Finance Talks by EOS: U.S. Tariffs Will Have Indirect Impact on the Domestic Economy – Redefinition of Tax and Fiscal Policy and Search for New Markets Needed
Skopje, 03.04.2025 – There will not be a significant direct negative impact from the introduction of 33% tariffs on exports of products from the country to the USA, but the indirect impacts should not be underestimated. We are witnessing the creation of new global economic relations, and in these processes, there is no place for panic, but rather for thorough analysis, evaluation of new potentials, and restructuring of the economy. These were the main conclusions of the debate “Financial Trends in Global Markets and Their Effects on the Local Economy,” organized by EOS Matrix Macedonia within the platform Finance Talks by EOS.
The debate included: Nikica Mojsovska Blazevski, Executive Director of Macedonia 2025; Prof. Dr. Trajko Slaveski, Professor at the Faculty of Economics in Skopje; Goran Temenugov, editor and author of the economic podcast “Where is the Money” and journalist at Pari.mk portal and TV21; and Sonja Tanevska, editor of the economics department in Racin.mk and the weekly Focus.
The keynote speaker and moderator of the event was Dr. Katerina Boshevska, CEO of EOS Matrix Macedonia and EOS Kosovo and President of the European Business Association. Boshevska emphasized the importance of major structural changes, known as the five Ds—deglobalization, decarbonization, debt, digitalization, and demographics—which hold transformative potential.
“The introduction of tariffs by the USA to other countries is part of the deglobalization process, which began some time ago. The effects of this decision on the Macedonian economy will be prolonged, meaning we will not feel them immediately. However, we must focus on our strengths as an economy and redefine tax and fiscal policies,” Boshevska said.
Regarding the volume of trade exchange, the USA ranks 24th on the list of countries to which we export domestic products and semi-products. While no significant negative consequences are expected in the short term, the debate highlighted that there will be indirect negative effects in the medium and long term, due to the impact on the economy of the European Union, with which we have significant trade exchange.
“The introduction will have indirect impacts, especially on companies from the USA, primarily from the diaspora who invested in the country to export to the USA and the EU. Therefore, diversification of the economy and markets is necessary. We must seek new export markets, especially in the East and Africa. That is the salvation for our economy. Additionally, it is important to monitor the transformation of the German economy to make good decisions about where we can fit into that big picture,” emphasized Mojsovska Blazevski.
Professor Trajko Slaveski stated that the act of introducing tariffs by the world’s largest economy effectively marks the end of globalization.
“We are now seeing the consequences of a process that began in 2007 after the global financial crisis and accelerated with the COVID pandemic, during which many economic activities were disrupted. As a small economy, Macedonia will not experience significant direct effects, but there will still be indirect consequences. The country must conduct analysis and consider reducing tariffs on certain goods coming from the USA and create conditions for revising the tariffs on our products,” Slaveski said.
Journalist Goran Temenugov noted that this is an introduction to a new Cold War in the world, where major countries like the USA and China are trying to create better positions for their economies.
“These processes will affect markets and the free flow of capital, but we must adapt and choose a side. The introduction of tariffs is also a process of creating a better negotiating position for the USA with each country individually. The tariffs are intended to create a new negotiation model that will enable the American economy to strengthen its position,” Temenugov said.
He also pointed to the importance of greater public debate to create a better model that will pave the way for Macedonia’s economy.
Sonja Tanevska also emphasized the need for expert debate in public regarding economic changes in the global economy, as there is a need for both information and education.
“All institutions that can contribute to decision-making and faster adaptation to changes need greater agility. This process is thorough and uncertain, and therefore transparency and cooperation among all stakeholders are necessary,” Tanevska stated.
The debate also addressed public debt and its impact on the national economy. Participants unanimously agreed that borrowing can have positive effects only if it is used for development, specifically directed toward investments in infrastructure, education, and research, and not for populist purposes. The funds from the Hungarian loan must be directed toward development, not populist goals like salaries and pensions. To clearly understand the effects of projects financed by this loan, experts and journalists called for greater transparency and strengthening the capacities of institutions at both local and central levels to use the funds from grant programs effectively.
EOS Matrix Macedonia is part of the EOS Group, present in more than 20 markets, managing a portfolio of investments of approximately 510 million euros. Finance Talks is a platform for knowledge exchange, and through this initiative, EOS Matrix Macedonia aims to initiate broader discussions in society on important topics and areas that should accelerate technological advancement and promote innovative solutions in the financial sector in our country
The debate included: Nikica Mojsovska Blazevski, Executive Director of Macedonia 2025; Prof. Dr. Trajko Slaveski, Professor at the Faculty of Economics in Skopje; Goran Temenugov, editor and author of the economic podcast “Where is the Money” and journalist at Pari.mk portal and TV21; and Sonja Tanevska, editor of the economics department in Racin.mk and the weekly Focus.
The keynote speaker and moderator of the event was Dr. Katerina Boshevska, CEO of EOS Matrix Macedonia and EOS Kosovo and President of the European Business Association. Boshevska emphasized the importance of major structural changes, known as the five Ds—deglobalization, decarbonization, debt, digitalization, and demographics—which hold transformative potential.
“The introduction of tariffs by the USA to other countries is part of the deglobalization process, which began some time ago. The effects of this decision on the Macedonian economy will be prolonged, meaning we will not feel them immediately. However, we must focus on our strengths as an economy and redefine tax and fiscal policies,” Boshevska said.
Regarding the volume of trade exchange, the USA ranks 24th on the list of countries to which we export domestic products and semi-products. While no significant negative consequences are expected in the short term, the debate highlighted that there will be indirect negative effects in the medium and long term, due to the impact on the economy of the European Union, with which we have significant trade exchange.
“The introduction will have indirect impacts, especially on companies from the USA, primarily from the diaspora who invested in the country to export to the USA and the EU. Therefore, diversification of the economy and markets is necessary. We must seek new export markets, especially in the East and Africa. That is the salvation for our economy. Additionally, it is important to monitor the transformation of the German economy to make good decisions about where we can fit into that big picture,” emphasized Mojsovska Blazevski.
Professor Trajko Slaveski stated that the act of introducing tariffs by the world’s largest economy effectively marks the end of globalization.
“We are now seeing the consequences of a process that began in 2007 after the global financial crisis and accelerated with the COVID pandemic, during which many economic activities were disrupted. As a small economy, Macedonia will not experience significant direct effects, but there will still be indirect consequences. The country must conduct analysis and consider reducing tariffs on certain goods coming from the USA and create conditions for revising the tariffs on our products,” Slaveski said.
Journalist Goran Temenugov noted that this is an introduction to a new Cold War in the world, where major countries like the USA and China are trying to create better positions for their economies.
“These processes will affect markets and the free flow of capital, but we must adapt and choose a side. The introduction of tariffs is also a process of creating a better negotiating position for the USA with each country individually. The tariffs are intended to create a new negotiation model that will enable the American economy to strengthen its position,” Temenugov said.
He also pointed to the importance of greater public debate to create a better model that will pave the way for Macedonia’s economy.
Sonja Tanevska also emphasized the need for expert debate in public regarding economic changes in the global economy, as there is a need for both information and education.
“All institutions that can contribute to decision-making and faster adaptation to changes need greater agility. This process is thorough and uncertain, and therefore transparency and cooperation among all stakeholders are necessary,” Tanevska stated.
The debate also addressed public debt and its impact on the national economy. Participants unanimously agreed that borrowing can have positive effects only if it is used for development, specifically directed toward investments in infrastructure, education, and research, and not for populist purposes. The funds from the Hungarian loan must be directed toward development, not populist goals like salaries and pensions. To clearly understand the effects of projects financed by this loan, experts and journalists called for greater transparency and strengthening the capacities of institutions at both local and central levels to use the funds from grant programs effectively.
EOS Matrix Macedonia is part of the EOS Group, present in more than 20 markets, managing a portfolio of investments of approximately 510 million euros. Finance Talks is a platform for knowledge exchange, and through this initiative, EOS Matrix Macedonia aims to initiate broader discussions in society on important topics and areas that should accelerate technological advancement and promote innovative solutions in the financial sector in our country