OeNB Talks on International and Climate Economics

Tariffs, tensions and deals: global trade lost in transition?

In April, US President Trump shocked the world by announcing steep “reciprocal” tariffs on most of the USA’s trading partners. Although some of the highest tariffs were later retracted, Trump made it clear that countries would need to strike “deals” with the USA to avoid their reintroduction. On July 27, 2025, the EU and the USA reached such a deal: The EU agreed to a 15% tariff on most goods exported to the USA and accepted that a 0% tariff would apply to almost all US imports to the EU.

What are the consequences of this trade agreement for Austria and Europe? Was it a mistake to accept such a one-sided deal, or was it necessary to avoid a trade war that could have caused even greater disruption? Should the deal be re-negotiated? Are we witnessing the end of globalization and the beginning of a fragmented global trading system divided into competing blocs?

These are some of the questions we will explore on October 21, 2025, as we launch our new series “OeNB Talks on International and Climate Economics.”

Introductory remarks
Martin Kocher, Oesterreichische Nationalbank, Governor 

Speakers
Gabriel Felbermayr, Austrian Institute for Economic Research (WIFO), Director
Marion Jansen, OECD, Trade and Agriculture Directorate, Director
Baptiste Meunier, European Central Bank, External Developments Division

Moderation
Fabio Rumler, Oesterreichische Nationalbank, Head of International Economics Section

Date
Tuesday, October 21, 2025, 15:30 – 17:30 CEST

Venue
Oesterreichische Nationalbank, Veranstaltungssaal
Otto-Wagner-Platz 3, 1090 Vienna
or Online via Webex