Equity Trader at JMMB, Clive Charlton says Jamaica should be looking to diversify in new directions for trade.

Speaking on Taking Stock with Kalilah Reynolds, Charlton explained that Jamaica’s heavy reliance on the United States for trade, tourism, and remittances leaves the country vulnerable to the instability of that country.

His statement comes as US President Donald Trump placed a 10% tariff on all imports to the country. The tariffs have been paused for 90 days, however, the message is clear: things are changing.

“We have built a dependency that has not really worked out very well for us over the last 20, 30, 40 or so years,” Charlton said. 

He explained that the US can make decisions that hurt Jamaica’s economy, even if it’s not on purpose. For example, travel advisories from the US have impacted the number of tourists coming to the island. Also, if the US taxes or stops remittances, many Jamaican families would be affected.

He believes this moment is like “shock therapy” and could be a wake-up call for Jamaica to make changes.

He admitted that Jamaica should not stop trading with the US, but instead, do more business with other countries too. He suggested that Jamaica look more toward the Caribbean and Latin America. These regions are closer and may offer better opportunities for long-term growth.

He also praised how Jamaica has grown in the financial market. “We have built up a really good capital market,” he said. He noted that the government has been using the market wisely, giving Jamaicans a chance to invest in state-owned companies.

Now, he believes it’s time to grow other areas, like manufacturing and trade to build a stronger and more balanced economy.

“We need to move to the more productive, the trading, the manufacturing,” he said. 

Just like in personal finance, he says, “you need to diversify.”