Last week, the US Supreme Court struck down much of Trump’s tariff policy. Trump then imposed a new 10 percent duty under a different law and has promised to raise it to 15 percent.

However, for countries where the European Bank for Reconstruction and Development (EBRD) operates, the changes will have a “very limited” effect, said chief economist Beata Javorcik.

Founded in 1991 to help former Soviet bloc nations adopt free-market economies, the EBRD now also works in the Middle East, North Africa, and parts of sub-Saharan Africa.

“The impact of the US tariffs on our countries of operation has been limited, much lower than anticipated,” Javorcik told AFP.

The bank’s latest report forecasts growth to accelerate to 3.6 percent this year and rise further to 3.7 percent in 2027.

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Some countries may even benefit from lower tariffs, including Serbia, Bosnia and Herzegovina, Moldova, and Tunisia. Overall, however, the global economic picture remains largely unchanged.

Javorcik also cautioned that “we have not felt the full impact of tariffs yet,” as much of 2025 exports to the US reached markets before the new measures were applied.

The EBRD added that the artificial intelligence boom has increased US imports of technology-related goods, including semiconductors. Countries in Central Europe, the Baltics, Bulgaria, and Romania could benefit from exporting these products.