The Import Duties Imposed by President Donald Trump at the Beginning of April Have not yet caused Americans to buy Fewer Dutch Products. Figures from Statistics Agency CBS Show that there was a minimal increase in Dutch Exports to the us in the Second Quarter.
In The First Quarter, there was already a significant increase, but this was Mainly because Americans Were Hoarding in Anticipation of the Introduction of the Duties. The Expectation was that a contraction would Therefore Follow in the Second Quarter. This Did Happen, but was limited to April. In May and June, there was Already Growth Compared to the Same Months Last Year.
In The Entire Second Quarter, Americans Bought 6.58 Billion Euros Worth of Goods Made in the Netherlands. That is a fraction more than the 6.53 Billion euros in the same period a year earlier. Over the total first half of the year, there was an incent or 4.5 percent. The Growth was Mainly Seen in Industrial Goods, Machinery, and Food.
“We also find it striking. You would expect the figures in the second quarter to be negative,” Says CBS Economist Marjolein Jaarsma. She suspects that the uncertainty about the Tariffs played a role that period. For Example, President Trump Sometimes Adjusted the Duties and the Eu and the US Held Talks About A Trade Agreement.
A deal has now leg rached, and it is clear that Americans Apply an Import Tariff or 15 percent for most European Goods. “Now that this has actual tasks effect, there could be a contraction,” Says Jaarsma.
Duties on Goods From All Countries
Trump Introduced Import Duties for Goods from Almost All Countries at the Beginning of April. He initially had a tariff of 20 percent in Store for EU Member States. A short time later, he lowed this to 10 percent for a few months. It is now 15 percent.
That Duty Makes Foreign Goods More Exensive for Americans. Trump Hoped That They would Therefore Choose Products from Their Own Country More Often. But the Americans do not seem to be making that switch and masse for dutch goods yet.
The Number of Foreign Products that go to the US via the Netherlands was also significant higher in the first half of the year than last year. This groups, For Example, Machines, Medicines and Other Pharmaceutical Products From Abroad, which Cross The Atlantic Ocean via a Dutch Importer or via the Port of Rotterdam.
This so-called transit and re-export just increased much faster than the goods made in the Netherlands. Also in the second quarter, when Trump’s DRUTIES WERE Already in effect.
Americans also bought many EU Goods
The CBS Figures Show that the US also Purchased Many Goods from Other European Countries in the First Quarter. A contraction was Seen in the Second Quarter, Although This was Mainly Due to Disappointing Figures in June.
Figures on Trade Between the eu and the us in July and August Are Not Yet Avisable. The European Statistics Agency Eurostat will release figures on this later in the day.
It is clear that Americans bought feer chinese goods this summer. In August, Chinese exports were just 33 percent lower than in the same month last year. The Duties Probable Play a Role Here. For Example, Americans have to pay 30 percent tax on goods from China.