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Albania-US trade: how the new US administration's customs tariffs could affect it

2025-03-07 09:18:48Biznes SHKRUAR NGA REDAKSIA VOX
Albania-US trade: how the new US administration's customs tariffs could
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Although far away, the United States of America is an important trading partner of our country. Last year, the US ranked fifth in terms of the value of imports and 13th in terms of exports.

US imports reached 20.5 billion lek in 2024, increasing by 19 percent from 2023. In the last four years, imports from the US in value have increased by 104%.

Last year, the US was Albania's main supplier of goods, along with Italy, China, Greece and Germany. In fact, imports from the US were even higher in value than those from Kosovo.

American imports accounted for 2.3 percent of total imports by 2024.

The American market is also important for our exports, as Albania directly and indirectly (through Germany) exports medicinal plants to the American markets. Last year, Albania's exports to the US reached 7 billion lek, with an annual decrease of 27 percent, as a result of the weakness that our exports suffered in general due to the weakening of the euro.

Imports from the US are dominated by means of transportation and fuels. On the other hand, Albanian exports to the US are dominated by cast iron, steel, medicinal plants, aluminum, furniture, food products, etc.

The tariff policy being pursued by the new US administration could affect Albania indirectly rather than directly through traded goods. Economic experts believe that the trade war could bring a new wave of price hikes in global markets to which Albania could be fully exposed.

Albania's trade with the US accounted for 2.1 percent of its foreign trade volume last year, remaining unchanged in the last decade.

Since the US has become the most important export market for the EU over the last decade, the negative impact of high US tariffs on European goods and services will be significant for Eastern European countries, the Vienna Institute for Economic Studies analyzes.

While direct trade flows between our region and the US are limited, lower demand for European industrial products will negatively impact Central and Eastern Europe.

EU foreign policy chief Kaja Kallas called for a calm and measured response to President Donald Trump's tariff threats: "We need America and America needs us too," she said. "There are no winners in trade wars," Kallas said.

US President Donald Trump announced last Saturday a decree for additional customs tariffs of 25 percent on products from Canada and Mexico and ten percent on Chinese products.

Trump again threatened the Europeans with similar measures. Asked at a press conference about trade tariffs on European Union countries, Trump said: "It's definitely going to happen." We don't have a timeline yet, but it will happen "very soon."

Despite this tough rhetoric, it remains unclear whether the US will actually impose punitive tariffs on the EU. If this happens, the tariffs could severely damage Germany, especially its automotive industry.


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