Portugal Urges Stronger EU-US Dialogue to Prevent Harmful Tariffs
Yahoo Finance6 months ago
980

Portugal Urges Stronger EU-US Dialogue to Prevent Harmful Tariffs

Economy
portugal
usrelations
economy
tariffs
trade
Share this content:

Summary:

  • Portugal's Finance Minister calls for enhanced EU-US dialogue to prevent harmful tariffs

  • Trump's administration may impose 25% tariffs on Canada and Mexico

  • Sarmento indicates it's premature to assess Trump's policy towards Europe

  • U.S. is the main destination for Portuguese exports outside the EU

  • Portuguese exports to the U.S. increased by 8.9% in the first nine months of 2024

Portugal's Call for Dialogue

Portugal's Finance Minister, Joaquim Miranda Sarmento, emphasized the need for Europe to foster and reinforce dialogue with the new U.S. administration to avert an escalation of tariffs that could negatively impact consumers, particularly the less affluent. This statement was made during a press conference in Brussels on Tuesday.

The Current Situation

With President Donald Trump now in office, he has yet to implement the extensive tariffs he had previously proposed. However, he indicated that tariffs could still be an option, particularly suggesting a 25% tariff on imports from Canada and Mexico as early as February 1. Sarmento noted that during Trump's first term, Europe was not the primary focus of his tariff increases, which were mainly directed towards Chinese goods. He added that it is too early to determine the new administration's stance on Europe.

Importance of Economic Ties

Sarmento remarked, "We will analyze the decisions of the U.S. administration and try to strengthen economic ties." He stressed the importance of a constructive dialogue, while also defending the interests of Europe and its member states. He pointed out that protectionism would ultimately harm consumers in regions implementing such tariffs.

Trade Relations with the U.S.

The United States remains the primary market for Portuguese exports outside the European Union, with significant exports including medicines, cork, clothing, and footwear. In the first nine months of 2024, Portuguese exports to the U.S. rose by 8.9%, reaching 4.9 billion euros. Additionally, a surge in American tourism has positively influenced the growth of Portugal's service exports.

Comments

0

Join Our Community

Sign up to share your thoughts, engage with others, and become part of our growing community.

No comments yet

Be the first to share your thoughts and start the conversation!

Newsletter

Subscribe our newsletter to receive our daily digested news

Join our newsletter and get the latest updates delivered straight to your inbox.

OR
PortugalToday.news logo

PortugalToday.news

Get PortugalToday.news on your phone!

Other Latest News

Lisbon's Benfica Neighborhood Showcases Exclusive Women's Graffiti Art

Lisbon's Benfica Neighborhood Showcases Exclusive Women's Graffiti Art

4 hours ago
810
Portugal's Government Approves Key Economic Measures: Pension Supplements and Corporate Tax Cuts

Portugal's Government Approves Key Economic Measures: Pension Supplements and Corporate Tax Cuts

3 hours ago
930
Portugal's Government to Announce New Central Bank Governor Next Week - Who Will Succeed Mário Centeno?

Portugal's Government to Announce New Central Bank Governor Next Week - Who Will Succeed Mário Centeno?

31 minutes ago
950
Spanish Princess Sofia's Lisbon Study Adventure: What We Know

Spanish Princess Sofia's Lisbon Study Adventure: What We Know

2 hours ago
900
Lisbon's Left-Wing Coalition Challenges Moedas' Record: "A Dirtier, More Unequal, Chaotic City"

Lisbon's Left-Wing Coalition Challenges Moedas' Record: "A Dirtier, More Unequal, Chaotic City"

6 hours ago
970
Madeira's Heatwave Nears Historic July Records - Quinta Grande Hits 31.9°C

Madeira's Heatwave Nears Historic July Records - Quinta Grande Hits 31.9°C

7 hours ago
860
8 Exciting Weekend Plans: UFO Burgers in Lisbon and Free Entry Festivals Across Portugal

8 Exciting Weekend Plans: UFO Burgers in Lisbon and Free Entry Festivals Across Portugal

10 hours ago
1010
Portugal's Government Proposes Pension Boost and Corporate Tax Cut - A Strategic Economic Move?

Portugal's Government Proposes Pension Boost and Corporate Tax Cut - A Strategic Economic Move?

12 hours ago
1020
Clouds Bring Cooler Temperatures to Madeira This Friday - Weather Forecast Reveals

Clouds Bring Cooler Temperatures to Madeira This Friday - Weather Forecast Reveals

9 hours ago
960
Bikers Take Over Algarve for Faro's International Motorcycle Rally - A Four-Day Festival of Freedom

Bikers Take Over Algarve for Faro's International Motorcycle Rally - A Four-Day Festival of Freedom

20 hours ago
880
Government Introduces New Pension Bonus and IRC Cut Ahead of Local Elections - A Strategic Move?

Government Introduces New Pension Bonus and IRC Cut Ahead of Local Elections - A Strategic Move?

14 hours ago
910
Loures Council Reports a Surge of 152 Makeshift Homes in Talude - Urgent Government Meeting Requested

Loures Council Reports a Surge of 152 Makeshift Homes in Talude - Urgent Government Meeting Requested

21 hours ago
960
Spanish Princess Sofia to Begin Studies in Lisbon This September - A Royal Academic Journey

Spanish Princess Sofia to Begin Studies in Lisbon This September - A Royal Academic Journey

22 hours ago
940
Jorge Palma Cancels Lisbon and Oliveira do Hospital Concerts Due to Health Reasons

Jorge Palma Cancels Lisbon and Oliveira do Hospital Concerts Due to Health Reasons

1 day ago
970
Six Romanian Pickpockets Arrested in Lisbon Within 24 Hours - A Crackdown on Tourist Thefts

Six Romanian Pickpockets Arrested in Lisbon Within 24 Hours - A Crackdown on Tourist Thefts

1 day ago
940
Michelin-Starred Chefs Karime Lopez and David Barata Bring Culinary Magic to Algarve's Residência de João Rodrigues

Michelin-Starred Chefs Karime Lopez and David Barata Bring Culinary Magic to Algarve's Residência de João Rodrigues

1 day ago
870
CESP Secures Wage Increases for Algarve Commerce Workers - A Victory for Labor Rights

CESP Secures Wage Increases for Algarve Commerce Workers - A Victory for Labor Rights

16 hours ago
1010
Algarve Retail Workers Secure Wage Increases Thanks to CESP Agreement

Algarve Retail Workers Secure Wage Increases Thanks to CESP Agreement

1 day ago
880
Public Sector Workers Rally in Lisbon Demanding Fair Wages and Better Services

Public Sector Workers Rally in Lisbon Demanding Fair Wages and Better Services

23 hours ago
940
Record-Breaking Heatwave Hits Madeira: Temperatures Soar Above 31°C Before Noon

Record-Breaking Heatwave Hits Madeira: Temperatures Soar Above 31°C Before Noon

1 day ago
850
Left-Wing Coalition for Lisbon City Hall to Be Unveiled Tomorrow

Left-Wing Coalition for Lisbon City Hall to Be Unveiled Tomorrow

1 day ago
960
Left-Wing Coalition Forms to Challenge Carlos Moedas in Lisbon's Upcoming Elections

Left-Wing Coalition Forms to Challenge Carlos Moedas in Lisbon's Upcoming Elections

1 day ago
980
Tragedy Strikes: Two British Men Drown in Portugal Shortly After Arrival

Tragedy Strikes: Two British Men Drown in Portugal Shortly After Arrival

1 day ago
1060
Left-Wing Coalition Forms in Lisbon to Challenge Right-Wing Alliance in Upcoming Elections

Left-Wing Coalition Forms in Lisbon to Challenge Right-Wing Alliance in Upcoming Elections

1 day ago
950
Lisbon's Housing Market Soars: A Third of Parishes Now Exceed €5,000 per Square Meter

Lisbon's Housing Market Soars: A Third of Parishes Now Exceed €5,000 per Square Meter

2 days ago
1060
Loures Mayor Vows to Continue Demolitions Amidst Growing Controversy

Loures Mayor Vows to Continue Demolitions Amidst Growing Controversy

1 day ago
930
Carlos Moedas Unveils Bold Security Plan for Lisbon with Government Backing

Carlos Moedas Unveils Bold Security Plan for Lisbon with Government Backing

2 days ago
920
Bloco and Livre to Urge President Marcelo to Veto Foreigners' Law Amid Constitutional Concerns

Bloco and Livre to Urge President Marcelo to Veto Foreigners' Law Amid Constitutional Concerns

2 days ago
1080
Strong Winds Hinder Firefighting Efforts in Sabrosa as 350 Crews Battle Blaze

Strong Winds Hinder Firefighting Efforts in Sabrosa as 350 Crews Battle Blaze

2 days ago
880
Lisbon's North-South Axis Partially Closed Due to Roadside Fire - Traffic Disrupted

Lisbon's North-South Axis Partially Closed Due to Roadside Fire - Traffic Disrupted

2 days ago
870