In the latest Expert Panel by Denník E, CELSI Scientific Director and professor of economics Martin Kahanec emphasised that the biggest economic risk is not tariffs alone, but growing uncertainty and unpredictability.

As Donald Trump once again threatens Europe with higher tariffs and geopolitical pressure, experts warn that the rules-based global order is eroding – with serious consequences for small, open economies such as Slovakia.

In the latest Expert Panel by Denník E, CELSI Scientific Director and professor of economics Martin Kahanec emphasised that the biggest economic risk is not tariffs alone, but growing uncertainty and unpredictability. Repeated tariff threats, even when later withdrawn, undermine trust, weaken investment, and disrupt global value chains.

For Slovakia, the risks are particularly high. Although direct exports to the US have declined, the Slovak economy remains deeply embedded in European supply chains – especially in sectors such as automotive, machinery, and chemicals – meaning indirect impacts can be substantial.

Martin Kahanec stressed that the European Union must respond in a unified and predictable manner, combining diplomacy and de-escalation with a credible readiness to defend its interests. “The best ‘bazooka’ is the one that deters effectively so that it never needs to be used,” he noted.

At the same time, Slovakia must strengthen its own resilience. Sustainable public finances, predictable policies, and strong anchoring in the EU and NATO are essential for withstanding external shocks in an increasingly volatile global environment.

🔗 Read the full panel discussion (in Slovak) at: https://e.dennikn.sk/5090428/panel-expertov-europa-musela-trumpovi-ukazat-ze-uz-kazdy-uder-vrati/

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