PODGORICA (Montenegro), April 7 (SeeNews) - Montenegro will not raise tariffs on imports from the United States, which average 20% at present, in response to the recently announced US tariffs of 10% for Montenegrin goods, local media reported.
"Montenegro will not increase customs duties on US products, and thus we will additionally demonstrate that we are devoted to our unity and partnership with the US, similar to the way they showed it by introducing the lowest tariff for our country," the Vijesti daily quoted economy minister Nik Gjeloshaj as saying last week.
He noted that the introduction of the lowest possible tariff by the side of the US has proved "our strong economic relations and the continuity of the US policy of friendship towards Montenegro". Gjeloshaj also said that work has been in progress on strengthening bilateral cooperation in all areas, especially since last year's signing of a memorandum for economic cooperation with the US.
Vijesti also reported that according to information from the government, the 10% US tariffs introduced for Montenegrin goods will probably have impact on local alcoholic beverages producer Noblewood and wine maker Plantaze. Yet, this impact might as well be positive since the tariff on the Montenegrin goods is lower compared to these levied by the US on imports from some other competitor countries.
According to the daily's report, Montenegro applies tariffs of 10% to 30% on certain US goods, mainly dairy products, soft drinks and alcoholic beverages. Last year, Montenegrin exports to the US totalled 5 million euro ($5.5 million), including 2.5 million euro worth of alcoholic drinks, wine and beer. The remaining 2.5 million euro included re-exports and return of previously imported goods, Vijesti reported.
Last week, US president Donald Trump announced a tariff of at least 10% on imports into the country, with higher duties on some 60 nations that maintain large trade surpluses with the US, in an attempt to boost the US economy and bring back manufacturing jobs.
In Southeast Europe, Serbia, Bosnia and Herzegovina, North Macedonia and Moldova were put on the 'worst offenders' list, facing tariffs in the range of 31% to 37%, while European Union members Bulgaria, Romania, Slovenia, and Croatia will be subject to 20% tariffs, which will apply to the entire bloc.
Similar to Montenegro, Albania and Kosovo were imposed a 10% tariff by the US.
($ = 0.904 euro)