Minister: New US import tariffs may also impact Estonian economy

  • 2018-11-10
  • LETA/TBT Staff

TALLINN – Minister of Entrepreneurship and Information Technology Rene Tammist said that when it comes to Estonia, the direct impact of the United States' import tariffs currently in effect is not very high, but with the addition of new tariffs, the impact may also directly reach the Estonian economy.

Tammist said that this is why he considers the continuation of trade negotiations between the European Union and the United States to be important. The minister said that it is important that the two greatest economic areas of the world not go down the path of antagonism and continue with open trade and the search for a compromise.

Trade ministers of the European Union are to meet in Brussels on Friday to discuss as one main topic the trade relations between the US and the EU, the Estonian Ministry of Economic Affairs and Communications said.

As the ratio of Estonian export to the gross domestic product is 80 percent, one of the highest in the EU, the indirect impacts of a long-standing trade war will be greater and more negative for Estonia than for countries depending less on export.

The US is the 13th most important trade partner for Estonia and the third most important partner outside the EU after Russia and Norway.