Panama calls its exclusion from new U.S. tariff 'positive news'

Panama's Minister of Trade and Industry, Julio Moltó, has hailed the nation's exclusion from a new U.S. tariff as "positive news." This development comes as the United States implements new levies, ranging from 10% to 12.5%, on goods from over 80 countries. The U.S. states these tariffs are a response to nations allegedly lacking effective laws to prevent goods produced with forced labor, under Section 301 of the Trade Act of 1974.

Moltó announced on X that effective July 24, Panama will no longer be subject to the additional 10% tariff. This exclusion is attributed to Panama not being included in the new measures adopted by the Office of the U.S. Trade Representative (USTR). The minister emphasized that this decision underscores the "solid relationship of friendship and cooperation" between Panama and the United States, as well as their shared commitment to strengthening economic and commercial ties.

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Trust relationships are also reflected in trade. Starting July 24, Panama will no longer be subject to the additional 10% tariff, after not being included in the new measure adopted by the Office of the U.S. Trade Representative (USTR).

The United States stands as Panama's primary trade and political ally, representing the largest market for Panamanian exports. A trade promotion agreement (TPA) in effect since 2012 has already eliminated tariffs on more than 87% of U.S. industrial and consumer goods entering Panama. Similarly, the TPA removed tariffs on 97% of Panamanian exports to the U.S. from the outset. This exclusion from the new tariff signifies a continued favorable trade environment for Panama within its most crucial international partnership.

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This is positive news that reaffirms the solid relationship of friendship and cooperation between Panama and the United States, and the commitment of both countries to continue strengthening their economic and commercial ties.