Asian markets drop additional as IMF warns Trump tariffs ‘a major threat’ to international economic system – enterprise stay | Trump tariffs

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Virginia Harrison

Within the Pacific, Fiji is the toughest hit by Trump’s tariffs. It has been levied with a 32% tariff, Vanuatu at 22% and Nauru at 30%.

Fiji prime minister Sitiveni Rabuka stated the transfer was akin to a “commerce blockade” that his nation couldn’t win.

“We can’t battle a struggle, a commerce struggle significantly. We don’t have something to counter with. So we must climate the storm and roll [with] the punches,” he stated, as reported by FBC.

The US is Fiji’s largest items export market, dominated by the nation’s eponymous branded water, in response to AAP. Roughly $253m price of the bottled spring water headed throughout the Pacific in 2023.

“I’d be stunned if it means the top of Fiji Water exports, they’ve constructed a market and a model that’s extra resilient than that,” Westpac analyst Justin Smirk informed AAP.

Different Pacific nations, together with Papua New Guinea, Samoa, Tonga, Solomon Islands, Cook dinner Islands, Kiribati and the Federated States of Micronesia, have been given a ten% tariff.

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