The cost of living in Belize could be taking another hit, as the price of various imported goods are in danger of going up due to an ongoing trade war among the United States, Mexico and Canada.
Mexico imposed taxes of between 20 and 25 percent on items it imports from the US, such as various types of cheeses, potatoes, pork meat, apples and some steel products. If any of those items are resold to Belize by Mexican importers, those prices will be subject to substantial increases when they are sold in Belize. Potatoes will be a major area of concern as the trade war rolls on because imported potatoes from Mexico is a seasonal topic of controversy in Belize.
Authorities such as the Statistical Institute of Belize (SIB) and private sector bodies like the Belize Chamber of Commerce and Industry (BCCI) have begun monitoring the situation to see what potential impacts the ongoing trade war could have on Belizean importers and consumers. The potential increases could also result in a scarcity of a particular brand of item as the price makes it unprofitable for importers to bring it in.
Mexico levied the taxes in retaliation for the US imposing taxes on products containing steel and aluminum. The effect had an adverse impact on Mexico’s economy because it exports a high volume of cars to the US. The taxes are said to be valued at around US $3 billion. Canada also fell victim to the US tariffs and also placed sanctions on the US; however, there isn’t any evidence currently to suggest that their sanctions will have any adverse effects on Belize.The Reporter