A gloomy morning has dawned in Bosnia and Herzegovina (BiH), not only in a meteorological sense but also economically. While we followed the United States (U.S.) President Donald Trump’s announcements about imposing tariffs on goods entering the U.S. under the label of other countries from a safe distance – likely thinking this would continue to apply to the European Union (EU), China, Canada, Mexico, and perhaps a few more countries – the wake-up call has arrived: BiH is on the list of countries facing these U.S. tariffs.
Tariffs also imposed on Serbia
Presenting a chart, Trump stated that our country charges the U.S. tariffs of 70 percent, and accordingly, the U.S. will impose tariffs of 35 percent on BiH.
However, Trump has not only imposed tariffs on BiH but also on neighboring Serbia – at 37 percent, the highest among the countries in the region. According to White House data, Serbia charges the U.S. tariffs of 74 percent. Tariffs have also been introduced for North Macedonia (33 percent), while Kosovo and Montenegro face tariffs of 10 percent. Also on the list are China (34 percent), India (26 percent), the United Kingdom (UK) (10 percent), Japan (24 percent), and Australia (10 percent), while the EU has been subjected to tariffs of 20 percent.
“My fellow Americans, this is Liberation Day,” Trump declared at an event in the Rose Garden to announce the sweeping tariffs – deliberately timed after U.S. stock markets had closed. “Foreign fraudsters have looted our factories and shattered our once-beautiful American dream,” Trump said, among other things.
As he previously explained, the tariffs are being introduced to end the U.S.’s “one-sided economic surrender” and to encourage economic “transformation” at home.
According to data from the Ministry of Foreign Trade and Economic Relations of BiH, the total trade exchange of BiH from January to June 2024 amounted to 22.01 billion BAM. The value of exported goods was 7.96 billion BAM, while the value of imported goods reached 14.05 billion BAM, resulting in a trade deficit of 6.09 billion BAM.
From this data, it is evident that Europe was the dominant market for BiH exports. BiH’s top exports included insulated wire and cables worth 353.83 million BAM, electricity worth 289.31 million BAM, iron or steel structures worth 270.11 million BAM, and seats and their parts worth 267.90 million BAM. In the first half of last year, BiH’s largest export destinations were Croatia (1.28 billion BAM), Germany (1.27 billion BAM), Serbia (826.77 million BAM), Austria (787.44 million BAM), Slovenia (681.53 million BAM), and Italy (653.35 million BAM).
Exports to EU countries amounted to 5.93 billion BAM, which was 7.30 percent lower than in the same period of 2023. Exports to CEFTA countries totaled 1.26 billion BAM, marking a 21.64 percent decrease from the previous year, while exports to non-EU and non-CEFTA countries accounted for 9.65 percent of BiH’s total exports.
In 2008, we exported 53 products to the U.S.
When it comes to foreign trade, exchange with the U.S. accounts for a negligible one percent of BiH’s total annual global trade.
Last year, BiH mainly exported non-military industry products to the U.S., though some of its food industry companies also placed products on the U.S. market. In 2024, BiH’s total exports to the U.S. amounted to just over 200 million BAM.
For years, BiH has imported more goods from the U.S. than it has exported. Five years ago, according to data from the Indirect Taxation Authority (ITA) of BiH, the country exported 53 different products to the U.S. in just five months, with the top exports being weapons, followed by furniture, zinc products, and products made from iron and aluminum.
