Amidst global economic tensions, Jamaican enterprise risk expert, Denis Gray, is urging local businesses to stay alert and take decisive action in response to the United States’ 10% tariff on Jamaican exports.

According to Gray, who is the Chief Risk Officer at the VM Group, key industries such as manufacturing, mining, agriculture and distribution are likely to be most affected by the new tariff.

He lamented that this is significant, as approximately 60% of Jamaica’s exports are sent to the U.S.

Mr. Gray said this level of dependence presents a real concentration risk.

He highlighted the broader implications of escalating trade tensions, including potential declines in remittances and tourist arrivals, which are vital sources of foreign exchange for Jamaica.

Mr. Gray is advising Jamaican exporters to diversify their export markets and product offerings, exploring opportunities in CARICOM, Europe, Canada, and Asia.

He also emphasized the importance of maximizing existing trade agreements, such as the Caribbean Basin Initiative, which allows duty-free access for certain goods to the U.S. market.

Since news of the increased tariff emerged, Prime Minister, Dr. Andrew Holness and Foreign Affairs Minister Kamina Johnson Smith, have assured Jamaicans that steps are being taken to defend the nation’s interests.

In a meeting with private sector members on Thursday, Dr. Holness doubled down on that assurance, noting that his administration has been restructuring internally to survive the changing dynamic.

He also noted that there is constant strategic engagement at the highest-level positions on critical issues.