SULAIMANI, Kurdistan Region — Iraqi Prime Minister Mohammed Shia al-Sudani chaired a meeting on Saturday to evaluate the economic and trade effects of the US decision to raise customs tariffs on imports, including those from Iraq. The discussion also explored the broader impact on the global economy, crude oil prices, and Iraq’s economic landscape, according to a statement by the Iraqi Prime Minister’s office.
The meeting began by reviewing data provided by the Ministry of Trade, which revealed that the US tariff increases on Iraqi goods were primarily due to the trade balance disparity between the two nations, rather than Iraq’s customs duties on American imports.
“The data further indicated that most of Iraq’s imports of US goods pass through third-country markets, due to specific commercial practices adopted by American companies dealing with Iraq,” read a statement from the PM office.
In response to the findings, PM Sudani issued directives aimed at safeguarding Iraq’s economic interests. Key actions include enhancing US-Iraq trade relations by opening new trade channels for US distributors and commercial agencies, activating Iraqi commercial agencies, and facilitating direct trade between corresponding sectors in both countries.
The second major directive focuses on strengthening banking cooperation by improving financial services between the two countries to ensure mutual economic benefits for both.
Furthermore, the Iraqi premier also instructed the negotiation team to reassess the foundations of trade relations with the US, with the goal of improving these ties and establishing a balanced economic partnership that benefits both nations.
The Prime Minister’s office also noted that the Ministries of Foreign Affairs, Finance, and Trade, along with other relevant stakeholders, will initiate discussions with their Us counterparts to further strengthen trade relations, monitor financial markets, and submit weekly updates to the Prime Minister’s office.
This series of actions is part of the Iraqi government’s strategic approach to boosting Iraq’s economic growth and enhancing its standing in global trade amidst evolving international tariff dynamics.
On April 2, the US administration implemented a 10% tariff on all imports, along with targeted duties ranging from 10% to over 50% on goods from specific countries, including Iraq.