The Balkans are bracing for economic turmoil after former U.S. President Donald Trump announced sweeping new tariffs that will hit trade-dependent countries across the region. Bulgaria, Greece and Romania—members of the European Union—will face a combined 30% duty on exports to the United States. Meanwhile, non-EU neighbors Serbia, Turkey and North Macedonia will also feel the strain, with Serbia facing the steepest levy at 47%.
Trump’s new policies establish a baseline tariff of 10% on all goods entering the U.S., with some countries seeing rates soar beyond 50%. The tariffs, set to take effect in April, mark one of the most significant shifts in global trade policy since World War II. Trump has defended the move, saying it will counter what he called unfair trade practices that disadvantage American businesses.
The universal 10% tariff will begin April 5, followed by additional “reciprocal tariffs” for specific countries on April 9. The European Union, including Bulgaria, will see an extra 20% tariff, sharply raising costs for exporters. Mexico and Canada are exempt from the latest round of increases but remain subject to previously imposed 25% duties.
China faces some of the harshest measures, with total tariffs on its exports to the U.S. surpassing 50%. Beijing has urged Washington to cancel the tariffs, warning they will harm global economic development. Chinese officials have threatened countermeasures, potentially including currency devaluation and restrictions on rare earth exports.
The United Kingdom will see a 10% tariff, a relief for Downing Street, which had braced for a higher rate. Still, economists warn the duties could lead to job losses and force the government to adjust its economic policies.
Markets reacted sharply, with South Korea vowing an “all-out” response to the 25% tariff imposed on its exports. The country’s auto industry is expected to take a major hit. Japan, meanwhile, has condemned the move as “regrettable,” with its government urging the U.S. to reconsider. The Nikkei index plunged 4%, its lowest level in eight months.
India, another key trading partner, faces a 26% tariff on its exports. The country’s government is assessing the impact, but reports suggest it may consider reducing tariffs on U.S. imports worth $23 billion to negotiate a lower rate. Trump has framed the tariff increase as a response to India’s own high duties on American goods.
Australia, while subject only to the universal 10% tariff, criticized the move as “unfriendly.” Prime Minister Anthony Albanese said a “true reciprocal tariff” would be zero. Despite this, Australia has opted not to retaliate.
New Zealand also faces a 10% tariff, which Prime Minister Christopher Luxon called “damaging to global trade.” The U.S. is New Zealand’s second-largest export market, and the new tariffs could cost the country’s exporters NZ$900 million.
Canada avoided the latest tariffs but still faces 25% levies on steel, aluminum and automobiles. Prime Minister Mark Carney vowed to counter the measures while working to strengthen Canada’s economy.
Mexico remains exempt from the new tariffs but continues to face previously imposed levies. President Claudia Sheinbaum has ruled out a tit-for-tat response, instead promising a “comprehensive program” to address trade concerns.
Taiwan is grappling with a 32% tariff, a significant blow to its export-driven economy. Officials are considering countermeasures, including increased energy imports and tariff reductions to balance trade with the U.S. The American Chamber of Commerce in Taiwan has called for stability in economic relations.
Thailand’s government has warned that the new tariffs “will inevitably impact all trading partners” and urged exporters to diversify their markets. Officials said they are ready to engage in trade talks with Washington to minimize disruptions.
For the Balkans, the economic fallout could be severe. Bulgaria’s export-driven economy relies on industries such as mechanical engineering, electronics and textiles—all of which will be hit hard by the 30% tariff. Smaller businesses may struggle to absorb the increased costs, potentially forcing them to seek alternative markets.
Serbia, facing a 47% total duty, will find it nearly impossible to compete in the American market. North Macedonia will be subject to a 33% tariff, while Turkey will see a 20% duty. These new measures are expected to further strain regional trade, already weakened by inflation and supply chain disruptions.
The six Western Balkan countries—Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia—are also affected by the tariffs. Albania will face a 10% tariff, Bosnia and Herzegovina 31%, Kosovo 10%, and Montenegro 10%. These increases could hinder economic growth and trade relations with the U.S., forcing local businesses to seek new markets or face declining exports.
A major point of controversy is the exclusion of Russia and Belarus from Trump’s tariff list. Neither country appears in the official documentation, and the White House has yet to explain their omission. The decision stands in contrast to the inclusion of smaller economies such as Mauritius and Brunei.
Beyond direct trade restrictions, Trump’s tariffs target industries including automotive manufacturing, technology and ethanol production. The former president has criticized countries like India, Brazil and Indonesia for imposing high tariffs on U.S. products and has vowed to level the playing field.
With tensions rising between the U.S. and its trading partners, economic analysts warn of possible retaliatory measures that could further destabilize global commerce. Businesses in Bulgaria, Greece and Romania are being forced to rethink their trade strategies. Serbian exporters, in particular, face a tough road ahead as they attempt to remain competitive in an increasingly protectionist American market.
