Tariffs on the Horizon: Europe Prepares for Negotiations with US Administration
Amidst concerns over potential tariff escalations, Europe seeks to establish a dialogue with the newly inaugurated US administration. Portugal's Finance Minister, Joaquim Miranda Sarmento, emphasized the importance of avoiding tariff hikes that would disproportionately affect vulnerable consumers.
While President Donald Trump's initial actions did not impose the extensive tariffs he had previously pledged, his comments suggest that levies on Canada and Mexico remain a possibility next month. Minister Sarmento noted that Europe was not specifically targeted in Trump's first term, when Chinese goods bore the brunt of increased tariffs.
Despite this, Sarmento stressed the need for a constructive approach and a defense of European interests. He cautioned that protectionist policies would ultimately harm consumers in the affected countries and blocs.
The United States represents a crucial market for Portuguese exports, particularly goods such as pharmaceuticals, cork, textiles, and footwear. From January to September 2024, Portuguese exports to the US rose by 8.9% to €4.9 billion. Additionally, a record number of American tourists contributed to the growth in service exports.