Traders at the port of Mombasa have been caught in the crossfire of escalating trade wars between the United States and China as costs rise.
The Kenya Ships Agents Association (KSAA) says that the ripple effects of the tariff wars between the world's two superpowers have not spared East Africa. "The region, which relies heavily on both Western and Asian markets for exports and imports, is grappling with indirect consequences, including rising import costs, volatile foreign exchange rates, and diminishing global demand for goods," KSAA said.
The association noted that while the spotlight remains on the economic superpowers, the East African Community has found itself unexpectedly caught in the crossfire.
The US administration under President Donald Trump imposed steep import tariffs on major trade partners, including China, Canada and the European Union, while the other countries, including China, swiftly raised their tariffs on US imports from 84 per cent to 125 per cent in retaliation.
