Finance Minister Gumbs suggests an Emergency Task Force to find solutions to mitigate possible effects tariff wars | SOUALIGA NEWSDAY

SINT MAARTEN (GREAT BAY) - “I am closely monitoring international developments that could impact St. Maarten financially and result in a runaway inflation,” said Minister of Finance Marinka Gumbs.

“I therefore intend to bring the matter up with my colleagues in the Council of Ministers in order for us to have a concerted plan aimed at mitigating such possible negative effects,” said the Minister.

The statement issued by St. Maarten’s Minister of Finance was in response to the ongoing international conflicts that some consider to be a virtual trade war involving the US, Canada, and Mexico, and also China as well as countries of the European Union.

“The idea is for us to establish an Emergency Task Force comprising of representatives of the Chamber of Commerce and Industry, the banking sector, SHTA, the Ministry of Tourism, Economic Affairs Traffic and Telecommunications, TEATT, and the Ministry of Finance,” Minister Marinka Gumbs said.

The Minister explained that this Task Force will come up with concrete recommendations on how St. Maarten can navigate the impending crisis successfully. She further added that the Task Force could be assisted by outside consultants with the experience and expertise of handling international emergency situations such as the 9-11.

According to the Minister, since St. Maarten imports most of its goods from the US, the St. Maarten must look at joining ranks with the rest of the Caribbean in seeking alternative solutions in areas such as shipping and the supply chain to avert the disastrous effect the tariff tit-for-tat between the US and its neighbors as well as China could have on our island.

“We must act quickly and proactively on this matter and explore all the possibilities available to us such as intensifying trade with countries within the region and beyond.

This situation—which is not of our own making—could have a similar effect on our coffers as a hurricane. We should, therefore, not be caught napping but put plans in place as we do in the case of an approaching storm in order to lessen the impact,” Minister Marinka Gumbs said.