Tech federation chief: US tariffs would be ‘economic disaster’
The head of Belgium’s technology federation, Agoria, has warned that new US import tariffs of 30 per cent on the EU would be “an economic disaster” for the country’s industry.
“Nothing short of an economic disaster threatens the (technology) industry in Belgium if there is no better, negotiated deal between Europe and the United States by 1 August,” Bart Steukers said on Sunday.
US president Donald Trump announced on Saturday that he would impose 30 per cent tariffs on the EU, effective from 1 August. Steukers called on Belgian and European leaders to respond “rationally and intelligently” to the threat, “without escalating the conflict”, while looking at other opportunities outside the US.
For instance, he wants to see work done on a smoother single market. “The IMF calls current trade barriers and market distortions within the EU equivalent to a 44 per cent import tariff on goods and 110 per cent on services,” he said. “There is therefore considerable potential for removing these internal barriers.”
The EU also needs to finalise deals with other markets quickly, he said. “There are several other trade agreements on the table. Those that are around, with Mercosur, Mexico and Chile, must be concluded without delay. Belgium has still not fully ratified CETA with Canada. And negotiations with Australia, India, Indonesia, Thailand and Malaysia should also be finalised as soon as possible.”
"Nothing short of an economic disaster threatens the (technology) industry in Belgium if there is no better, negotiated deal by 1 August"
Earlier, Foreign minister Maxime Prévot hit out at the new tariffs, calling it “a lose-lose situation”. “The US’s trade aggression against its European allies is unjustified and a source of what investors fear most: uncertainty, insecurity and fragility,” he posted on X.
European Council president Antonio Costa also responded to the tariffs on Saturday.
“Tariffs are taxes. They fuel inflation, create uncertainty and hinder economic growth,” he said on X. “We will continue to build strong trade partnerships worldwide. The EU remains firm, united and ready to protect our interests, in full support of President @vonderleyen and the Commission’s efforts to reach a fair agreement with the US.”
Illustration © PHOTO HANS LUCAS COLLECTION
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