PM Ciolacu: We will protect Romanian companies from effects of trade war between America and Europe
Prime Minister Marcel Ciolacu on Thursday announced support measures for all industries affected by 'the effects of the new trade war of tariffs between America and Europe,' mentioning that there is trust in Romania from investors.
'We will protect Romanian companies with all available resources from the effects of the new trade war of customs tariffs between America and Europe. We are preparing support measures for all affected industries through state aid schemes that are as efficient and easy to apply as possible, so they can produce effects in the shortest time,' Ciolacu said at the beginning of the government meeting.
He also addressed those who 'accuse daily how poorly things are going in the economy.'
'Recent data show the trust of both Romanian and foreign investors in our economic potential. The largest entrepreneurial industrial company, Chimcomplex, is investing 100 million euros in a new plant in Onesti. The Finnish company Nokia has started tire production in Oradea. They will exceed one billion euros in turnover this year. Mobexpert, Dedeman, and all the major hypermarket chains are expanding their logistics network in the country with investments of hundreds of millions of euros. An American investment fund acquired the Regina Maria healthcare network for over 1.3 billion euros,' Ciolacu said.
The prime minister pointed out that there is trust in Romania.
'In conclusion, there is trust in Romania, which is why investors are putting so much money on the table. This is the truth and the true image of our economy,' Marcel Ciolacu added.
U.S. President Donald Trump announced 'reciprocal tariffs' worldwide to help 'revive' the U.S. industry and put an end to the 'plundering' of the United States.
Tariffs will be imposed at 20% for products imported from the European Union, 34% for those from China, 31% for Switzerland, 26% for India, 10% for the United Kingdom, and 10% for Brazil. Products imported from Mexico and Canada will not be subject to an additional 10% tax, Reuters reported.
The White House announced on Wednesday that the new tariffs will take effect on April 5 and 9. AGERPRES (RO - writing by: Alina Novaceanu; EN - writing by: Adina Panaitescu)
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