The Walloon government “does not underestimate the trade threat that could arise from the establishment of the new administration” in the United States following the election of Donald Trump, regional Minister-President Adrien Dolimont told a committee of the Walloon parliament on Monday.
“Our services are closely following developments in the situation in order to identify the risks incurred by our companies and help them respond to them,” he added, in response to a question from parliamentarian Guillaume Soupart (Mouvement Reformateur, MR).
Last year, Walloon exports to the United States totalled around €6.1 billion, or 10.7% of the region's foreign trade.
“According to an initial analysis of the situation, we can reasonably assume that Donald Trump's election will not lead to major changes in our trade relations, insofar as the pharmaceutical sector is largely dominant in trade with the United States, accounting for 70% of exports in 2023," the Walloon Minister-President explained.
"This sector is relatively protected from the tariff barriers announced by candidate Trump during the election campaign,” he added. "However, Walloon companies with high exposure to the US in more vulnerable sectors - such as agri-food, steel or transport materials - could be more impacted by a protectionist US administration if the campaign announcements are actually implemented.”
These sectors, which account for 5.9% of Walloon exports to the US, “could suffer the effects of higher tariffs and increased competition,” Dolimont warned.
The election of Donald Trump “will call for unity among Member States in the European response,” he noted. “The European Union will need not only unity and preparedness, but also determination and consistency in its approach to trade.”
