Portugal requires deeper EU-US dialogue to keep away from dangerous tariffs

LISBON (Reuters) – Europe ought to set up and strengthen dialogue with the brand new U.S. administration to keep away from an escalation of tariffs that might hurt customers, particularly the least rich, Portugal’s finance minister mentioned on Tuesday.

President Donald Trump, who took workplace on Monday, didn’t instantly implement the big selection of tariffs he had promised, however mentioned they had been nonetheless an choice and indicated that tariffs of 25% on Canada and Mexico could possibly be imposed as early as Feb. 1.

Portuguese Finance Minister Joaquim Miranda Sarmento mentioned that Trump had not particularly focused Europe in his first time period, rising tariffs on Chinese language items as a substitute, and it was untimely to say what his coverage in direction of Europe could be now.

“We’ll analyse the selections of the U.S. administration and attempt to strengthen financial ties,” he informed reporters in Brussels.

“It’s essential to have a constructive angle of dialogue, but additionally naturally in defence of what’s the curiosity of Europe and its member states,” he mentioned, including that protectionism would solely hurt customers within the international locations or blocs that had been elevating tarriffs.

America is the principle vacation spot for Portuguese exports of products, corresponding to medicines, cork, clothes and footwear, outdoors of the European Union.

Within the first 9 months of 2024, Portuguese exports of products to the USA elevated by 8.9% to 4.9 billion euros, whereas a report variety of American vacationers additionally propelled progress in exports of companies.