Peru's Exporters Association (ADEX) held the First Cocoa and Coffee Trade Forum on Friday in Lima, where attendees stated that the tariff barriers imposed by the United States are impacting various industries in the country, including agriculture.
Luis Alberto Solano, head of aviation business of ADEX, said that the rise in tariff has led to a reduction in their export volume.
"The increase in tariffs came as a surprise. Some goods are already about to arrive in the United States as originally planned. This has, to some extent, reduced our export volume. [Things will not get better] unless the matter is resolved, perhaps by reducing tariffs or renegotiating prices," said Solano.
Nicolas Chavez, general manager of Cacaosuyo, a well-known chocolate brand in Peru, said that the company is reassessing the annual expected export volume.
"Our exports to the United States have declined. The expected annual export volume has indeed decreased, impacting our initial export plans. It is necessary to reassess the annual expected export volume," said Chavez.
Participants of the forum also expressed that the United States' tariff policies will backfire American society and consumers.
"We believe that the increase in commodity prices may also trigger inflation in the United States, thereby dampening consumption," said Cesar Tello, president of ADEX.
Peru has requested that the United States suspend a 10 percent tariff on Peruvian goods. According to the country's foreign minister, the new tariff violates the spirit of the U.S.-Peru Free Trade Agreement, under which 98 percent of Peruvian exports to the United States are supposed to enter duty-free.
Peruvian exporters voice concerns over US tariff hikes
Peruvian exporters voice concerns over US tariff hikes
China is set to further deepen its high-standard financial opening up with a commitment to market-oriented, law-based, and internationalized principles, People's Bank of China (PBOC) Governor Pan Gongsheng said Friday.
The scale of foreign participation in China's financial markets has reached historic milestones, according to Pan, who spoke at a press conference on the sidelines of the fourth session of the 14th National People's Congress (NPC).
"The level of financial opening up continues to rise. By the end of last year, the total value of domestic RMB-denominated financial assets -- including stocks, bonds, deposits, and loans -- held by overseas institutions and individuals exceeded 10 trillion yuan. In 2025 alone, various governments, international development agencies, financial institutions, and large enterprises issued over 170 billion yuan in Panda bonds. The outstanding amount of Panda bonds has increased by 34 percent year on year," said the central bank governor.
Beyond asset holdings, the Renminbi's role as a global currency has been further solidified. It is now not only a preferred choice for China's own external transactions but also a vital component of the global financial architecture, according to Pan.
"Calculated on a comparable basis, the RMB has become the largest settlement currency for China's external receipts and payments. Globally, it ranks as the second-largest trade finance currency and the third-largest payment currency. Its weight in the International Monetary Fund's Special Drawing Rights (SDR) currency basket also ranks third. This progress has facilitated cross-border trade and investment while helping to reduce exchange rate risks and conversion costs," he said.
Looking ahead, the central bank is committed to a steady expansion of high-standard financial opening-up to serve the country's high-quality development and foster a more resilient global financial governance system, said Pan.
"We will continue to promote high-standard opening up of financial services and markets. Adhering to market-oriented, law-based, and internationalized principles, we will enhance the transparency, stability, and predictability of our financial opening-up policies. We will further improve the interconnectivity between domestic and overseas financial markets and cross-border payment systems to enhance the convenience of trade and investment. Furthermore, we will advance RMB internationalization in an orderly manner, develop offshore RMB markets, support the construction of Shanghai as an international financial center, and consolidate and enhance Hong Kong's status as a global financial hub," he said.
China to further expand financial opening up: central bank governor
