Danish industry leaders are expressing concerns over the newly established trade framework agreement between the EU and the US, which includes a 15 percent tariff on European exports to the US. Both the Confederation of Danish Industry (Dansk Erhverv) and the Confederation of Danish Industry (Dansk Industri) have voiced criticism of the agreement.

According to Brian Mikkelsen, CEO of Dansk Erhverv, President Trump’s approach has altered the landscape of international trade, leading to tariffs on imports and increased taxes for American consumers. Mikkelsen stated that this shift makes everyone poorer and hinders Danish companies from effectively participating in the American market.

Lars Sandahl Sørensen, CEO of Dansk Industri, emphasizes the framework nature of the agreement and expresses concern about potential increases in tariffs, particularly on medicinal services, which are crucial to the Danish economy due to companies like Novo Nordisk. Sørensen stresses the need for the EU to strengthen its position and unity.

Last year, the USA was Denmark’s largest export market, with total export revenues of DKK 361 billion, representing 17.4 percent of Denmark’s total export revenues. The agreement was reached after a meeting between President Donald Trump and EU Commission President Ursula von der Leyen in Scotland.

While the 15 percent tariff is lower than the originally proposed 30 percent, it falls short of the EU’s initial goal of zero tariffs between the parties. The agreement also includes commitments from the EU to purchase American weapons and energy, along with European investments of $600 billion in the USA, as announced by President Trump.

Mikkelsen hopes for stability in trade relations but remains skeptical about future actions. He urges the EU and the Danish government to remain proactive, willing to negotiate, and united in their approach to trade.