When Donald Trump revealed the level of trade tariffs that countries around the world would face from the US, nations in South America breathed a sigh of relief.
Ten of the 12 states on the continent received the lowest level of 10%.
Only Guyana and Venezuela were initially hit with higher rates of 38% and 15% respectively, before these were subsequently reduced to 10%. This came as Trump decided to pause elevated rates on almost all countries for 90 days.
The exceptions are China, which has been hit with 145%, and Canada and Mexico, which have still got 25% tariffs on some exports to the US.
Commentators who describe this as a win for South America argue that the higher US tariffs on China, and on Canada and Mexico, could make South American goods more attractive to US and global buyers.
While plausible, this view oversimplifies broader global trade instability that South America is also exposed to.
