Tariffs: PM Orders Review of US-Iraq Trade Relations, 9 APRIL

 Tariffs: PM Orders Review of US-Iraq Trade Relations

Prime Minister Mohammed S. Al-Sudani chaired a high-level meeting on Saturday to assess the economic and trade impact of the United States government's decision to raise customs tariffs on imports from multiple countries, including Iraq.

The discussion addressed potential effects on global markets, crude oil prices, and Iraq's domestic economy.

According to data from the Ministry of Trade, the US tariff increases on Iraqi goods are attributed to the trade balance disparity between the two nations, rather than any Iraqi-imposed duties on American imports. It was also noted that most US goods reach Iraq through third countries, due to specific commercial practices by American companies.

To protect national economic interests, Prime Minister Al-Sudani issued the following directives:

• Strengthen trade ties by opening channels for US distributors and activating Iraqi commercial agencies to enable direct sectoral trade.
• Improve banking relations between Iraqi and US financial institutions to support shared economic goals.
• Mandate the Iraqi negotiation team to re-evaluate the foundations of the trade relationship with the US, aiming for a balanced and mutually beneficial partnership.
• Instruct the Ministries of Foreign Affairs, Finance, and Trade-along with relevant entities-to engage with US counterparts, monitor financial and consulting markets, and submit weekly updates to the Prime Minister's Office.

(Source: PMO)