site.btaBulgarian Politicians, Business Persons React to Trump's Tariffs

Bulgarian politicians and business persons have been reacting to the news of the sweeping tariffs on foreign imports announced by US President Donald Trump.

On Wednesday, Trump unveiled a plan for further restrictions on imports to the US in the form of additional tariffs on all goods with the exception of steel, aluminium and cars, which are already subject to a 25% import tax. The tariff rate applicable to goods originating in the EU will be 20%.
  
Vice President Iliana Iotova: Bulgarian institutions need to react urgently" to the decision. Bulgarian large, small and medium-sized enterprises need to be engaged in a very serious, very objective discussion so as to decide on a response to this new policy, not only as an EU Member State but also on a bilateral basis. If necessary, urgent measures should be taken so that we do not lag behind once again, so that people are not faced with bankruptcies.

Vazrazhdane Party leader Kostadin Kostadinov: Bulgaria has almost no trade with the US, and I do not expect this to seriously affect the country. This trade war does not bother us. This is an opportunity to rethink and renegotiate the way the European Union functions.

Association of Automobile Importers in Bulgaria Executive Board Chair Lyubomir Dorosiev (in comment to BTA): The tariffs on EU-made automobiles are good news for European consumers. Now that European manufacturers will be unable to export cheaply to America, they will gradually cut new car prices in Europe and more specifically in Bulgaria. Cars imported from the US to Bulgaria account for not more than 5% of this country's total road fleet. The extra tax will needlessly push up the price of imports from the US, and this trade in Bulgaria may shrink or even cease altogether.

GERB leader Boyko Borissov said the trade war between the US and the European Union matters to dozens, not to say hundreds, of Bulgarian businesses. He expressed concern about the negative effect on the country's business. According to him, this could mean a rise in inflation, a reduction in jobs and investment. He is of the opinion that the automotive sector and engineering will be the most affected.