Government is closely monitoring the potential impact of rising global trade tariffs on the local economy, Chief Minister Alf Cannan has confirmed.
The issue was raised in Tynwald by Arbory, Castletown, and Malew member Tim Glover, who questioned the effects on the island’s reserves and business activity.
Mr Cannan stated that the Department for Enterprise is working with the Chamber of Commerce to assess risks, noting that the island’s service-based economy may limit direct exposure.
“These new tariffs are specific to goods at this stage,” he said. “They are likely to affect a small number of export-focused businesses with customers in the USA.”
Stock Market
Concerns were raised about stock market volatility and government reserves with Mr Cannan acknowledging fluctuations but emphasised a long-term view: “Stocks rise and fall with the markets… I would look to the Treasury Minister to update if there’s a significant impact.”
Treasury Minister Dr Alex Allinson added that reserve valuations are publicly available on the government dashboard, stressing the importance of “long-term investment for the Isle of Man people.”
Jason Moorhouse (Arbory, Castletown, and Malew) highlighted the 90-day tariff pause enacted on 10 April, asking about contingency plans with Mr Cannan urged calm, citing professional investment managers and regular Treasury meetings.
On UK negotiations, Lawrie Hooper (Ramsey) sought reassurance that the Isle of Man isn’t being sidelined. Mr Cannan confirmed ongoing dialogue, noting a “letter of reassurance” from Whitehall but no “material progress” yet. Ms Julie Edge (Onchan) questioned potential opportunities, to which Mr Cannan replied it was too early to assess until “this period of turbulence” passes.
Mr Glover pressed for certainty, citing unpredictable US policy shifts. Mr Cannan quipped: “I don’t think it’s possible for me to speak for President Trump… It could, of course, be changed by tomorrow.”
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