Economic Expert: US Tariffs Could Affect Bosnian Economy, Need to Strengthen Cooperation Outside the EU

Sarajevo (Fena) – American President Donald Trump announced the introduction of tariffs to the European Union, which, if implemented, could negatively affect both Bosnian and regional exporters, warns economic expert Igor Gavran for Fena.

– If tariffs are introduced on goods from the European Union, we can expect negative consequences primarily for Bosnian exporters, given that the majority of our exports go to that market. Indirectly, it could also affect exporters who operate or cooperate with businesses in the region, as the regional economy is largely oriented towards the European Union, said Gavran.

He believes that this would further worsen the already existing situation caused by the crisis in Germany, as well as the crisis in some other parts of the European Union where Bosnian exporters are already facing fewer orders, lower demand, and less exports.

In addition to reduced exports, jobs in Bosnia and Herzegovina could also be threatened as a result, says Gavran. However, he believes that certain entrepreneurs have a small but possible opportunity to take advantage of the situation and find a new path to the American market.

– There is a slight hope that some of our more enterprising businessmen in certain areas could take this opportunity to start exporting directly to the USA because competition in that market would decrease, says Gavran, but he emphasizes that hope is not great because Bosnia and Herzegovina is a “miniature area compared to the American market.”

According to him, this situation is yet another reminder of the danger of economic dependency on a single market and emphasizes the need to expand business connections beyond the European Union.

– It is high time for Bosnian businessmen and Bosnia and Herzegovina to strengthen economic cooperation with markets outside the European Union and thereby reduce the risk to their future, stated Gavran. (4.2.)