Both Serbia and Bosnia & Herzegovina are among the countries informed by US President Donald Trump they will face high new tariff rates from August 1. 

While Trump signed an executive order extending the previously announced pause on tariffs, as announced on July 7, 14 countries including Serbia and Bosnia have been sent letters warning tariffs will be imposed from August 1.

The US will impose a 35% tariff on imports from Serbia starting August 1, Trump announced on July 7. The new rate is slightly lower than the delayed reciprocal tariffs announced at the beginning of April — 37% for Serbia — but still the highest in the region and amongst the highest globally. 

In a letter addressed to Serbia's President Aleksandar Vucic and published on Trump’s Truth Social platform, the president suggested that the tariff rates could still be adjusted, depending on Belgrade's response and future trade negotiations.

“If you want to open your hitherto closed trade markets to the US and perhaps eliminate your tariff and non-tariff policies and trade barriers, we will consider changes to this letter,” wrote the president.

Trump warned that any retaliatory tariffs by Serbia would trigger further increases.

Serbia’s economic exposure to the US remains limited; the US ranks 19th among its export destinations, with most of Serbia’s trade tied to the European Union and neighbouring countries. Nonetheless, the steep tariff is a symbolic blow amid otherwise cordial ties between Washington and Belgrade.

US-Serbia relations have remained warmer under Trump compared to the Biden administration, which imposed sanctions on Serbia's oil company NIS days before Trump assumed office in January 2025. The Trump administration has repeatedly postponed enforcement of those measures.

Meanwhile, Trump has imposed 30% tariffs on imports from Bosnia from August 1, according to statement published on the White House website.

In a letter to the current chair of Bosnia’s state tripartite presidency, Zeljka Cvijanovic, published on Truth Social, Trump explained that the goal of the tariffs is to make the trade relations between the two countries more balanced and fairer.

“Regardless of that, we have decided to continue, but only with more balanced and fairer trade. Therefore, we invite you to participate in the exceptional US economy and by far the number one market in the world,” the letter states.

“Our relationship is, unfortunately, far from reciprocal. Starting August 1, 2025, we will only charge BiH a 30% tariff. Please keep in mind that 30 percent is far less than the percentage needed to eliminate the disproportionate trade deficit,” Trump said.

As reported by bne IntelliNews earlier this year, Trump’s tariff formula seems to be based on a shockingly simplistic calculation: taking the trade deficit with the US and dividing it by a country's total exports to the US. This approach treats trade deficits as equivalent to tariffs, without regard for the actual tariff structures in place in these countries.

Trump also threatened that should Bosnia respond with tariffs on imports from the US, that amount would be added to the 30% tariff.

He said that the tariffs will not apply to those from Bosnia that decide to move production to the US.

The initial round of tariffs was unveiled in April, with the implementation date pushed to July 9 for most countries. The current August 1 deadline offers a short reprieve but extends uncertainty for importers and exporters alike.

Other countries included in the announcement on July 7 include Bangladesh (35%), Japan (25%), Kazakhstan (25%), Myanmar (40%), South Korea (25%), Thailand (36%) and Tunisia (25%).