Feb 21 • 12:29 UTC 🇫🇮 Finland Yle Uutiset

Economists: Trump’s new tariff decision may even support Finland’s economic growth

The U.S. Supreme Court overturned President Trump's extensive import tariffs, leading to a new global 10% tariff that could provide a small relief for European exporters.

The U.S. Supreme Court ruled against President Donald Trump's broad import tariffs, determining that he overstepped his authority with these measures meant to address national emergencies. In response, Trump quickly announced a new global 10% import tariff, scheduled to take effect imminently. This adjustment is viewed as a simplification of the existing tariff structure, which had involved varied rates across different product categories.

Economists are reacting positively to this new tariff level, considering it a minor relief for European exporters. Tuuli Koivu, chief economist at Nordea, indicated that this universally lower tariff could significantly streamline procedures and reduce costs, which had previously varied greatly among different goods, such as steel and aluminum. Reijo Heiskanen, chief economist at OP, also noted that this change allows European exporters to better penetrate the U.S. market with reduced tariffs.

Overall, the adjustments to the tariff policy could provide beneficial support for Finland's economic growth by making it easier for Finnish exports to compete in the U.S. market. If the new tariff remains in place, it could further encourage trade and economic interactions between Finland and the United States, easing some economic pressures during a delicate period for global commerce.

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