US customs introduced to have a slight direct effect on the Macedonian economy, the global economy enters great uncertainty

The introduction of the US High Customs Tariff to our country will have an indirect effect primarily on the automotive and petrochemical industry in the country, according to some economic experts in the country. They agree that the country is participating with a very small percentage of US imports, but that the global economy is entering a great uncertainty that will certainly affect our country in the area of ​​foreign investment influx.

According to university professor Trajko Slavevski, it is a small direct effect that the country would have because we participate with a very small percentage of US imports, almost insignificant, and on the other hand the United States is at the list of our trading partners. Our strategic partners such as Germany, says Professor Slavevski, are more affected, and that will certainly affect our economy.

– It is very important for the global economy to enter into a great uncertainty, and the uncertainty is in some way killed for business because they cannot plan for six months, one year…. but plan years in advance. This can reflect the influx of foreign investment, the position of foreign investors in our country, the diaspora, etc. Namely, we are entering a phase where the globalization is finally ending from an economic point of view, says Professor Slavevski- adding that globalization was of favorable importance to our country.

EOS Matrix CEO and President of the European Business Association, Katerina Boskovski, says the introduction of customs duties by the US administration will have a significant impact on EU member states, and in our country the effects will be slightly prolonged.

– What is perhaps more corrupt is the EU’s call for a unified, united approach and response to these tariffs, which introduced the US economy, which may be a serious challenge for the EU and in my opinion a more serious blow, which has inflicted this introduction to EU tariffs. How much the EU will succeed, it remains to be seen- says Boskovska.

He adds that what we will have to work on is internally reorganizing especially in the part of the day and fiscal policy.

– But it remains to be seen. As for our economy, the effects will be small prolonged. I expect to be in the later period. But we must highlight our advantages as an economy and work here on internal reorganization, especially in the field of tax and fiscal policy- says Boskovska.

Nikica Mojsovska Blazevski, Executive Director of « Macedonia2025 », believes that the introduced customs can lead to a reduction in future possible investments from our diaspora in the United States.

– I mentioned that exports are not so high – 110 million euros. However, it will certainly affect certain companies, I do not expect it to reduce the arrival of foreign investors at the moment, but I would say that the indirect effect, ie the effect our companies have by exporting certain products to the EU, and then from the EU to America. I also think it will lead to a reduction in future possible investments from the United States, especially for our US diaspora, which has become more and more opened its own companies in Macedonia, which are primarily exported to the United States- says Mojsovska Blazevska.

According to economic experts, the state should seek solutions through start -up dialogue with the United States to initiate a review of the customs rate and seek better treatment.