CARICOM Raises Tax On US Lumber Imports To Help Guyana Timber Industry

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The Caribbean Community trade group has agreed to raise import taxes on U.S. and Canadian wood because of complaints from member state Guyana.

Caribbean Community Secretariat spokesman Bernard Black says a tax on imported pine would rise from 5 percent to 40 percent in January. The new tariff would run for 24 months.

Guyana sought the taxes after producers in local companies complained about competition from cheaper imports. Guyana’s economy is heavily dependent on the timber industry, with hopes of shifting to oil from offshore deposits.

The Office of the U.S. Trade Representative in Washington declined comment Wednesday.

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