WILLEMSTAD – Minister of Finance Javier Silvania announced today that the Curaçao government is exploring various strategies to mitigate the impact of the recent decision by the United States to significantly increase trade tariffs with several countries. President Donald Trump recently raised tariffs on Canada and is also in the process of imposing additional tariffs on other nations. These decisions, according to Silvania, will also have repercussions for Curaçao. 

To counteract the effects, Silvania is considering fiscal measures, such as tax incentives for businesses and reduced import duties on essential goods. These measures, he suggests, could help lower costs for businesses on the island. Additionally, investments in local agriculture and production could reduce dependency on imports, strengthening the local economy. 

The government is also considering efforts to attract tourists from new markets and implement favorable regulations to draw foreign investors to the island, Silvania noted. 

While the full impact of the U.S. tariff increases will not be immediately felt, the Ministry of Finance expects the consequences to gradually unfold. In the first months following the tariff hikes, businesses may experience rising costs and potential shortages. Over a span of six to twelve months, the broader economic effects could include inflation and a decrease in tourism. In the longer term, Curaçao may need to make structural adjustments to its trade strategies to adapt to the changing global landscape.