As Donald Trump has won the US 2024 presidential elections, you may be wondering how this will affect you living in the Netherlands. From Trump’s proposed increase in import tariffs to the possibility of a trade war, here’s what you need to know.
On November 6, Trump was confirmed as the next President of the United States and will be sworn in on January 20, 2025. In his election campaign, Trump’s focus was on lowering tax rates for American companies, introducing higher tariffs for all imported goods and restricting immigration to the US.
The import tax could increase by 5 percent, 10 percent or even 20 percent and this is what everyone is most concerned about in the Netherlands. According to multiple Dutch banks, increasing the tariffs will have a negative impact on the Dutch economy.
Sectors in the Netherlands that export a lot to the United States such as chemicals, pharmaceuticals, vehicle parts, machinery, wholesale and transport will all be directly affected if higher tariffs are introduced on all imports into the US.
To determine the impact of the tariffs proposed by Trump, Rabobank has estimated that if a 10 percent tariff were imposed, the Dutch economy would shrink by 0,9 percent. This means that it would cost each Dutch citizen the equivalent of 500 euros per year. Whether Trump will actually choose to go through with higher tariffs is uncertain.
There are also concerns about how the EU will respond. If a trade war begins with EU tariffs, American products could become more expensive for people in the Netherlands and other European countries. With the weakening euro, the Netherlands is already struggling with high inflation and all these effects could see it rise even higher from 3,6 percent to 3,8 percent, predicts Rabobank.
A stream of congratulatory messages have come through from Dutch politicians for the next US president. Dutch Prime Minister Dick Schoof wrote that he “look[s] forward to our close cooperation on the shared interests between the USA and the Netherlands” and emphasised that “the United States is an important ally for the Netherlands, both bilaterally and in international contexts such as NATO.”
Schoof’s predecessor, Mark Rutte who is now the secretary general of NATO, and Geert Wilders, the leader of PVV, also congratulated Trump on X. “I look forward to working with him again to advance peace through strength through NATO,” wrote Rutte. Wilders also enthusiastically wrote in all caps, “Congratulations America! Never stop, always keep fighting and winning elections!”
However, the responses aren’t all positive with leader of GroenLinks-PvdA Frans Timmerman having “big concerns” about the impact Trump could have on the constitution, women’s rights, international security and the climate. Rob Jetten (D66) openly shared his disapproval of a “convicted criminal” becoming president. “A misogynist who wants to take away hard-won freedoms such as abortion. A man who openly flirts with dictators. What lies ahead is years of chaos, division and recklessness,” Jetten shared on X.
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