During a press conference on April 8, interim President of Romania, Ilie Bolojan, addressed the current economic challenges posed by the U.S. administration’s imposition of new tariffs and their ripple effects on Romania and the broader European Union (EU). He emphasized the importance of transparency and communication with the public during uncertain times.
While Romania’s direct exposure to U.S. tariffs is limited—mainly impacting aluminum, pharmaceuticals, and steel-related exports—the indirect effects via integration into European value chains could harm Romanian businesses. Germany, Romania’s largest trading partner, contributes heavily to EU-U.S. trade, meaning fewer orders for Romanian firms linked to German supply chains.
Bolojan warned of unpredictable consequences in a globalized economy, including reduced foreign investments due to heightened uncertainty.
Escalating trade tensions between the U.S. and EU risk inflating costs, reducing consumer purchasing power, and triggering a potential recession. The EU, led by the European Commission, is negotiating a measured response to avoid exacerbating instability. A phased approach includes counter-tariffs on U.S. agricultural goods while exempting critical sectors like nuclear energy to protect Romania’s ongoing projects.
The president stressed the need for structural reforms and increased competitiveness within Romania’s economy. Key priorities include lowering energy costs, accelerating infrastructure projects, transitioning from coal to gas, and enhancing energy storage capacity. Simplifying bureaucratic processes and fostering entrepreneurship are also vital to unlocking economic growth. Addressing fiscal imbalances—reducing state expenditures, boosting budget revenues, and utilizing EU funds efficiently—is essential to mitigate adverse impacts.
While immediate solutions are unlikely, Bolojan framed these challenges as opportunities for self-reliance and resilience. “In such complex situations, quick fixes do not exist, and solutions must be built piece by piece across multiple levels. We support continuing negotiations so that the two major markets—the EU and the U.S.—can find ways to keep economic flows moving” he stated.
He urged stakeholders to focus on actionable steps within their control while adapting to external uncertainties.
“I believe these challenges are also opportunities to believe in ourselves again and do what needs to be done to create prosperity in our country. We must adapt to external factors beyond our control and influence them as much as possible” Bolojan said.
Drawing inspiration from Jean Monnet’s vision of Europe emerging stronger from crises, Bolojan expressed hope for a resolution that balances economic stability with continued growth.
“As Jean Monnet once said, Europe has been built through crises, and perhaps the sum of solutions found during such crises can strengthen Europe and develop its economy.”
Ultimately, navigating this complex landscape requires patience, multilateral cooperation, and strategic reforms to safeguard Romania’s future prosperity.
