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Austria's economy on alert: Trump's tariffs are threatening!
US President Trump is threatening tariffs, which could put a severe strain on Austria's economy and transatlantic relations.
Austria's economy on alert: Trump's tariffs are threatening!
US President Donald Trump has announced that he will threaten 50 percent tariffs on goods from the EU from June 1, 2025, causing concern around the world, especially in Austria. Many experts and business representatives see the danger of a trade war in which there can only be losers. Economics Minister Wolfgang Hattmannsdorfer describes Trump as unpredictable and criticizes his abandonment of partnership-based solutions. He calls on the EU to finalize trade policy countermeasures against the threatened tariffs, especially for tech and digital service companies. Christoph Neumayer, Secretary General of the Industrial Association, also warns against naivety in times of increasing trade tensions and emphasizes the need for a united EU presence.
In a critical tone, Neumayer points out that escalations should be avoided in order to limit the economic damage. Wifo director Gabriel Felbermayr predicts that the 50 percent import tariffs could lead to a decline in transatlantic trade by 70 to 80 percent. Sectors with low margins and high price sensitivity are particularly affected. In this context, Trump said that the EU was difficult to deal with and that he was not looking for a deal.
Reactions from the EU and the European Parliament
Adam Szłapka, Polish Minister for European Affairs, emphasized the benefits of open, rules-based and fair international trade. Maroš Šefčovič, EU Trade Commissioner, was critical of the announced US tariffs and described them as harmful for companies and consumers. Bernd Lange, chair of the Committee on International Trade, noted that the possibility of counter-tariffs could be considered, while Sophie Wilmès, deputy chair of the parliamentary delegation for relations with the US, highlighted the importance of deterring such tariffs.
Finally, it should be noted that the threatened tariffs will not only affect the Austrian economy, but could also have far-reaching consequences for all European trade. In order to meet these challenges, numerous stakeholders are calling for joint EU action to stabilize trade relations and the market.