NEWS

Higher tariffs send the wrong signal

AmCham is concerned regarding the current development

The American Chamber of Commerce in Austria (AmCham Austria) is concerned regarding the current development of the U.S. Government imposing tariffs and limits on imports of steel and aluminum from European markets and possible E.U. repercussions.

Prior administrations have negotiated with the aim of a comprehensive transatlantic free-trade agreement benefitting stronger ties between European and U.S. markets. We are hopeful that this will continue in the current administration.

Along with all other member of the European Union Austria is affected. Every second job in Austria is directly or indirectly dependent on exports. The U.S. is, behind our largest trading partner Germany, our second most important partner for trade. Last year Austrian exports to the US rose eight percent. “Today, now more than ever we appeal for the removal of trade barriers, for the benefit of both Austria’s and the U.S.’s economic growth and global economic and social development”, says Mag. Sandra Kolleth, president of AmCham Austria.

Although Austria’s steel industry with its production facilities in the U.S. is a huge economic boost to both markets, punitive tariffs are a clear signal leading us in the wrong direction. AmCham Austria hopes that the EU’s reaction will be level-headed and that rationality will prevail in negotiations between the EU and the U.S. “In this timely situation it is important to send out a clear message and sustain the communication between trade partners. To the benefit of its membership, AmCham Austria acts as a communication channel to representatives of the U.S. administration in Austria”, says Kolleth.