Luxembourg supports joint European answer to US tariffs

Since March 12, 2025, the USA has been raising tariffs at an altitude of 25 percent on its steel and aluminum imports. « Around 40 percent of Luxembourg exports in the USA are made of steel and aluminum », says Ruben Dewitte, economist in the Economic Research Team of the ING and visiting professor at the University of Gent.

And Luxembourg exported to the USA worth 515 million euros in 2023, « which corresponds to 15.8 percent of all exports to countries outside the EU, » said the economist.

How hard is Luxembourg affected?

A parliamentary request from the Pirate MP Sven Clement to the Ministry of Economic Affairs. Among other things, Clement wanted to know how many companies and employees could be affected by these US tariffs and also whether the government can give an assessment of how high possible tax losses could be. Of course, the MPs are also interested in which strategy the government in Trade dispute wants to drive.

As from the answer of Economic Minister Lex Delles emerged, in 2024 a total of 460 companies exported at least one product directly to the USA. Of these, 41 companies would have carried out goods that are classified in the « Matériaux de Transport » category. However, it should be pointed out, according to Delles that goods that are not managed in this category could also serve the auto industry.

An assessment of the customs influences is difficult, according to Delles, since many factors should be taken into account, such as the restructuring of the trading rivers between the countries, possible countermeasures from the EU. The Statistics Office Statec is currently working on an assessment of the influences on the Luxembourg economy.

uncertainty

There are many uncertainties in the room, which would create a climate of uncertainty. It would also have an impact on the financial markets and their development. From a Luxembourg perspective, this is a « potential risk », says Delles.

The Luxembourg government supports a common European answer and dialogue with the United States to avoid escalation that can harm both sides. « Lëtzebuerg Wäert Sech Weiderhi Fir e just add the international trade. At the case Wou Keen Accord Fonnt Gëtt, ënnerstëtzt Lëtzebuerg closely proportional to the EU Op déi American Mesuria, » emphasizes Delles.