Serbia’s President Aleksandar Vucic said on July 24 that the United States had temporarily lifted 35% tariffs on imports from Serbia while bilateral trade talks continue, describing the move as a boost for investment and economic ties.

Speaking to public broadcaster RTS, Vucic said US tariffs on Serbian goods would fall to zero starting on Friday before eventually settling at around 10% to 12%.

"Starting tonight, the tariffs for Serbia are zero percent ... and later they will probably be between 10% and 12%," Vucic said.

Vucic said the previous 35% tariffs had discouraged foreign investors, particularly manufacturers exporting to the US market, and that their suspension could attract "hundreds of millions of dollars" in new investment from existing and prospective investors.

The announcement comes a week after Serbia and the United States launched their first strategic dialogue in Washington, establishing a framework for regular cooperation on foreign policy, security, energy, trade and investment.

Serbia has sought to deepen relations with the administration of US President Donald Trump while maintaining longstanding ties with Russia and China. During the July 17 dialogue, Serbian Foreign Minister Marko Djuric and US Secretary of State Marco Rubio signed memorandums of understanding on energy cooperation and academic exchanges.

Vucic also said he was optimistic that negotiations over Serbia's Russian-controlled oil company NIS would be concluded within a month.

The United States has repeatedly extended sanctions waivers allowing NIS to continue operating while negotiations continue over the sale of the majority Russian-owned stake. Hungarian energy group MOL is in talks to acquire the Russian shareholding.

A resolution of the ownership issue would strengthen Serbia's fiscal position and investment outlook, Vucic said.