Flemish prime minister Matthias Diependaele (Flemish nationalist N-VA) says that as a result of US President Trump’s new tariffs import duties on Flemish products go from 376 million euros to 2.9 billion euros a year. Mr Diependaele was speaking after his office made preliminary calculations of the impact of the new tariffs on the open Flemish economy.
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President Trump ups US import tariffs on Flemish products eightfold: what's the impact?
Colin Clapson
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According to Mr Diependaele the tariffs will lead to additional inflation and a reduction in purchasing power for everyday people. The prime minister called it an ‘incomprehensible move’ on the part of Donald J. Trump.
‘It is still unclear to what extent US companies will pass on these additional import tariffs to Flemish exporters,’ Mr Diependaele noted.
The EU is preparing countermeasures.
Anxious wait in Port of Antwerp
The trade tariffs announced by US President Donald J. Trump are bad news for the port of Antwerp says Alfaport, the umbrella organisation of businesses in the port.
There is great uncertainty notes Alfaport’s Stephan Vanfraechem: ‘America is our trading partner number one. It remains to be seen whether businesses that export to the US will continue to do so. We may see a shift in exports towards countries other than the US.’
Belgian employers eye double whammy
Additional US import tariffs threaten to hit Belgium directly and indirectly says Olivier Joris of the Belgian Businesses Federation, the VBO, Belgium's largest employers' federation.
‘First, there is the impact on our bilateral trade relationship with the US. The US is our 4th largest trading partner after Germany, France and the Netherlands.’
‘In addition, Belgium exports numerous semi-finished components to countries like France, Germany and the Netherlands, which export finished products to the US. So we can be hit twice.’
Belgian tech industry faces extra bill of 1 billion euros
The Belgian technology sector too calls President Trump’s tariffs ‘unprecedented’. It will be a hard blow for the Belgian technology sector explains Kevin Verbelen of sector federation Agoria.
‘Last year we exported €5 billion to the US. That means that to export the same amount, we will have to pay more than 1 billion euros in taxes.’