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US steel and aluminium tariffs may have little impact on Slovakia, for now

Increase of US tariffs on cars may be painful for Slovakia.

(Source: Courtesy of USSK)

The tariffs the USA is imposing on the import of steel and aluminium may not have any significant direct impact on the economy of Slovakia. This is because the exports of these commodities from Slovakia to the USA make up only small portions of total volume. However, if the USA increases tariffs on imported cars, as US President Donald Trump is threatening in this looming tit-for-tat trade war, this may be painful for the Slovak automotive industry, especially the oldest car producer in Bratislava.

US President Donald Trump has signed the order to hit steel imports with a 25 percent tariff and aluminium imports with a 10 percent tariffs with national security justification on March 8, excluding Mexico and Canada for now. They should become effective later next week.

For now, it is difficult to estimate the direct impact of the tariffs on Slovakia but in terms of small exports of Slovak steel, iron and aluminium to the USA, these are not expected to be significant.

“It is difficult to assess the impact of adopted measures on Slovakia’s economy as they will have a global impact for now,” Maroš Stano, spokesperson of the Slovak Economy Ministry told The Slovak Spectator.

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