What are the implications of a 25% U.S. tariff on EU imports for the European economy? This pressing question was at the heart of AmCham’s Policy Forum held on March 24, following U.S. President Donald Trump’s February announcement of the new tariffs. The policy shift poses significant challenges for the EU, with Hungary’s export-driven market being particularly vulnerable.
The discussion featured Tamás Nietsch, Vice President at the Hungarian Association of Customs Affairs; János Tóth, Professional and International Commission Chairman at the Hungarian Association of Customs Affairs; Karoly Radnai, AmCham’s Tax Committee Chair, Managing Partner at Andersen, and Bence Barta, Partner at Andersen, who moderated the discussion.
The conversation centered on which sectors are most affected by the U.S. tariffs, including the automotive and manufacturing industries, and how they are impacted. Additionally, experts highlighted economic vulnerabilities, potential disruptions in supply chains, and the overall financial impact on these industries. Participants also explored strategies to mitigate the economic impact and potential EU responses, such as countermeasures and ongoing negotiation efforts. Broader implications for free trade agreements were also discussed, with reference to anti-dumping measures and the role of the GATT/WTO framework