If the new American President Donald Trump instigates higher customs duties as promised between 1,200 to 5,000 jobs may be under threat. De Tijd is saying this today (Tuesday).
These protectionist measures may impact the Belgian economy’s growth by between 0.1 to 0.42%, according to growth forecast simulations carried out by Hylke Vandenbussche, Professor of International Economics at the University of Leuven.
Currently the United States applies an average levy of 2.1% on European imports. Donald Trump has announced his intention to increase this form of tax to 5%, or even 15% temporarily.
Belgium exports, both directly and indirectly, some 8.2 billion dollars (7.6 billion euros) to the United States. These activities relate to some 54,000 jobs or 1.2% of the country’s employment.