"EU-US trade deal will have major consequences for Port of Antwerp": Much uncertainty remains

In Scotland at the weekend, the United States and the European Union concluded a new trade agreement. The agreement stipulates that European producers will have to pay a 15 per cent import tariff on products shipped to the US. This import duty will also have consequences for the Port of Antwerp, motor of the Flemish economy.

The total impact of the new tariff and its ramifications for the Port of Antwerp are still unclear. ‘We are pleased that an agreement has been reached,’ says Jacques Vandermeiren, CEO of the Port of Antwerp. ‘However, it is still unclear what the exact tariffs will be for certain sectors, such as the pharmaceutical sector, or the tariffs on steel and aluminium.’

On the one hand, the port authority is relieved that the feared 30 per cent tariff has not materialised, but on the other hand, even 15 per cent is still high. ‘At the moment, the levy is 5 per cent, so an increase to 15 per cent is still considerable,’ Vandermeiren continues. ‘This will definitely have consequences, but it is still unclear who will ultimately foot the bill.’       

Concern among steel companies

‘We can hardly speak of a balanced trade agreement,’ responds Antwerp Port Alderman Johan Klaps (Flemish nationalist N-VA). "In addition to all the investment promises made by the EU, the American government is also adding a 15 per cent import levy. We would like the US to remain an important trading partner, but shifting goods flows to countries that are willing to trade with us on equal terms will be one of our strategies."

Negotiations on steel and aluminium are still ongoing, and for the time being, the current 50 per cent tariff will remain in place. ‘If that remains the case, we will have to look for other markets,’ explains Vandermeiren. ‘We must ensure the survival of EU steel companies, because they are very worried. It will have major consequences for us because we are the largest steel port in Europe.’