American taxes. What risks are for Romania
Romania has not been affected so far by the tariffs imposed by the US in steel and aluminum, but the application of a 25% customs tariff would affect us, says the chief economist of the National Bank of Romania (BNR), Valentin Lazea.
'So far, the rates that have been applied to steel and aluminum have not affected us much, because from our exports to the US about 2.3 billion (of euros-no), about 0.4 billion are only steel, and aluminum is negligible. So a small fraction was. Now, if it really will put 25% rates on all the goods, as it seems, but it is not legislated, then, yes, we will be affected. But anyway, the United States is not a partner. So 72% of our foreign trade is with the EU states…. So an inflationary effect from this global growth of tariffs will exist. And everyone wants to get Trump's attention about this, but he is with America First, « said Valentin Lazea, at the 'Inflation, Financing and Management Cost of Public Debt', organized by Oxygen Events.
On Wednesday, the US president again criticized the EU, also stating that the current European construction is aimed at « succeeding the US and threatening to impose 25% customs duties on European products.
'I love countries in Europe. I love all these countries, really, all different. But the EU (the European Union) was designed to suckers US. This was the goal and they succeeded, « said the Republican president, bringing his office for the White House for the first time.
In June 2024, Dan-Andrei Muraru, Romania's ambassador to the United States stated that trade between Romania and the US reached, in 2023, to 5.5 billion euros, up 10% compared to the previous year, but are still far from potential.
'Last year there were 5.5 billion euros, imports and exports. Annually, there is a natural growth, about 10%. Obviously, it is an increase every year, but it is far from the potential. I give you some figures: Poland-United States 23-25 billion euros, Hungary, a country that is half Romania as a population and surely smaller than GDP-10 billion euros with the US, the Czech Republic-the United States 12 billion. So, we see significant differences and we believe that, beyond the fact that we have a historical delay due to the conditions that Romania went through, to a long transition, we believe that some initiatives are missing, which could bring benefits in the field of start-ups, in the field of high technology, in the field of infrastructure, the field of automotive industry. We believe that there is a lot of potential, 'Muraru stressed.
