US President Donald Trump has signed an executive order finalising steep new tariffs on imports from dozens of countries, confirming that Serbia and Bosnia and Herzegovina will be the hardest hit in the Balkans under the administration’s sweeping trade overhaul.

The White House said the tariffs, set to take effect on August 7, are designed to restructure global trade “in favour of American workers.” The measures are part of Trump’s broader strategy to reduce the US trade deficit through reciprocal tariffs on nations with significant trade surpluses.

Serbia will face a 35% tariff – one of the highest among affected countries – while Bosnia and Herzegovina will be subject to a 30% duty. North Macedonia, Montenegro and Albania will see lower rates of 15%, 10% and 10% respectively. The highest tariff, 41%, was imposed on Syria.

Initially slated to take effect on August 1, the tariffs were delayed by one week. Trump said in an interview with NBC News that while the measures have been finalised, individual agreements are still possible.

Serbian President Aleksandar Vucic confirmed on July 30 that Belgrade had submitted a proposal to Washington in hopes of mitigating the impact. “We have submitted our proposal, we are waiting for an answer and I believe we will receive it soon,” Vucic said.

Trump had originally announced a 37% tariff on Serbian imports earlier in April, but the rate was revised down to 35% in July.

Serbian officials have expressed disappointment over the decision. Bojan Stanic, assistant director of the Serbian Chamber of Commerce’s strategic analysis division, notes that Serbia is now among the 10% of countries facing the highest US customs duties.

"In the last ten years, we have significantly improved economic relations," Stanic told state broadcaster RTS. "Trade with the US has increased by more than 20%. There is no economic justification for this move – it is likely politically motivated."

Serbia’s exports to the US totalled $670.1mn in 2024, a rise from $556.9mn the year before. Major exports included tyres, arms, machine parts, animal feed, fruit and copper. Imports from the US amounted to $739.4mn in 2024.

The direct trade share remains modest – only 2.2% of Serbia’s exports from January to May 2025 were destined for the US. The broader concern for Belgrade is the potential secondary effect of the tariffs, particularly on Serbia’s primary trading partners, such as Germany and China.

Bosnia, meanwhile, could see its small but growing defence exports hit hard. The US accounts for just 1% of Bosnia’s total trade, but bilateral commerce has grown by 71% over the past decade, making the new tariffs a setback for continued growth.

The new tariffs also target India (25%), Switzerland (39%), the EU (15%), Japan (15%) and South Korea (15%), reflecting Trump’s intent to enforce what the White House calls “reciprocal trade.”