NBS Governor: Trump’s tariffs against the EU will have a negative impact on the prices of goods

Bratislava – The established 25-percent tariffs on all goods and services from the EU to the United States will have a negative impact on economic growth and product prices. The current situation regarding the established tariffs was addressed on Thursday by the Governor of the National Bank of Slovakia (NBS) Peter Kažimír, TASR reports.

“This is probably a historic moment, a small European and American Armageddon. These are mostly things that we had incorporated into our forecasts and they are the worse scenarios that we have to consider. We still have to wait for a response from the European Union. Tariffs, in any case, mean a weakening of economic growth, a threat to the good mood in the labor market, and also certain impacts on prices, because tariffs primarily affect prices,” Kažimír stated.

The former Minister of Finance of the Slovak Republic expects that the EU will impose some retaliation and introduce tariffs at a certain level on some American goods and services that will be entering the European market.

“The European Union and all its countries will call for common sense, for us to sit down at the round table, to be able to meet the American side, and if there are any problems between us, to resolve them,” described the situation the NBS governor. (April 3)

“This is probably a historic moment, a small European and American Armageddon. These are mostly things that we had incorporated into our forecasts and they are the worse scenarios that we have to consider. We still have to wait for a response from the European Union. Tariffs, in any case, mean a weakening of economic growth.” Peter Kažimír