USTR Releases Biennial Report on Caribbean Trade Preference Programs
The U.S. Trade Representative recently posted its 2017 report to Congress on the operation of tariff preferences programs under the Caribbean Basin Initiative. Required every two years, the report covers the Caribbean Basin Economic Recovery Act (CBERA) and the Caribbean…
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Basin Trade Partnership Act (CBTPA), as well as associated programs including the Haiti Hemispheric Opportunity through Partnership Encouragement (HOPE) Act. According to the report, the total value of imports from beneficiary countries in 2016 was down 24 percent from 2015 and down 58 percent from 2006. “The decline in U.S. imports from CBI beneficiaries was mostly due to lower petroleum prices and lower imports because of increased domestic U.S. petroleum production,” USTR said. “U.S. imports of textiles from CBERA countries also declined by 5 percent.”