President: no winners in tariff wars, direct impact on Lithuania 'not significant'

VILNIUS - There are no winners in tariff wars, Lithuanian President Gitanas Nauseda says following US President Donald Trump's announcement on Wednesday that 25 percent tariffs will be imposed on goods imported from the European Union.

In his words, such a decision's direct impact on Lithuania will not be significant.

"As an economist I can say that we have never had a tariff war with a winner. Usually, both sides lose during such a war. Well, the United States of America has decided that it wants to implement the America first principle," Nauseda told journalists at the Vilnius Book Fair on Thursday.

"However, the direct impact on Lithuania is not as significant as many might expect as our economy is very diversified and our goods move to various countries around the world, including the United States, but that share is no so significant," the president said.