US President Donald Trump has stepped back from his earlier threat to raise global tariffs to 15%, leaving current rates on US exports at 10%, according to Politico. This move spares the UK and the EU from facing higher trade barriers under the new White House regime.
Yesterday, the European Parliament froze the ratification of the EU?US trade agreement, citing concerns that Trump's potential tariffs would violate the terms of last summer's transatlantic deal.
Commenting on the situation, Iliya Lazarov, an EPP MEP and member of the Committee on International Trade, said on Nova TVthat the global trade landscape is currently in turmoil. He described the ongoing tensions as a form of trade war, initiated by Trump's actions worldwide.
Bulgaria is particularly exposed due to its significant role in automotive production. Lazarov noted that nearly all European car manufacturers rely on components produced in Bulgaria, directly or indirectly supporting between 50,000 and 70,000 jobs. Disruptions caused by American tariffs could threaten employment, reduce production capacity, and even force some factories to close.
The EPP MEP emphasized that the European industrial sector relies heavily on predictability, and the unpredictable stance of the United States under Trump undermines this stability, creating uncertainty for Bulgarian companies and workers alike.
