LatinNews Daily - 7 April 2025

*Panama’s trade & industry ministry (Mici) has said that it is evaluating the impact of the new US tariffs levied by the US government led by President Donald Trump against imports from other countries. Like the rest of Central America bar Nicaragua which was hit by 18% tariffs, Panama will face a 10% tariff on its imports. In a statement Mici said that it is evaluating the impact of the US’ decision and ways of mitigating this, including efforts to enable Panama’s exclusion from the tariffs. The Mici statement highlights that the US, with which Panama has a bilateral trade promotion agreement which took effect in October 2012, is the main destination for Panama’s exports, with Panama’s sales to the US totalling US$179.6m in 2024, equivalent to 19% of its total exports. It highlights that top exports include raw sugar cane which represented 28% of Panama’s total exports to the US, followed by bananas (13%).

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