Asia, clarifying that such decisions are made within the Ministry of Finance by designated public officers, without any involvement from government ministers.
“Deposits such as these are strategies to diversify the Government’s financial portfolio,” he explained. “This is a practice that is commonplace and fiscally responsible across jurisdictions worldwide.”
To promote public trust and ensure transparency, Dr. Wheatley announced he has requested an internal audit of the specific transaction involving the Bank of Asia deposit. “I hope this will offer clear insight, foster confidence, and bring greater understanding to all,” he said.
The statement comes as the Virgin Islands continues to navigate its position as a global financial center, facing evolving international scrutiny and regulatory expectations. The Premier encouraged residents to rely on official sources—including the Government’s website and verified social media channels—for accurate updates on financial and governance matters.
“As Premier, I remain fully committed to protecting the public interest and to maintaining the strength and stability of our financial system,” he said. “This Government is moving forward with confidence, purpose, and unity. Together, we move ahead—with clarity, with strength, and with optimism.”
The Royal Virgin Islands Police Force (RVIPF) confirmed Friday that the body of a man was recovered from the waters near Maria’s by the Sea Hotel in Road Town.
Officers from the RVIPF responded to the scene shortly before noon, where the body was retrieved from the sea. The identity of the individual has not yet been released.
Police remained at the location into the afternoon, continuing their investigation. The circumstances surrounding the discovery remain unclear.
In a brief statement, the RVIPF said, “The body of a male individual was recovered from the sea in the vicinity of Maria’s by the Sea Hotel a short moment ago. Officers are currently on scene. Further details will be provided as they become available.”
This is a developing story. Check back for updates.
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