LIMA (Reuters) – Peru’s economy will be affected by new U.S. tariffs, but the impact is expected to be “moderate,” the central bank’s chief economist Adrian Armas said on Friday.
He added that the monetary authority expects Peru’s gross domestic product (GDP) to grow around 4% in the first quarter of the year.
Peru, a major exporter of metals and agricultural commodities to the United States, now faces 10% tariffs on around 70% of its exports to the nation, Armas said.
The rest fall under an exemption made for sectors such as energy and critical minerals, the economist added.
On Thurday, Peru’s central bank held its benchmark interest rate at 4.75% for the third-consecutive time. The country has one of the lowest interest rates in Latin America and has gradually reduced its key rate from 7.75% since September 2023.
(Reporting by Natalia Siniawski and Marco Aquino; Editing by Kylie Madry)
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