Nicknamed the"Detroit of Europe" due to its thriving automotive industry, Slovakia produces more cars per capita than any other country in the world.
The fact that Europe was not mentioned in Trump's first tariff announcement will be regarded as welcome news for European Union policymakers, although the 27-nation bloc is likely worried that it's just a matter of time before Trump He added that while there appears to be"very little" Slovakia can do in the short term, the country's automakers have proven to be relatively good at dealing with challenges in the past.
"It is the heart of the manufacturing industry, right?" Luman told CNBC via video call."So, the automotive industry is linked eventually to the steel industry and the chemical industry, so it is the full supply chain that's involved here." "Slovakia has obviously done very well with auto production so far but now it is facing some challenges," Arushi Kotecha, automotive analyst at the Economist Intelligence Unit, told CNBC via video call.… so the China part of it is done — but, of course, there is some uncertainty that comes in with the Trump election," Kotecha said.