STORY: Madagascar is among the world’s least developed nations.
And its precarious financial system now faces additional jeopardy, as U.S. President Donald Trump introduced a harmful 47% hike in tariffs on the nation.
The US ranks because the second-largest export vacation spot for Malagasy items.
Ernest Zafivanona Lainkana, the Director Common of Malagasy Customs, expressed considerations over the implications of the brand new tariffs on native industries.
“These limitations are very, very excessive and will definitely have an effect on the competitiveness of our merchandise,” he mentioned.
On Friday, the U.S. Embassy in Madagascar issued a press release saying Trump’s resolution was “not a punitive motion….”
including that efforts to attain reciprocal commerce between the 2 nations will proceed.
The federal government of Madagascar mentioned it’s partaking all diplomatic and business mechanisms attainable to immediate a evaluation of the tariffs.
Nonetheless, financial analyst Serge Zafimahova voiced doubt over the effectiveness of this method, saying that “Trump sees even small nations as potential threats.”
