US president Donald Trump’s trade policy is causing problems for many Dutch companies doing business abroad, with 50% describing it as their biggest geopolitical concern, according to a new trade survey by the Dutch enterprise agency RVO.

The survey was carried out in December, before the US and Israel began bombing Iran, worsening global economy. In total 962 companies which are active abroad took part.

Around 40% of the companies surveyed said trade relations with the United States have become less predictable, while almost three in ten reported higher costs linked to US policy. Nearly one in five said their exports to the US have fallen.

The war in Ukraine is still affecting businesses as well, although less than before. Four in ten companies said they continue to experience disruption, compared with 62% shortly after Russia’s invasion in 2022.

Digital threats are also a growing concern, with 44% of firms reporting problems related to cybersecurity or data protection.

Despite the tensions, most exporters remain optimistic. Nearly 80% expect their international sales to grow in the coming years, and some companies see new opportunities in rising defence spending as Nato countries increase their budgets.

Dutch exports to the US were 4.7% down in the first 10 months of last year, national statistics agency CBS said in January. The downturn began in July after rising in the first six months of the year.