Belgium's technology sector has lost 1,500 jobs and €70 million in investment following the imposition of high tariffs on goods entering the United States, according to the technology federation Agoria's study among its members published on Thursday.
Belgium "exported 7% fewer technology products to the United States," Agoria stated. "The technology sector, which generates no less than half of its revenue from exports (€84 billion), is doubly affected by tariffs. On the one hand, by general tariffs, and on the other hand, by additional tariffs on copper, steel, and aluminium. These can reach 50%."
The general uncertainty caused by this tariff increase and the resulting trade war is also weighing heavily, according to the federation. "Technology companies are seeing investments dry up in other European and Belgian sectors to which they would normally supply their products. This uncertainty therefore affects them doubly: directly and through their customers."
As a consequence, Agoria notes that 67% of the approximately 200 companies surveyed have revised their recruitment plans downwards, and 41% are postponing future investments.
Companies intend to readjust their strategies. "25% plan to reduce their exports to the United States next year due to tariffs," Agoria said.
"But in the face of this decline, we are also seeing an offensive: 66% are actively working to diversify their activities. Exports within the EU are overwhelmingly preferred. This was already the case last year: while exports to the United States fell by 7%, those to EU countries increased by 2.5%. Three-quarters (73%) of the companies surveyed want to further increase these exports to Europe in the coming year."
Agoria is therefore calling on European institutions and Belgian authorities to take concrete measures: ensure more uniform regulations within the EU; open doors for businesses through economic missions to the destinations they deem most attractive; and ratify and implement the announced trade agreements (Canada, Mercosur) as soon as possible.
