Brussels: The head of Belgium's technology federation, Agoria, has issued a stark warning regarding the recently announced US tariffs on the European Union, labeling them as an impending 'economic disaster,' Belga news agency reported on Sunday. Bart Steukers, the federation's chief, emphasized the severe impact these tariffs could have on Belgium's technology sector if a more favorable, negotiated agreement between Europe and the United States is not reached by August 1.
According to Anadolu Agency, Steukers urged leaders in Belgium and across Europe to adopt a rational and intelligent response to the situation. He emphasized the importance of avoiding further escalation and encouraged exploring alternative trade opportunities beyond the US. Steukers pointed out the existence of several trade agreements, such as those with Mercosur, Mexico, and Chile, which should be expedited. Additionally, he highlighted the need for Belgium to fully ratify the Comprehensive Economic and Trade Agreement (CETA) with Canada and to finalize negotiations with Australia, India, Indonesia, Thailand, and Malaysia.
Steukers also highlighted the necessity of a smoother single market within the EU, advocating for the removal of internal trade barriers and market distortions. His statements reflect a broader concern over the potential economic fallout of escalating tariffs between the US and EU.
Belgian Foreign Minister Maxime Prevot echoed these sentiments on Saturday, calling for a resumption of negotiations before August 1 to restore a "mutually beneficial" partnership rather than engaging in a "sterile arm wrestling." Prevot warned that the escalation of tariffs would lead to a lose-lose situation, describing the US's trade stance as unjustified and a source of uncertainty, insecurity, and fragility for investors.
On Saturday, former President Trump announced the imposition of 30% tariffs on the EU and Mexico starting August 1, jeopardizing ongoing US-EU trade talks. This announcement was accompanied by letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum, confirming the tariffs on goods destined for the US from Europe and Mexico.
In response, European Commission President Ursula von der Leyen expressed her readiness to work towards an agreement with the US by August 1. She also pledged to take all necessary measures to protect EU interests, including the implementation of proportionate countermeasures.