Costa Rica Responds to Trump's 10% Tariff Announcement
The Ministry of Foreign Trade assesses the impact of new tariffs imposed by the U.S. on a range of countries, including Costa Rica.
The Costa Rican Ministry of Foreign Trade (Comex) has confirmed that the government is collecting information to analyze the implications of the 10% tariff imposed by the Trump administration on Costa Rica.
This announcement follows President Trump's declaration on April 2 that ‘reciprocal’ tariffs would be applied to approximately 125 countries identified as trading partners by the United States.
In a statement, Comex indicated that it is gathering necessary data to appropriately assess the scope and impact of these measures.
The tariffs range from 10%, affecting Costa Rica, to as much as 50% for countries like Lesotho and Saint Pierre and Miquelon, as detailed in the table released by the White House.
Furthermore, Comex highlighted that dialogue with U.S. authorities has been intensified to gain further clarity regarding the decision and to secure favorable market access conditions for Costa Rican products.
The ministry stated that it would provide additional information as it becomes available.
In 2024, Costa Rica exported a total of $9.4 billion in goods, accounting for 47% of the $19.9 billion directed towards international markets, according to figures from the Costa Rican Foreign Trade Promotion Office (Procomer).
Consequently, the United States remains Costa Rica's primary trading partner.
Last year, Costa Rica achieved a trade surplus with the U.S., with exports exceeding imports.
Total imports of goods reached $8.6 billion, resulting in a trade surplus of $794.5 million.
The tariffs introduced by Trump are set to take effect on April 5. At present, the majority of over 1,800 goods exported by Costa Rica to the U.S. benefit from a 0% tariff, a status secured under the Dominican Republic-Central America Free Trade Agreement (DR-CAFTA), which has been in effect in Costa Rica since 2009.
In addition to Costa Rica, several other Latin American economies are affected by the 10% tariff, including Brazil, Colombia, Argentina, Chile, Peru, the Dominican Republic, Ecuador, Guatemala, Honduras, and El Salvador.
Nicaragua faces an even higher tariff rate of 18%.
This announcement follows President Trump's declaration on April 2 that ‘reciprocal’ tariffs would be applied to approximately 125 countries identified as trading partners by the United States.
In a statement, Comex indicated that it is gathering necessary data to appropriately assess the scope and impact of these measures.
The tariffs range from 10%, affecting Costa Rica, to as much as 50% for countries like Lesotho and Saint Pierre and Miquelon, as detailed in the table released by the White House.
Furthermore, Comex highlighted that dialogue with U.S. authorities has been intensified to gain further clarity regarding the decision and to secure favorable market access conditions for Costa Rican products.
The ministry stated that it would provide additional information as it becomes available.
In 2024, Costa Rica exported a total of $9.4 billion in goods, accounting for 47% of the $19.9 billion directed towards international markets, according to figures from the Costa Rican Foreign Trade Promotion Office (Procomer).
Consequently, the United States remains Costa Rica's primary trading partner.
Last year, Costa Rica achieved a trade surplus with the U.S., with exports exceeding imports.
Total imports of goods reached $8.6 billion, resulting in a trade surplus of $794.5 million.
The tariffs introduced by Trump are set to take effect on April 5. At present, the majority of over 1,800 goods exported by Costa Rica to the U.S. benefit from a 0% tariff, a status secured under the Dominican Republic-Central America Free Trade Agreement (DR-CAFTA), which has been in effect in Costa Rica since 2009.
In addition to Costa Rica, several other Latin American economies are affected by the 10% tariff, including Brazil, Colombia, Argentina, Chile, Peru, the Dominican Republic, Ecuador, Guatemala, Honduras, and El Salvador.
Nicaragua faces an even higher tariff rate of 18%.
