The abrupt moves made by the U.S. under Trump have one positive implication: to wake Europe up and make it take a good look at itself, stated Ivan Mihaylov, CEO of the American Chamber of Commerce

• America is a country with an entrepreneurial spirit, where everyone is free to realize their full potential for the benefit of society
• To maintain the high levels of trade between the United States and Bulgaria, our country must support projects and entrepreneurs that bring added value
• The goal of both Europe and the U.S. is to shorten supply chains for energy sources, metals, and rare earth elements, as well as for finished products manufactured in China
• Import tariffs from the US are straining corporate budgets and being passed on to consumers, but they also serve as a lever of influence and a signal to manufacturers
• The new Bulgarian government is not alone – it has the business community as a partner, both through employer organizations and through bilateral chambers of commerce
• The trade deal between the U.S. and the EU, though accepted with gritted teeth, has restored stability and predictability in doing business between the two partners

Mr. Mihaylov, the United States is celebrating its 250th anniversary during the “Trump Era,” a period marked by profound political and economic transformations. What is your assessment of the resilience of the American model and its impact on global business today?

The New World, as the lands of South and North America discovered by European explorers were called, has historically been a beacon of diversity and innovation, of modern democracy, and of industrial progress.

With the proclamation of the U.S. Declaration of Independence in 1776, the new nation became a model and a dream for many people around the world—freedom is a core value, the rule of law was established over the years as a guiding principle, the balance of powers was created and guaranteed, and rights were granted to the disenfranchised.

Although these processes have continued for centuries, their positive consequences have shaped a nation with an entrepreneurial spirit, in which everyone is free in many respects and, above all, able to realize their own potential for the benefit of society.

The American model led to an awareness of the United States’ global role beyond the Monroe Doctrine, a role that established its position as a world superpower capable of sustainably conquering space, opposing – together with its allies – Nazi Germany, and to defeat the mighty USSR in the Cold War.

Moreover, its role as a global economic hegemon also led it to the position of a technological leader and accelerated globalization.

Doing business “the American Way” even brought to the forefront a theory and practice that helped numerous companies and countries around the world make giant leaps in their development.

Today, in the middle of President Trump’s second term, we are witnessing megatrends that are a natural result of processes that began decades ago. One such example is the latest phase of U.S. space missions; for years, there has been talk of a space economy because the industries making the April Artemis 2 mission to the Moon are shaping their own economic ecosystem.

Another example is the artificial intelligence (AI) industry, which combines computational power with the need for abundant and affordable energy generated by next-generation nuclear power plants, and soon – likely – by thermonuclear fusion.

Data centers, AI centers, and universities that train the workforce for them – these are just some of its manifestations. And we’re not even talking about the fact that these two industries can be combined – it’s already a reality: the space industry relies on the AI industry to keep the cycle of discovery turning and leading to new solutions and breakthroughs.

I almost missed something very important – medicine, which has decoded human DNA, made a series of scientific discoveries to combat diseases, and even reached such dimensions as the dream of longevity.

The Trump administration is imposing a new economic order driven by reindustrialization and protectionism. How are global supply chains changing, and how are the rules of international trade being rewritten?

Donald Trump’s arrival has led to a series of changes in the American and global economic and political order. “America First” was intended to respond to a segment of the American electorate that cannot accept globalization and the relocation of manufacturing outside the U.S. This has led to job losses, which is devastating for certain regions of the country because that was their sole means of livelihood. That is why the Trump administration’s focus on bringing back or attracting new investments, innovations, and manufacturing from around the world to the U.S. is a continuation of the efforts of previous presidents, with the difference that now the narrative and incentives are more clearly visible.

The goal of both Europe and the U.S. is to shorten supply chains, primarily for raw materials – including energy sources, metals, and rare earth elements—as well as for finished products manufactured in China.

Herein lies the crux of the matter – in the process of globalization, China and the Far East have transformed from the world’s workshop (for contract manufacturing) into the global technology hub, without which the prosperity of individual Westerners and large companies across the other six continents would be impossible. This imbalance is one of the cornerstones of President Trump’s policy, and it is something that the EU, including Bulgaria, must take advantage of.

The well-known U.S. tariffs on imported goods not only disrupt companies’ budgets in the middle of their fiscal year but are also passed on to individual citizens. This is ineffective, and everyone understands that.

But this is a lever for influence and a signal to manufacturers: “Come and manufacture in America!”

America is the largest market for consumer goods. It is also where the know-how of the global economy – including artificial intelligence and space exploration – is concentrated.

We are witnessing significant economic expansion across the Atlantic. Is the European Union in an “economic tornado” because of the new tariffs, and what are the greatest risks to European competitiveness?

The greatest risk to European competitiveness is getting caught in a spiral of regulation. Indeed, there is a need for data protection and clear rules for the development and application of artificial intelligence, but Europe has succumbed to the lethargic complacency that the long-cherished prosperity has been achieved.

The EU is a political, historical, economic, and social phenomenon born thanks to the foresight of several generations of post-war politicians and visionaries from France, Germany, and Italy.

Economic convergence among former enemies not only eliminates reasons for hatred and war but also generates ideas, production, and revenue. And this translates into prosperity for the individual citizen.

That is why the abrupt moves by the U.S. under Trump have one positive implication – to wake Europe up and make it look in the mirror.

Incentives to retain investment, incentives for innovation, and incentives for education must become not an obligation, but a necessity for survival in the global competition known as the “World Economy.”

Examples of this are a proactive European trade policy and were evident in the series of agreements with Mercosur, India, and Australia, as well as in the consistent policy of supporting Ukraine in securing its territorial integrity, a process that sparked a boom in development activity from which both the EU and the US can learn.

Both the U.S. and the EU reached their landmark trade deal, which – though accepted with some reluctance – restored stability and predictability in doing business between the two partners.

You noted that Europe cannot simply stop buying American goods or vice versa, but the Old Continent suffers from overregulation. What should Brussels’ response be so as not to completely lose the battle to attract investment?

The term “Transatlantic Economy” has been used for years to describe the relationship between the US and Europe, which illustrates the economic symbiosis between the two partners. This encompasses four components: trade between the EU and the US, as well as goods and services produced by American companies in Europe and by European companies in America.

Its estimated value for 2025 amounts to $9.8 trillion. This is a record that no single economy or union has ever achieved in world history.

This figure demonstrates the interdependence between the two economies and each one’s need for the other. The economic symbiosis between them, however, also has its negative aspects: American digital services have no European counterparts, which does not sit well with part of the political elite on the Old Continent; while the European penchant for regulation (which has its justifications, though it borders on protectionism) provokes discontent among the American business elite, which is also reflected at the political level.

Brussels’ response is clear – there is understanding, there are corresponding policy changes that are not merely pro forma, but there is also resistance rooted in European identity and the need for sovereignty, understood as reduced reliance on American services – digital, financial, defense, intelligence, and energy. But what the U.S. is saying in this case is: “Create your own European unicorns, without undermining the operations of ours.” In an era of open markets and access to capital, Europe must not only wake up, but also get out of bed and do the right things in an effective way.

We are witnessing increased U.S. diplomatic and corporate activity in our country. Over the past week, Bulgaria has hosted key visits by high-ranking American diplomats and prominent business leaders. What specific economic signals do these visits send to American and Bulgarian businesses?

Indeed, we have recorded several visits to our country. And, of course, our expectation is that key figures at an even higher level are “welcome” in Bulgaria.

All of this can only make us happy that Bulgaria is a stop or the reason for these visits. But these visits often come onto the media’s radar when they are announced by the Council of Ministers.

There are also a number of other instances where the global teams of American companies – whose manufacturing or operational home has been Bulgaria for years – come together. And these are proof that these businesses feel at home here, even though they complain about the investment climate, which our association is tasked with protecting.

Every visit has a specific purpose and significance. We are pleased that our country is part of these diplomatic and business discussions, as the American Chamber of Commerce has served as the economic partner for such initiatives in Bulgaria and the United States over the years.

The Trump administration is driving a massive shift in strategic East-West trade routes. Against the backdrop of the recently concluded Baku Forum, are new strategic projects being put on the table, and in which sectors can we expect a real breakthrough in the near future?

The work of bilateral chambers – both here and around the world – ranges from being a club for end-of-season drinks to being a driving force with the necessary influence, the necessary focus on improving the investment climate, and the necessary vision to propose solutions and projects that can propel our economy and country forward.

The American Chamber of Commerce in Bulgaria strives through its activities to align with the second type of organization. We have always been active in proposing opportunities to advance our energy independence, to strengthen our digital connectivity and capabilities, we have proposed reforms in the healthcare sector, and we advocate for adequate education, for enhancing the capabilities of our armed forces, and for industrial partnerships.

There are at least a dozen sectors in which we strive to be a constructive partner to our governments. That is why initiatives such as direct dialogue with our institutions, as well as our upcoming hosting of the the 3rd Regional Economic Conference of the American Chambers (ARES 2026) on June 25, 2026, are our ways of positioning Bulgaria before partner organizations, businesses, and governments near and far, which will lead to more business contacts, potential investments, and an enhanced economic reputation for our country.

Trade between Bulgaria and the U.S. continues to grow, with digital services and the IT sector accounting for a huge share. What are the next steps to unlock the full potential of this partnership?

Indeed, trade between the U.S. and Bulgaria has reached new heights in recent years. To sustain this, however, our country must navigate the new landscape of U.S. customs policy effectively and support projects and entrepreneurs who aim to create something new and add value both here and in the U.S.

For example, our country needs to have a more tangible presence in America, but we have only two commercial attachés in a country with 50 states – each with its own scale and specific characteristics.

The American Chamber of Commerce promotes the U.S. government’s SelectUSA program and will lead a third “Defense and Security” business mission to the most significant exhibition on the topic, organized by the U.S. Army Association (we have been its national partner since 2025).

Separately, through our B2B and institutional contacts, as well as through discussions with the diaspora and honorary consuls in America, we are striving to position Bulgaria in the eyes and minds of people with connections and opportunities. If systematic government efforts are added to these, I believe we will achieve better and more sustainable economic results in our bilateral relations.

And last but not least – both countries need diplomatic relations at the highest level. This will be achieved when there are ambassadors in both Sofia and Washington.

You have vast personal experience in the automotive sector and high technology. Does Bulgaria have the potential to become a regional hub for artificial intelligence and strategic data centers under the auspices of American investors?

Bulgaria undoubtedly has the potential to become a regional hub for artificial intelligence. And our efforts are directed toward that goal. But what the government, business, and academia must work on together is creating an environment that fosters both learning and creativity, as well as a market and the implementation of solutions that incorporate artificial intelligence.

You have often said that political instability in our country is a major obstacle for investors. In the context of the new government, do you expect this instability to increase, and in which areas?

We are in the middle of the first hundred days of the government, which was elected by an impressive majority in the National Assembly. In our congratulatory letters to the new ministers, we noted that this victory also brings great responsibilities.

Moreover, the government is not alone – it has the business community as a partner, both through employer organizations and through the bilateral chambers. However, what is needed is an equal dialogue and unity around shared values and goals whose achievement will make Bulgaria fairer, healthier, economically sustainable and mature, more resourceful, and even smarter through education, entrepreneurship, culture, and sports.

That is why the measures taken by any government must build trust both among citizens (who often shift from the role of voters to that of consumers, but should also be creators of wealth) and among businesses, which actually generate added value, “fill the budget,” builds prosperity, and improves the well-being of entire segments of society, even stepping in to replace the state in its social and infrastructure roles.

What are the urgent reforms that the Bulgarian state must undertake to become a truly reliable strategic partner in the eyes of Washington?

In fact, the reforms in our country concern Bulgarian citizens and businesses. Such reforms are imperative in healthcare, education, energy, public procurement, and the judicial system.

We have been a reliable strategic partner of the U.S. for years – we supported the fight against terrorism, participated in the war in Iraq, and Bulgaria is home to a number of leading American companies; our country’s partnerships with Coca-Cola, Curtis, Westinghouse, and others go back decades. What the U.S. wants to see from Bulgaria is for it to dream more boldly about the major projects of the new era, not to waste resources and to seek new ones (in every respect), to have true rule of law, and to have educated and capable people.

The full interview can be read in Bulgarian on STANDART’s website through the following link.