Sharp Trump tariffs hitting Madagascar's precarious economy

Published on: Saturday 05 April 2025

STORY: Madagascar is one of the world's least developed nations. And its precarious economy now faces further jeopardy, as U.S. President Donald Trump announced a damaging 47% hike in tariffs on the country. The United States ranks as the second-largest export destination for Malagasy goods. Ernest Zafivanona Lainkana, the Director General of Malagasy Customs, expressed concerns over the implications of the new tariffs on local industries. "These barriers are very, very high and will certainly affect the competitiveness of our products," he said. On Friday, the U.S. Embassy in Madagascar issued a statement saying Trump's decision was "not a punitive action...." adding that efforts to achieve reciprocal trade between the two countries will continue. The government of Madagascar said it is engaging all diplomatic and commercial mechanisms possible to prompt a review of the tariffs. However, economic analyst Serge Zafimahova voiced doubt over the effectiveness of this approach, saying that "Trump sees even small countries as potential threats."

News source: https://finance.yahoo.com/video/sharp-trump-tariffs-hitting-madagascars-173214912.html

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Sharp Trump tariffs hitting Madagascar's precarious economy