Experts from the Institute of Economic Sciences (Wifo) warned today about significant uncertainties regarding the impact of these taxes. In a global context, the consequences could be more severe for the United States, risking high inflation and a 24% drop in exports.
Austria has been experiencing an economic recession for the past two years, with a Gross Domestic Product (GDP) contraction of 1% in 2023 and 1.1% in 2024. For 2025, Wifo projected a decline of 0.3%, which may now worsen to 0.65%.
Wifo, one of Austria’s leading economic analysis centers, criticized former President Trump for focusing on trade deficits in goods while overlooking substantial surpluses in services, particularly digital ones, that the United States holds.
Other experts, such as those from the Vienna Institute for International Economic Studies (wiiw) and the Institute for Advanced Studies (IHS), discussed a potential negative impact on Austria ranging between 0.1 and 0.2% of GDP today.
The United States ranks as the second-largest market for Austrian exports, trailing only Germany, with a sales volume of 16.23 billion euros in 2024, according to official data.
Following a meeting in Vienna with representatives of the export sector, Economy Minister Wolfgang Hattmannsdorfer and the President of the Federation of Industry, Georg Knill, called for a firm and coordinated response from the European Union.
Among possible retaliatory measures, restrictions on products from Republican states, aiming to impact Trump’s electoral base, and major American tech companies were mentioned.
