Lithuania Allocates 20M Euros for Partial Compensation of US Duties Losses
Lithuania to Compensate Businesses for Tariffs Imposed by US
Lithuania is taking steps to support businesses that have been affected by tariffs imposed by the United States on the European Union. The Ministry of Economy and Innovation has announced a plan to provide partial compensation to companies trading with the US.
The aid package, totaling around 20 million euros, will be allocated to help businesses offset their losses. A significant portion, 12 million euros, will go towards compensating part of the salaries of additional export managers and supporting companies’ participation in exhibitions and business missions to explore new export markets. Additionally, 1 million euros will be earmarked for business associations to organize business foreign missions.
According to the ministry, the US accounts for 6.8% of Lithuania’s total exports, with an estimated export volume of 1.6 billion euros to the country by 2024. Currently, 1,041 Lithuanian companies engage in trade with the US, with American exports making up more than 50% of turnover for about 100 of them.
The Ministry of Economy of Lithuania has warned that if US tariffs remain at their current level for 3-4 years, it could result in a 0.65% decrease in the country’s GDP. The government’s compensation plan aims to help businesses weather the effects of these tariffs and continue to thrive in international trade.
