The Executive Director of the International Trade Centre (ITC), Pamela Coke-Hamilton has said that looming uncertainty over President Donald Trump’s tariff policies could undermine long-term investing, as constant changes deny businesses the sense of stability they need to make decisions about where to invest.
Her remarks came after Trump signed an executive order on Monday temporarily delaying a round of tariff increases that would have ratcheted up import duties on a number of countries.
The three-month pause on his “Liberation Day” tariffs was set to expire on Wednesday, July 9, 2025.
The order moves the deadline from July 9 to August 1, which the White House says will give countries more time to negotiate individual agreements with the US.
Trump had unveiled sweeping tariffs on imports on April 2, including a baseline 10 percent tariff on all countries, but following market turmoil he quickly suspended tariffs above 10 percent until July 9.
However, prior to that deadline, he sent out letters to more than a dozen countries, including top trading partners Japan and South Korea, setting out what he had decided to charge if they did not reach agreements by a new August 1 target date.
Speaking to reporters in Geneva, Pamela Coke-Hamilton, noted that while the reciprocal tariffs will no longer go into effect tomorrow as originally announced, but be postponed for another few weeks until first of August, “this move actually extends the period of uncertainty, undermining long-term investment and business contracts, creating further uncertainty.”
“While the pause offered some relief compared to the reciprocal tariffs, the 10% levy was added to existing duties, meaning countries – mostly developing countries – faced higher costs to export goods like apparel and agricultural products to the US.”
Pamela Coke-Hamilton
Also, Coke-Hamilton warned that “economic uncertainty has real-world consequences,” with the highest burdens falling on least developed countries.
Predictability, she said, is the “one thing businesses need more than anything else.”
“If the sand keeps shifting, there’s no way that you can make firm decisions for your business.”
Pamela Coke-Hamilton
She noted that Lesotho is set to face a 50% tariff, overriding the duty-free access provided by the African Growth and Opportunity Act. She added that the measure put “up to tens of thousands of jobs” at risk.
Coke-Hamilton cited Vietnam’s negotiated 20% tariff—lower than the initial 46% but still “double the current 10%” – as an example of continued pressure on key trade partners. “The newly agreed-upon tariff could reshape trade between the two countries,” she stated.
As an example of trade volatility, Coke-Hamilton pointed to dramatic fluctuations in gold trade between Switzerland and the US, noting that Swiss imports surged by 800 percent in May following the announcement of exemptions for precious metals.
She also raised concerns over weekend announcements of an extra 10% tariff on countries aligning with certain BRICS policies, calling it part of a broader trend of over 150 restrictive trade measures globally since January.
At the same time, G7 countries are projected to cut development aid by 28% next year. “In short, in today’s context, a ‘perfect storm’ is brewing,” she said.
Countries Urged To Bolster Regional Trade
To counter this, Pamela Coke-Hamilton urged countries to strengthen regional trade, invest in value-added industries, and “make the small business agenda a political one.”
She also highlighted that markets besides the United States could become more attractive, pointing to China’s recent announcement that it would give African countries tariff-free access to its market.
“That is a major, major, major development, and it can swing things in a way that was not anticipated three months ago.”
Pamela Coke-Hamilton
Coke-Hamilton cautioned, though, that the United States itself might suffer from the tariff turmoil. “I think in the long run, it will have a negative impact on the US economy,” she said.
READ MORE: President Mahama Commits to Maximising Ghana’s Natural Resources
