<h1>Government report warns steep trading partner tariffs could cut $48B exports, threaten textiles, gems, seafood, and machinery jobs</h1> A government report warns that steep new tariffs imposed by a major trading partner, while appearing to have limited immediate impact, could cause significant secondary and tertiary effects across the economy by reducing exports worth over USD 48 billion and hitting sectors such as textiles, gems and jewellery, seafood, leather, chemicals and machinery. Ongoing trade negotiations and diversification via recent and prospective FTAs are seen as critical but slow remedies. The report links policy reforms, sovereign rating improvement and planned tax and regulatory measures to mitigating fallout by lowering borrowing costs, attracting capital, supporting consumption and employment, and bolstering medium-term growth.