Customs from the USA: rising prices and risks for Austria's economy!

Customs from the USA: rising prices and risks for Austria's economy!

The customs plans announced by US President Donald Trump, which include special tariffs from 25 percent on steel and aluminum imports, have already caused concern in Austria. According to the WiFo and WU trade economist Harald Oberhofer, the effects will not immediately become noticeable, but the consequences are not to be underestimated in the long term. "From an economic point of view, what is now known is not so relevant that it can create noticeable inflation effects," he said in an interview with the APA. However, it could occur selectively, for example with whiskey or motorcycles. However, if the trade conflict continues to escalate, the prices will be increasing, which the Austrian economy is currently being burdened, as oe24.at

The new customs regulations in Austria particularly affect the steel company Voestalpine and the aluminum manufacturer Amag. Oberhofer warned that companies in the United States have to pass on the increased advance payment costs through higher end customer prices. These additional financial burdens could have a negative impact on the competitiveness of the US companies. Compared to 2018, when similar tariffs were introduced, Oberhofer expects a more intensive trade conflict. The trade dispute is described as a "economic game", which could also affect the global economy, such as the emphasized.