BY: DANIEL ASARE
Executive Director of the Institute for Development and Economic Research, Dr. Felix Larry Essilfie has responded to the recent decision by the United States government to impose a 10% tariff increase on imports.
According to him, the move will significantly impact our economy by causing a significant loss in export revenue, thereby affecting our balance of trade.
U.S. President Donald Trump recently unveiled an ambitious set of tarrifs, including a 34% levy on imports from China and a 20% tax on goods from the European Union, signaling a dramatic intensification of global trade tensions.
These sweeping measures also impacts Ghana, which will face a 10% baseline import tax.
Commenting on the draconian measure, Executive Director of the Institute for Development and Economic Research, Dr. Felix Larry Essilfie decried the move but urged government and the entire business community to embark on trade and export diversification in order to avert further catastrophe.
An Importer, Mr. Koomson also added his voice to controversial and much-talked-about issue.
