Negotiations continued until the last moment before the new US tariffs came into effect, says Bojan Stanić from the Serbian Chamber of Commerce, as Serbia faces uncertainty over the impact of these tariffs on its economy.
In early April, then-US President Donald Trump shocked the world by announcing additional import tariffs for most countries, with Serbia receiving some of the highest rates in the Balkans—up to 35%. This decision surprised Serbian businesses, as the US market is large and desirable.
Though initially set to start on April 9, the tariffs were postponed. Stanić explains that there is effectively no free trade anymore, even close US partners like Japan face tariffs (15%), meaning the US does not have free trade with any country.
A significant part of Serbia’s exports to the US in 2024 were services, especially in IT, which are not subject to tariffs since they don’t cross borders physically.
Serbia’s goods exports to the US rose from €321 million in 2020 to €678 million in 2024, with €306 million exported in the first quarter of 2025. Main exports include automotive and truck tires, military equipment, ammunition, and pet food. Imports from the US include jet engine parts, airplanes, and diagnostic reagents.
New tariffs already apply to aluminum and steel, with rates around 55.7%, up from 25%. These tariffs are unlikely to be reduced, causing exporters like Pančevo-based “Tehnomarket” to halve their US exports in the first half of 2025.
Experts have debated ways Serbia might negotiate tariff reductions, including proposals to remove tariffs on US car imports, but no concrete offers are known.
Stanić hopes tariffs will not exceed 15%, as higher rates would be disastrous for Serbia. Serbia exports over 60% of its goods to the EU, which agreed with the US on a 15% tariff rate, preventing a full trade war but applying only to EU exports, not US imports to Europe.
This agreement offers some relief to Serbia, but the economic outlook remains uncertain.
