The impact of Donald Trump’s import tariff plans when he assumes the presidency next year will largely affect the US’s own imports and exports, and have only a negligible effect on the Netherlands, economic think-tank CPB said on Thursday.

The import tariffs Trump plans to implement will cut US exports by 20%, but will only reduce Dutch imports and exports by 1% overall, the CPB says.

The impact on some manufacturing sectors, such as machinery and electronics, will be greater, but Dutch firms active in telecommunications, aviation, and machinery leasing will benefit from the plan, the agency said.

Exports to the US account for only between 4% and 5% of Dutch exports, so the impact of the import tariffs will be extremely limited, the CPB said.

Across Europe, the impact will be broadly similar, with vehicle imports and pharmaceuticals hardest hit.

However, the CPB points out that it is still unclear exactly what the US will do and how other countries will react. The agency will publish updates at the end of February and in May.

Meanwhile, the Financieele Dagblad reports that behind the scenes, Dutch firms are preparing for a Trump presidency, and some are concerned about the likely impact.

The US is the Netherlands’ fifth biggest export market and the largest outside the EU, the paper points out. While typical Dutch products such as cheese, flowers, bulbs, and beer are key exports, other products, such as chemicals, chip machinery, and rolled steel, also head across the Atlantic.

Rabobank economists suggested earlier that the new US tariffs could cut €10 billion off the value of Dutch exports, which is enough to have an impact on corporate earnings, the paper said.