Armenia’s modest exports to the United States will likely fall after U.S. President Donald Trump’s decision to impose major trade tariffs on countries around the world, some Armenian entrepreneurs said on Thursday.
In what he called America’s “liberation day,” Trump announced on Wednesday a 10 percent baseline tariff on all imports to the U.S. and higher duties on imports from dozens of countries. Armenia and most other ex-Soviet states are not among those countries, meaning that the minimum rate will apply to their exports.
According to the Office of the U.S. Trade Representative, the U.S. imported $121 million worth of goods from Armenia last year. The Armenian Statistical Committee reported a much smaller figure, $59 million, which is equivalent to less than 0.5 percent of Armenia’s overall exports. It also pales in comparison with U.S. exports to Armenia worth about $352 million in 2024.
According to Armenia’s customs service, Armenian export items include alcoholic beverages, dairy products, canned food and cigarettes that are mostly sold in Armenian-populated areas in California and other states. The U.S. has levied 2 percent or zero duties from them until now.
Karen Khachikian, a Yerevan-based businessman producing and exporting Armenian brandy, predicted that the higher tariffs will make it more expensive in the U.S. market.
“Local buyers will give preference to local products,” he said. “Bourbon \[whiskey\] is produced there in large quantities, and it will now be much more attractive in terms of price.”
In Khachikian’s words, Armenian brandy sales in the U.S. have already plummeted in recent years due to a significant appreciation of the Armenian dram.
The U.S. accounted for just 1.4 percent of Armenia’s foreign trade in 2024.