"While we had negotiated the revision to at least 10 per cent which was applied to all countries, this rate [15 per cent] will ease the burden to our exporters, particularly the textile and apparel industry," the country’s Minister of Trade, Industry and Business Development Mokhethi Shelile told a recent press conference in Maseru.
The country’s textile industry was among the hardest hit after the US announced sweeping tariff increases in April.
"We are still committed to continuing negotiations so that our exports can enjoy the minimum tariffs that the US applies," Shelile was quoted as saying by domestic media reports.
Until April, the country had enjoyed duty-free and quota-free access to US markets through the African Growth and Opportunity Act (AGOA).
"The US remains one of our main trading partners ... and this relationship needs continuous nurturing," the minister said.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
