Trump's Tariffs Hurt Two Of Putin's Friends In Europe The Most
1- 13.05.2025, 13:39
- 5,088
The European Bank for Reconstruction and Development has published a forecast for 2025.
Eastern European countries will be among the economies most affected by the risks associated with trade duties.
This is reported by RBC-Ukraine with reference to the updated forecast of the European Bank for Reconstruction and Development (EBRD).
The review notes that the US has imposed 25% duties on steel, aluminum and automobiles and 10% duties on all EU goods.
In the EBRD's Europe region, the biggest impact of tariff increases on output is estimated for Slovakia (0.8% of GDP) and Hungary (0.4%). Motor vehicle tariffs account for 83% of the total impact in the Slovak Republic and 41% in Hungary.
The EBRD has lowered its 2025 economic growth forecast for Slovakia and Hungary by 0.5% to 1.4% and 1.5%.
Tariff hit
"Tariff chaos has left no country unaffected," Beata Javorczyk, chief economist at the development bank, said in an interview with Bloomberg Beata Javorczyk. - It works through indirect effects, such as the impact of U.S. trade policy on Germany and a potential slowdown in the Chinese economy."
The EBRD covers about 40 economies in emerging markets in Europe, Central Asia, the Middle East and Africa.
The effects of higher U.S. tariffs and increased trade policy uncertainty could spread further through global linkages in the value chain, including to economies with limited direct exports to the U.S., according to the EBRD.
The EBRD lowered its 2025 growth forecast for 27 countries, including Slovakia, Hungary, Turkey and Ukraine, and lowered overall expected growth in the region from 3.2% to 3%.
Orban and Fitzo
Hungarian Prime Minister Viktor Orban has positioned himself as an ally of Donald Trump in Europe. Both profess extreme right-wing ideology. At the same time, Orban's regime is Moscow-friendly.
According to a Razumkov Center poll, most Ukrainians view Hungary negatively.
Slovak Prime Minister Robert Fitzo has effectively justified Russia's aggression against Ukraine by arriving to join Vladimir Putin at the May 9 war criminals' parade in Moscow.
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