Iraq takes a calm stance towards increasing US tariffs
In the face of the tight trade policies adopted by the administration of US President Donald Trump, Iraq took a calm stance, and reduced the direct economic impact of the decision to raise tariffs by 39% on its exports to the United States.
The economic adviser to Prime Minister Mazhar Mohamed Saleh said in a press statement that: “American tariffs, if they really impose on our country’s trade with it, do not constitute any impediment on the trade and economic stability of Iraq.”
He explained that “Iraqi exports to the US market do not exceed 5 billion dollars annually, mostly from crude oil, while the US market is secondary compared to major markets such as China and India, which import about 70% of Iraqi oil production.”
Saleh pointed out that “this restorative trend from Baghdad reflects a realistic reading of the balances of foreign trade, as Iraq relies in its imports by 90% on partners such as Turkey, China, India, the UAE, and European Union countries. On the other hand, the United States does not represent a key partner, whether in terms of import or export.”
Despite the confident tone, Saleh expressed some concern about the general course of US trade policy, saying, “We hope that Iraq will be free from these protectionist shifts, especially as it is linked to Washington with the Strategic Framework Agreement signed in 2008, which regulates bilateral relations in the fields of security, commercial and economic cooperation.”
https://alforatnews.iq/news/العراق-يتخذ-موقفاً-هادئاً-تجاه-زيادة-الرسوم-الجمركية-الأميركية
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