Lithuanian Prime Minister Gintautas Paluckas has expressed that US tariffs on the European Union are unlikely to affect Lithuanian companies significantly. He emphasised that these tariffs will not apply to approximately half of the goods exported by Lithuania.
“Based on the initial information available and the current structure of Lithuanian exports to the United States, we note several crucial exemptions in electronics, semiconductors, pharmaceuticals, and energy sectors. Given that goods in these areas constitute half of our exports, we anticipate that the overall impact may be minimal,” Prime Minister Paluckas stated during a press briefing on Thursday.
He remarked that it remains uncertain whether a trade dispute will arise between the US and the EU or if both parties will opt for negotiation. To support companies that currently export to the United States, the Ministry of the Economy and Innovation will implement a €20 million support package aimed at risk mitigation and exploring new market opportunities.
According to data from the Ministry of the Economy and Innovation, Lithuania’s exports to the United States represent 6.8% of the total value of goods exported from Lithuania. In the previous year, exports to the US amounted to €1.6 billion, making it Lithuania’s fifth-largest export market. More than 1,000 businesses in Lithuania may apply for state assistance in response to the US tariffs.
The Ministry has also announced a new initiative to diversify exports and facilitate Lithuanian companies’ access to new markets. The newly introduced tariffs are projected to reduce Lithuania’s gross domestic product by up to 0.65 percentage points over the next 3-4 years.
