Trump's tariffs on EU goods will directly affect Lithuania's economy - minister

VILNIUS - After US President Donald Trump threatened on Wednesday to slap 25 percent tariffs on imports from the EU, Economy and Innovation Minister Lukas Savickas said the move would have a direct impact on Lithuania's economy.

"Trump's announcement about the planned 25 percent tariffs on EU goods will directly affect the Lithuanian economy," he said in a comment to BNS on Wednesday.

"We will have to assess the impact in more detail across different product categories; there is no clarity yet," he added.

According to Savickas, the tariffs are likely to hit industry and higher value-added products the hardest.

"Lithuania's direct exports to the US account for about 6.8 percent of total exports of Lithuanian-origin goods, making it the country's fifth-largest export partner. Exports in 2024 amounted to 1.6 billion euros," the minister said.

"We will likely feel the biggest impact through industry and higher value-added products. Restrictions on European cars and their imports have previously been mentioned. It is important to note that Lithuanian manufacturers are part of EU supply chains," he added.

Savickas said Lithuania is working with its EU partners to respond to the situation.

"We are actively cooperating with our EU partners to find solutions and possible countermeasures. We will have to encourage Lithuanian companies to diversify their export markets and seek new opportunities. Lithuanian businesses have repeatedly proven to be resilient, flexible, and adaptive. The state is ready to step in with economic stimulus measures," he said.

Trump said on Wednesday that he would impose 25 percent tariffs on the EU and claimed the bloc was "formed in order to screw the United States".

The Republican said the tariffs would affect many products imported from the EU, including cars.