Aid for companies affected by US tariffs
Romania, just like other European economies, is preparing for the new tariffs announced by the Trump administration.
Daniela Budu, 04.04.2025, 14:00
Romania, just like other European economies, is preparing for the new tariffs announced by the Trump administration.
The government in Bucharest promises support measures for companies affected by the new tariffs introduced by US President Donald Trump. Prime Minister Marcel Ciolacu announced aid for all affected industries, saying that investors trust Romania. Marcel Ciolacu: “We will protect Romanian companies with all available resources from the effects of the new trade war of customs tariffs between America and Europe. We are preparing support measures for all affected industries through state aid schemes that are as efficient and simple to apply as possible, so that they can produce effects in the shortest possible time.”
“The government is already preparing aid schemes for the sectors that could suffer (…), and the proposed measures will be discussed next week with those affected, so as to minimize the impact of these tariffs on Romanian companies”, Finance Minister Tanczos Barna also announced. He stressed that an analysis is also underway at the European Union level, and Economy Minister Bogdan Ivan will meet next week with relevant ministers from the European Union to prepare an adequate response to support European industries. As regards possible aid schemes, the minister specified that these will be discussed with the relevant industry and solutions will be sought that best meet its needs.
Tanczos Barna also mentioned that “the current situation may rebalance trade relations with the United States, overall, and we may reach very short supply chains and domestic production, domestic consumption”. If exports are hampered, Romanian companies must focus on the European Union market, he added. In addition, the Government has sent two emissaries to the United States for talks with the Trump administration. The new tariffs imposed by the US will mainly affect European countries, including Romania. Even if only 2% of all products exported by Romania reach the United States, the Romanian economy can be seriously disrupted, analysts say, due to the close ties with other European economies that make massive exports to the United States. The automotive industry, the furniture sector, wood products, steel and iron articles, industrial equipment and the food industry are the sectors most affected.
Romania is, however, among the states with a trade surplus with Washington. According to the National Institute of Statistics, Bucharest exported products worth almost 2.3 billion euros to the United States last year and imported of over 1.3 billion euros, resulting in a trade surplus with the US of about 1 billion euros. The White House announced that the new tariffs will come into effect on April 5 and 9. Tariffs of 20% will be imposed on products imported from the European Union, 34% on those from China, 31% on Switzerland, 26% on India, 10% on the United Kingdom and Brazil. Donald Trump insisted that any product entering the US will be taxed at least 10%. (EE)
