Slovak government will ask the EU for massive aid for its car industry

In response to US tariffs on EU cars, the government will ask the EU for massive aid for the car industry instead of massive defense spending, PM Robert Fico said. He did not indicate whether his government would respond to the tariffs. The EU has not yet disclosed its retaliatory measures. (openiazoch.sk)

The new 25% tariffs that the US is imposing on car imports from April 3 will deal a blow to Slovakia's auto-reliant economy, the central bank NBS said. Cars and their parts account for three-quarters of Slovak exports to the US. Slovakia is the 7th-largest car exporter to the US. The Slovak plants of Volkswagen and Jaguar Land Rover and some parts suppliers will be the hardest hit. On the positive side, Slovak exports to the US consist of luxury SUV models and demand for them is less price sensitive. The Slovak unemployment rate is likely to rise by a few tenths of a percent.

(hnonline.sk, pravda.sk, sita.sk)