Agoria Warns U.S. Tariffs Trigger 'Economic Disaster' in EU Tech
(MENAFN) The head of Belgium’s tech federation, Agoria, has issued a stark warning over impending U.S. tariffs on the European Union, calling the measures “an economic disaster,” according to Belga on Sunday.
Bart Steukers, CEO of Agoria, cautioned that without a renegotiated trade agreement between Washington and Brussels by August 1, Belgium’s technology sector could face devastating consequences.
"Nothing short of an economic disaster threatens the (technology) industry in Belgium if there is no better, negotiated deal between Europe and the United States by 1 August,” Steukers stated.
He appealed to Belgian and EU leaders to respond with strategic calm rather than escalate tensions, urging them to accelerate trade diversification beyond the U.S.
"There are several other trade agreements on the table. Those that are around, with Mercosur, Mexico and Chile, must be concluded without delay."
Belgium has still not fully ratified CETA (Comprehensive Economic and Trade Agreement) with Canada. And negotiations with Australia, India, Indonesia, Thailand and Malaysia should also be finalized as soon as possible," he added.
Steukers also emphasized the urgent need for a more efficient EU single market, pushing for the removal of internal barriers and distortions that hinder competitiveness.
Belgium’s Foreign Minister, Maxime Prevot, joined the call for urgent diplomacy, urging the U.S. and EU to return to the negotiating table before the looming deadline.
"This escalation of tariffs will only lead to a lose-lose situation. The US's trade aggression against its European allies is unjustified and a source of what investors fear most: uncertainty, insecurity and fragility," Prevot posted on X. He also urged leaders to pursue a "mutually beneficial" resolution rather than engage in a "sterile arm wrestling."
The trade conflict escalated further on Saturday when President Donald Trump declared that starting August 1, the U.S. would implement a 30% tariff on imports from the EU and Mexico, jeopardizing long-standing transatlantic trade negotiations. The European bloc had hoped to finalize a comprehensive trade deal within the month.
Using his platform on Truth Social, Trump released letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum, confirming the steep tariff hike on incoming goods from both regions.
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