No price hikes are expected in the short term while the prices might decrease in the long term, Romanian finance minister Tanczos Barna told news channel Digi24, commenting on the effects of the tariffs imposed by the US Administration. He explained that this would be an effect of China re-orienting its exports away from the United States and seeking new markets.

Asked about the price cuts in Europe, the finance minister said that "things can change radically with Chinese products."

"It is premature to make final analyses. Let's see how this dispute between the US and other continents ends," he added.

As for the economic impact of the tariffs on Romania's economy, minister Tanczos Barna said that the industry needs the support of the Romanian state.

Speaking about the automobile industry, Tanczos said that the first round of discussions with the industry's representatives had taken place. 

"We have started theoretical impact studies on the new customs duty system. The industry will certainly need a safety net as tariffs of 25%, 10%, 20%, somewhere in that range, remain in place. We [Romania] are not directly affected because we do not export cars to the United States [...], but we do have significant deliveries to Germany, France, and other European countries from where cars leave for the United States. The industry needs the support of the Romanian state and we will certainly find solutions to have a safety net for those in this industry," minister Tanczos said. 

iulian@romania-insider.com

(Photo source: Inquam Photos/George Calin)