Iraq oil export to the U.S. will not face new tariffs. This assurance came from the Ministry of Trade.
President Donald Trump recently imposed a 30-percent tariff. He said it would help reduce the trade gap with Iraq. However, the Ministry confirmed that oil sales are exempt from the new U.S. tax.
Trade Ministry spokesperson Mohammed Hanoun made this announcement. He stressed that Iraq oil exports to the U.S. remain unaffected. This means Iraq’s main export to America stays safe.
Oil makes up most of Iraq’s foreign sales. Therefore, the exemption protects the country’s top income source. In fact, Iraq oil exports to the U.S. have long been a vital part of trade.
Hanoun explained that the new U.S. tariff applies to non-oil goods. Yet, Iraq export very few non-oil items to the U.S. These exports include only limited agricultural and industrial goods.
He noted that any direct impact would be very small. Still, he warned of possible indirect effects. For example, global oil prices might drop. If that happens, Iraq’s oil income could shrink.
Despite the new U.S. policy, Iraq remains calm. Hanoun said Iraq will continue to work with the U.S. on trade. The country will also look for new markets in Asia and Europe.
Iraq oil exports to the U.S. remain steady. Even with the tariff, shipments will continue. So, Iraq’s oil sector can keep earning strong revenues.
Moreover, the Trade Ministry plans to boost Iraq’s global trade ties. The ministry will focus on attracting foreign partners. It also wants to grow local industries to lower import needs.
Hanoun said the government supports producers and exporters. He added that Iraq is working on trade reforms to meet global rules.
Meanwhile, energy officials confirm no changes in oil contracts with U.S. buyers. All current deals remain active.
To sum up, Iraq oil exports to the U.S. are not under threat. The country’s economy remains stable for now. Officials are watching the market closely for any changes.