November 29, 2017 - 1:52 PM
GEORGETOWN, Guyana - 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 per cent to 40 per cent in January. The new tariff would run for 24 months.
Guyana sought the taxes after producers in the South American country complained about competition from cheaper imports. Guyana's economy is heavily dependent on the timber industry, though the country hopes to shift to oil from offshore deposits.
The Office of the U.S. Trade Representative in Washington declined comment Wednesday.
The Caribbean Community has 15 members and five associate members.
News from © The Associated Press, 2017