The newly concluded trade agreement between the EU and the US brings some predictability for businesses, but the introduction of a 15% tariff on several sectors could lead to a potential tariff burden of €4.46 billion, Flemish Minister-President Matthias Diependaele warned on Monday.
Flanders’ annual exports to the United States amount to €26.4 billion.
Sunday night's agreement, concluded by US President Donald Trump and European Commission President Ursula von der Leyen, stabilises the €1.4 trillion trade between the EU and the US and avoids a 30% tariff rate Trump had threatened to impose on 1 August if talks had collapsed.
However, it still sets a 15% tariff on EU imports into the US.
Diependaele said that while the agreement was a step forward, it is by no means an end in itself. He emphasised that Flemish interests were paramount and that his government would keep a close eye on the agreement’s implementation.
He also stressed the need to strengthen the European internal market by simplifying regulations to foster prosperity within the EU and safeguard competitiveness.
In addition to existing markets, Diependaele highlighted active exploration of new opportunities in markets such as India and Mercosur, where sustainable partnerships and promising business opportunities are being sought.
