As of 11:34 pm AST, the US dollar in terms of Caribbean currencies is flat to strengthening with some volatility …

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Pairs OANDA as of 18 December 2020 OANDA as of 23 December 2020 Notes 
USD/BBD 2.00 2.00 Pegged to the US dollar 
USD/TTD 6.6719 6.68062 Dollar strengthening 
USD/JMD 141.803 141.973 Over the last 30 days, exchange rate fell from 145.825 
USD/XCD 2.70 2.70 Pegged to the US dollar 
USD/GYD 205.239 205.570 Although risen from 204.934 on 23 November, the rise has been accompanied by volatility. 

Source: OANDA

Legal/Political events impacting US-Caribbean foreign exchange

President Trump modifies Harmonized Tariff System to reflect extension of Caribbean Basin Initiative

On 22 December 2020, President Donald J Trump announced a modification of the Harmonized Tariff System for the purpose of including the extension of the Caribbean Basin Initiative signed into law last October. The proclamation read as follows:

“The Caribbean Basin Economic Recovery Act, as amended (the “CBERA”), (title II of Public Law 98-67, 97 Stat. 384 (19 U.S.C. 2701 et seq.)), instituted a duty preference program that applies to a product of a Caribbean Basin country that has been designated by the President as a beneficiary country. On October 10, 2020, the President signed into law the Extension of the Caribbean Basin Economic Recovery Act (Public Law 116-164, 134 Stat. 758), which extends certain preferential tariff treatment accorded under the CBERA to September 30, 2030. I have determined, pursuant to section 604 of the Trade Act, that it is necessary to modify the HTS to reflect the extension of the CBERA.”

According to the U.S. International Trade Commission, the Harmonized Tariff Schedule is made up of a hierarchical structure for describing all goods in trade for duty, quota, and statistical purposes.

Sources: Executive Office of the President; U.S. International Trade Commission

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