Belgium’s industries are grappling with the immediate impact of newly imposed US tariffs on European Union goods. Between May and July 2025, total Belgian exports to the United States dropped by 12.1%, according to the National Bank of Belgium (NBB).
The tariffs, announced after a trade deal between US President Donald Trump and European Commission President Ursula von der Leyen, include a general 15% levy on EU imports into the US. The agreement was confirmed in a joint EU-US statement on 21 August.
“The trade deal creates risks for European and Belgian companies, as the US is a major trading partner,” the NBB noted. The US imports approximately 7.6% of Belgian goods, making it the fourth-largest market for Belgian exports after Germany, France, and the Netherlands.
In 2024, Belgium exported €27 billion in goods to the US, with over half (€15 billion) in pharmaceuticals. Service exports reached €15 billion, though these remain unaffected by tariffs.
Sectors most affected include chemicals, passenger cars, and diamonds. While tariffs cover pharmaceuticals, generic medicines are exempt, though they represent only a small share of Belgian pharmaceutical exports. Passenger car exports have fallen by 45%, chemicals by 30%, and pharmaceuticals by 20%, according to NBB data.
Peter Vanden Houte, chief economist at ING, noted that part of the decline was expected. “Companies imported products in the first months of the year ahead of the tariffs. The subsequent slowdown reflects stockpiling earlier in 2025,” he said.
Despite the decline, Belgium’s economy continues to grow steadily. The NBB’s spring projections forecasted a 0.2% quarter-on-quarter growth for Q3 2025, recently revised upward to 0.3%. Business and consumer confidence improved in August, maintaining a positive economic outlook.
The trade deficit with the US has widened sharply. From May to July, Belgium recorded a €2.2 billion deficit with the US, compared to a €0.6 billion surplus in the same period in 2024. This decline is attributed entirely to trade with countries outside the EU.
Market uncertainty persists, as companies await clarification on product exemptions and potential tariff adjustments. Vanden Houte warned that the unpredictability surrounding import duties could continue to disrupt Belgian exports in the coming months.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members
