Minister comments on how new U.S. tariffs will affect Kazakhstan

Tengrinews.kz – The recent U.S. decision to raise import tariffs on goods from 185 countries, including Kazakhstan, is unlikely to significantly impact the Kazakh economy, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin said during a briefing in the Mazhilis.

“In this context, we’re more of a passive recipient of the news. We are not considering retaliatory tariffs at the moment. As for the duties that have been imposed against us, most are not currently in effect because the goods fall under exceptions,” Zhumangarin noted.

He explained that key Kazakh exports such as uranium, crude oil, silver, and high-carbon ferrochrome are excluded from the tariff hikes.

“These raw materials are considered strategic, and Kazakhstan remains a reliable supplier to both European and American markets. So, in this case, the tariffs have had no effect,” he said.

However, the vice-premier acknowledged that some impact is still felt.

“Tariffs affect less than 5% of our exports — approximately $100 million worth of goods. We need to assess whether prices can absorb the new tariffs, whether the market is elastic, or if businesses will have to reduce their margins. In some cases, companies might have to exit the market and look for alternative ones,” he added.

On April 2, U.S. President Donald Trump announced a sweeping tariff policy during a White House press conference. Tariffs will apply to all imported goods from the listed countries, based on a "reciprocity" principle. The baseline import tariff was set at 10%, but several countries are subject to significantly higher rates:

• China – 34%
• EU countries – 20%
• Switzerland – 31%
• UK – 10%
• Israel – 17%
• Kazakhstan – 27%

Among the highest: Vietnam – 46%, Cambodia – 49%, Laos – 48%

The announcement sparked global criticism from economists and world leaders, with markets reacting immediately — stock indexes tumbled and oil prices dropped sharply. Analysts also warn of rising consumer prices worldwide and a potential slowdown in global economic growth.