The recently concluded framework trade agreement between the European Union and the United States marks a significant shift in transatlantic economic relations. While the agreement is political and not legally binding, it has helped the EU avoid the implementation of 30% tariffs, which would have had serious negative effects on the European – and Slovenian – economy.
Under the new terms, most exports from the EU to the US – including automobiles, pharmaceuticals, and semiconductors – will be subject to a unified 15% tariff rate. This is lower than the threatened 30%, but significantly higher than previous average rates. Tariffs on some sectors, such as steel and aluminum, remain high – up to 50%. For Slovenian exporters, especially in the automotive and pharmaceutical industries, this means added costs, although they are considered manageable given the increased predictability and stability the agreement provides for future planning.
Positive developments include the introduction of zero-tariff rates for trade in certain strategic products such as aircraft parts, selected chemicals, generic medicines, critical raw materials, and some agricultural goods – the exact list is yet to be finalized. The EU has also committed to major investments in the US and the purchase of energy products, which is expected to enhance long-term economic cooperation. The Chamber of Commerce and Industry of Slovenia (GZS) welcomes the agreement as a step in the right direction but notes that many questions remain and that a legally binding document has not yet been adopted. Slovenia’s Ministry of Economy emphasizes the importance of a stable and predictable environment for businesses – values that this agreement helps secure, despite certain challenges.
More information: https://media.gzs.si/gzs-dogovor-med-zda-in-eu-pozitiven-a-pri-tem-se-veliko-neznank/