Panama Government Seeking Exclusion to Trump’s 10% Tariffs
WASHINGTON - MAY 6: (AFP OUT) U.S. President George W. Bush (R) meets with Panama's President Martin Torrijos in the Oval Office of the White House May 6, 2008 in Washington, DC. In a diplomatic session the two spoke about the United States-Panama Trade Promotion Agreement. (Photo by Yuri Gripas-Pool/Getty Image)
The U.S. Panama Trade Promotion Agreement (TPA), signed between US President George W. Bush and the Panama President at the time, Martin Torrijos and in force since 2012, was aimed at eliminating tariffs and other trade barriers, promoting economic growth and trade between Panama and the US. The Panama’s government said on Friday that it is seeking exclusion to the 10% tariffs announced by U.S. President Donald Trump earlier this week. “The scope of this decision and ways to mitigate its impact are being analyzed, including efforts to exclude Panama from its application”. MICI (Ministry of Commerce and Industry of Panama) is analyzing the impact of the 10% tariff imposed by the United States and will use its powers of persuasion and the TPA to seek Panama’s exclusion from this measure. Otherwise, Panama exporters will have to adjust their costs due to this 10% tariff.
As we had posted earlier, the total value of Panamanian exports to the United States in 2024 amounted to $264.6 million. The most exported products were fish and shellfish, with a total of $78.6 million, representing 29.7% of exports. Sugars and confectionery products came in second place, with $50.7 million (19.1%), followed by stone, plaster, and cement products, which reached $45 million. Ninety-five percent of Panamanian products are covered by the Trade Promotion Agreement (TPA) between Panama and the United States, according to statements made by Bianca Morán, president of the Panamanian Exporters Association (Apex).
