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

Algarve's Sea Reaches a Warm 26°C - A Summer Paradise Awaits

Algarve's Sea Reaches a Warm 26°C - A Summer Paradise Awaits

7 hours ago
930
Lisbon Metro's Red Line Resumes Normal Service After Unexpected Disruption

Lisbon Metro's Red Line Resumes Normal Service After Unexpected Disruption

4 hours ago
860
Lisbon City Council Reports No Damages from Canceled Housing Lottery - What Happened?

Lisbon City Council Reports No Damages from Canceled Housing Lottery - What Happened?

6 hours ago
860
Lisbon's Bold Move: Free Corridors Program to Revolutionize Public Transport Efficiency

Lisbon's Bold Move: Free Corridors Program to Revolutionize Public Transport Efficiency

12 hours ago
940
Limited Access to 10 Stunning Beaches Between Tróia and Melides Sparks Concern

Limited Access to 10 Stunning Beaches Between Tróia and Melides Sparks Concern

3 hours ago
970
Portugal Delays Nationality Law to September, Fast-Tracks 'Mini-SEF' and Foreigners' Law

Portugal Delays Nationality Law to September, Fast-Tracks 'Mini-SEF' and Foreigners' Law

11 hours ago
1010
Santa Maria Hospital Clinical Director Fired After Audit Reveals Shocking Surgery Payments

Santa Maria Hospital Clinical Director Fired After Audit Reveals Shocking Surgery Payments

13 hours ago
970
Seven Beaches in Grândola Face Restricted Access Due to Tourism Developments - What You Need to Know

Seven Beaches in Grândola Face Restricted Access Due to Tourism Developments - What You Need to Know

14 hours ago
830
Lisbon's Casagrand: A €22.5M Investment Transforming Alfama's Historic Heart

Lisbon's Casagrand: A €22.5M Investment Transforming Alfama's Historic Heart

18 hours ago
950
Portugal Delays Key Votes on Nationality, Immigration, and Police Reforms - What's Next?

Portugal Delays Key Votes on Nationality, Immigration, and Police Reforms - What's Next?

16 hours ago
900
Former Santa Maria Hospital Dermatology Director Unaware of Surgeons' Additional Earnings - Shocking Revelations

Former Santa Maria Hospital Dermatology Director Unaware of Surgeons' Additional Earnings - Shocking Revelations

21 hours ago
880
Middlesbrough FC Intensifies Training in Portugal's Algarve: A Glimpse Behind the Scenes

Middlesbrough FC Intensifies Training in Portugal's Algarve: A Glimpse Behind the Scenes

2 hours ago
810
PSD Agrees to Postpone Final Vote on Nationality Law Revision to September - What's at Stake?

PSD Agrees to Postpone Final Vote on Nationality Law Revision to September - What's at Stake?

17 hours ago
1080
Lisbon Welcomes a New Honest Greens in Alvalade - A Fresh Take on Healthy Eating

Lisbon Welcomes a New Honest Greens in Alvalade - A Fresh Take on Healthy Eating

22 hours ago
910
PJ's Massive Crackdown on Illegal Immigration: Network Recruiting Women for Sham Marriages Uncovered

PJ's Massive Crackdown on Illegal Immigration: Network Recruiting Women for Sham Marriages Uncovered

23 hours ago
1120
Discover the Best Beachside Restaurants in Lisbon and Porto

Discover the Best Beachside Restaurants in Lisbon and Porto

1 day ago
810
Massive Wildfire Engulfs Two-Thirds of Alandroal, Alentejo - Emergency Teams Battle Blaze

Massive Wildfire Engulfs Two-Thirds of Alandroal, Alentejo - Emergency Teams Battle Blaze

1 day ago
960
Urgent School Issues in Algarve Discussed by FRAP and FNE - What's at Stake?

Urgent School Issues in Algarve Discussed by FRAP and FNE - What's at Stake?

1 day ago
970
Education Minister Slams Chega's Controversial Remarks on Foreign Students: "I Can Only Regret"

Education Minister Slams Chega's Controversial Remarks on Foreign Students: "I Can Only Regret"

1 day ago
950
Lisbon Opens Applications for 135 Affordable Municipal Homes - Don't Miss Your Chance!

Lisbon Opens Applications for 135 Affordable Municipal Homes - Don't Miss Your Chance!

1 day ago
970
Mondrian's First Hotel in Portugal Set to Transform Algarve's Luxury Scene by 2028

Mondrian's First Hotel in Portugal Set to Transform Algarve's Luxury Scene by 2028

1 day ago
940
Portugal's Deadly Heatwave and Europe's Fiery Crisis: A Climate Emergency Unfolds

Portugal's Deadly Heatwave and Europe's Fiery Crisis: A Climate Emergency Unfolds

1 day ago
890