The part of Danish exports that can be directly affected by US tariffs currently represents a limited share of total exports. In the period August to December 2025, the tariff-sensitive goods exports to the US amounted to DKK 26.9 billion, corresponding to 2.9 percent of Denmark's total exports. This was stated by AE - the Danish Labour Movement's Business Council in a press release.
The amount corresponds to 16.8 percent of total Danish exports to the US during the period. In 2019, the tariff-sensitive part accounted for 47.3 percent of exports to the US. According to the analysis, the dependence on sending physical goods across the Atlantic has thus been significantly reduced.
- Danish exports have continued their excellent development despite Trump's tariffs. Long before Trump returned to the White House, Danish exports have changed their nature, so that the Danish economy has become less dependent on exporting physical goods to the US, says Frederik Olsen, an analyst at the Danish Labour Movement's Business Council.
The development is related, among other things, to the fact that Danish companies are increasingly producing locally on the US market. This applies in particular to the pharmaceutical industry, which to a greater extent owns factories in the US, so that production is no longer registered as Danish exports of goods.
- Danish companies are exporting relatively fewer goods from Danish to American soil. This is an expression of timely care, where Danish companies are increasingly finding other sales channels and are less likely to export physical goods directly to the US. This means that the effect of Trump's tariffs is limited for the economy, says Frederik Olsen.
At the same time, exports of goods to other markets have grown. From August to December 2025, Danish companies exported physical goods worth DKK 384.5 billion to countries outside the US. This is the highest level for those months.
However, the analysis indicates that the effects of US tariffs do not necessarily stop at the US. If European economies are hit, it could indirectly affect Danish companies that supply, for example, German industry. Between August and November 2025, EU countries exported physical goods to the US for 1227.7 billion DKK, although there has been a decline during 2025.
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