It is mainly the industry that is deeply concerned about the consequences of the trade war. Those who trade with the United States estimate that the tariff issue could cost them up to a fifth of their revenue. ‘A double negative effect is being felt: a direct reduction in exports to the U.S., but also a decrease in exports to other countries that, in turn, are doing less business with the U.S.,’ they say.

Effects of trade war: fewer orders

The trade war is having an impact on employment. For half of the Flemish companies, orders are below the normal level. One in five has already resorted to temporary unemployment, and one in four says it is considering a restructuring in the next six months.

There is also uncertainty around new investments. One in three Flemish companies is already lowering its investment plans for the coming years. The rest are waiting to see how the next weeks and months will unfold, according to the survey.

Call

“The situation is alarming,” says Voka, which calls on the authorities to implement a true industrial policy and safeguard the competitiveness of our companies.

At the European level, the employers’ organization advocates for further development of the internal market by removing trade barriers within Europe, and for more cooperation.