Trump's tariffs make Belgian exports 4 billion euros more expensive
Belgian exports to the United States could become 4 billion euros more expensive because of president Donald Trump's import tariffs, De Tijd reported on Wednesday, citing a study.
For the first time, the Federal Public Service Economy has calculated the impact of Trump's tariffs on exports from Belgian companies to the United States.
In 2024, the year before Trump began his second term, these exports amounted to 27.4 billion euros. Last year, traders and companies in the US that imported products from Belgium had to pay a total of 258 million euros in tariffs.
17 times higher
Based on the tariffs in force on 1 October, the government agency calculated that the duties could amount to between 4.17 billion and 4.38 billion euros this year.
This projection is for the whole of 2025, assuming the same trade volume as in 2024. This means that, in relative terms, the cost of exporting Belgian products to the US could be as much as 17 times higher than a year ago.
US customers foot the bill
The pharmaceutical industry will be the sector most affected by US import tariffs. According to the study, the industry exported 15.24 billion euros' worth of pharmaceutical products to the US in 2024, accounting for more than half of Belgium's total. Tariffs have risen from 300,000 euros last year to a possible 2.29 billion euros this year.
US consumers will likely bear the brunt of the impact of Trump's tariffs. In a note released to clients on Sunday, Goldman Sachs economists said that 55 per cent of all tariff costs would end up being shouldered by US consumers this year, according to a Bloomberg report.
Port of Antwerp © BELGA PHOTO YORICK JANSENS
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