Overview
- Peru’s trade ministry says coordination with the U.S. Trade Representative has been reactivated to seek reduction or removal of the roughly 10% surcharge applied since April despite the bilateral free trade agreement.
- The economy ministry reports a multisectoral working group is active to back the diplomatic effort and to accelerate diversification toward new markets.
- Lima is leveraging APEC and the Pacific Alliance to strengthen its negotiating position, while Brazil’s President Luiz Inácio Lula da Silva signals stepped-up pressure on Washington during COP30 if talks stall.
- Business and analyst assessments highlight near-term risks, with reports that more than 70% of Peru’s agricultural exports could be affected and warnings of pressure on jobs tied to export sectors.
- Long-run resilience tempers the shock: about 90% of Peru’s trade is covered by agreements, the trade volume has grown roughly sevenfold over three decades, the central bank notes around 26% of exports to the U.S. are exempt from the base levy, and 2025 exports are projected near record levels.