North Macedonia aims for free trade: Scraps USA tariffs
"By unilaterally reducing customs rates, we are sending a message to accelerate the process of reciprocity in a mutual trade exchange," stated North Macedonian Finance Minister Gordana Dimitrieska Koczoska, as quoted by the Associated Press.
The Macedonian government’s plan requires parliamentary approval and was presented after the country faced a 33% tariff imposed by the United States — significantly higher than the 20% tariff on the European Union.
Macedonia announces plan to abolish tariffs on all imports from the USA
"By unilaterally reducing customs rates, we are sending a message to accelerate the process of reciprocity in a mutual trade exchange," said the Macedonian Finance Minister.
The value of trade between the two countries amounted to $314 million last year, including Macedonian exports to the USA, which totaled about $100 million. About 70% of Macedonian exports go to EU markets.
North Macedonia's Foreign Minister Timczo Mucunski reported that he discussed the possibility of concluding a free trade agreement with US Secretary of State Marco Rubio last week in Washington.
Tariffs on steel and aluminum impact Asia and Europe
The USA is targeting steel and aluminum imports. Donald Trump announced that from June 4, 50% tariffs will be imposed on both raw materials.
This decision doubles the previously existing tariffs, which have already caused trade tensions. The announcement came a few hours after accusations were made against China for breaking previous agreements regarding trade in critical materials.
Metal prices have risen, and foreign producers are experiencing losses. Europe and Asia are warning of a potential new wave of trade wars, according to Reuters.
Experts warn that high raw material prices will limit demand from the industry. Eoin Dinsmore from Goldman Sachs stated that rising prices are expected to further reduce demand for steel in the industrial manufacturing sector, which is already projected to contract this year.
