Dutch government relieved by EU-US trade deal; 15% tariffs on European goods

European Commission president Ursula von der Leyen and United States president Donald Trump reached a trade agreement just before the deadline on Sunday evening. The US will impose import duties of 15 percent on EU goods, with some exceptions. The EU will take no countermeasures. The Dutch government is relieved, but not overjoyed.

“Of course, no tariffs would have been better, but this agreement provides more clarity for our businesses and brings more market stability,” caretaker Prime Minister Dick Schoof said on X. “The agreement reached by the EU and the US is vital for an open economy like ours. The Netherlands’ annual goods exports to the US are worth over 50 billion euros.”

State Secretary Hanneke Boersma for Foreign Trade also expressed her relief, while recognizing that the agreement is “not ideal” and will still have a big impact on many Dutch businesses. “So I hope the deal will provide a good basis for a stable trade relationship with the US and for further agreements that are in the interests of our consumers and businesses,” she said. “A good and stable transatlantic relationship remains a key priority for us.”

The 15 percent American import tariff does not apply to steel and aluminum. According to Trump, the duty on those products will be 50 percent. So Tata Steel will likely be one of the Dutch businesses impacted by this deal.

Other products will be exempt from the 15 percent tariff, including chip equipment. ASML, a pillar of the Dutch economy, and other Dutch chip and chip machine makers will therefore be spared. Aircraft and aircraft parts, some agricultural equipment, and certain chemicals are also exempt.

Von der Leyen said after the meeting that she would do her best to add more products to the exemption list.

“It’s good that there’s a deal and that we now have more certainty,” ING economist Bert Colijn told NOS. “15 percent is better than 30 percent, and it’s better for both parties that they’ve reached an agreement. On the other hand, the situation is worse than it was before April 2nd. So it’s not great.”

The employers’ organization VNO-NCW agrees with that sentiment. “With the conclusion of the trade agreement between the European Union and the United States, the uncertainty for businesses ends for the time being. At the same time, a general tariff of 15 percent on all European products remains a particularly painful measure for entrepreneurs.”