Some 17.5 percent of Danish exports to the United States are subject to possible tariffs, the lowest level for six years according to an analysis from thinktank Economic Council of the Labour Movement (Arbejderbevægelsens Erhvervsråd, ECLM).
The total exports from Denmark to the US in 2024 had a value of 366 billion kroner, of which 17.5 percent was physically transported from the Nordic country to the United States. That corresponds to a value of 64 billion kroner.
The 17.5 percent eligible for the tariffs is the lowest proportion of the overall Danish exports since 2018, ECLM found.
“Danish companies are increasingly moving elements of their production to the USA. They thereby avoid taxes and that’s why this figure may have become smaller,” ECLM chief economist Sofie Holme Andersen said to newswire Ritzau.
The 64.4 billion kroner at which the tariff-eligible exports are valued represent 3.1 percent of all Danish exports worldwide.
“No trade war with the USA is desirable. But if Trump places tariffs on Danish products, it’s important to keep an eye on how much effect it would actually have on the Danish economy,” Andersen said.
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EU exports across the Atlantic in 2024 were worth almost 4 trillion kroner, a record amount.
“Higher tariffs on other European countries can have an indirect effect on the Danish economy via our exports to those countries. If Europe is impacted, Denmark is impacted,” Andersen said.
Chemical and pharmaceutical products comprise the majority of Denmark’s US exports.
Pharma giant Novo Nordisk last year announced investments of 28.6 billion kroner in a factory complex in US state North Carolina. The factories are scheduled for completion in 2029.
Novo Nordisk, which produces the weight loss drug Wegovy, already has production in the USA including 2,500 employees in North Carolina.
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