Donald Trump has announced new 25 percent tariffs on all cars imported into the US. The measure will come into force on April 2nd. The US government expects it to bring in an additional one hundred billion dollars in taxes.
The head of the EU Commission, Ursula von der Leyen, expressed on the X network her deep regret with the U.S. decision. According to her tariffs are taxes – bad for businesses, worse for consumers, both in the US and the EU. As she, however, added, the EU will continue to seek negotiated solutions while safeguarding its economic interests.
European Commissioner for Trade and Economic Security Maroš Šefčovič added that the same tariffs will apply to all 27 EU member states. He is currently in the US for trade talks having met on Tuesday with US Commerce Secretary Howard Lutnick, Trade Representative James Greer, and White House economic adviser Kevin Hassett. After the meeting, Šefčovič wrote on the X network that the EU's priority was "a fair and balanced deal instead of unjustified tariffs".
A 25% tariff on car imports to the US will affect the entire Slovak economy, not just the car industry. Several economists are talking about this. Jobs in car factories may not be at risk, despite current concerns, says Pavol Prepiak, vice president of the Association of the Automotive Industry.
Economists point out that it is naive to think that US tariffs on car imports will only affect car exporters; our economy is open and all its segments are interconnected. Michal Horvát, Executive Director of the Monetary Policy Department of the Slovak Central Bank, talks about the possible impact on the Slovak economy if a major tariff war breaks out between the US and the rest of the world. “Cumulatively by 2027, a large-scale trade war would cost our economy over €3 billion. If we experienced such a stronger version of trade wars, it would significantly weaken our export activity, and there would be a shortfall, even up to around €5 billion,” concluded Horváth.
Source: Slovenský rozhlas, ČTK, Financial Times
