The European Union must maintain solidarity and avoid being overly trusting when confronted with US President Donald Trump’s threats to impose tariffs on European goods, Spanish Economy Minister Carlos Cuerpo stated on Monday.
Trump, on Saturday, enacted extensive tariffs on imports from Mexico, Canada, and China – the US’s largest trade partners – and also warned that tariffs against the EU were “definitely going to happen,” although without specifying a timeline.
EU leaders gathered at an informal summit in Brussels on Monday and declared that Europe would be ready to respond if the US imposes tariffs, yet emphasized the need for diplomacy and negotiation.
Earlier, Cuerpo spoke to the Spanish radio station RNE, explaining that the EU advocates for open trade and supports a globalized marketplace, but also stressed that the bloc must ensure it can compete on equal terms with other countries and safeguard its businesses.
In a separate statement at an event in Madrid, Spain’s Minister of Industry and Trade, Jordi Hereu, offered a more conciliatory perspective, stating that Spain favoured an open global economy “where everyone benefits, not just us.”
Spanish sectors most vulnerable to US tariffs include manufacturers like car producers and chemical and consumer goods manufacturers, according to Sabadell Bank’s report to investors. On the other hand, oil producers might gain from a stronger US dollar.
Meat producers, another significant export sector for Spain, have expressed caution regarding the potential for US tariffs on European goods. However, they see an escalating trade conflict as having some possible advantages, particularly in regaining market share lost to US and Brazilian competitors, particularly in Asia, over recent years.
“The imposition of US tariffs could reshape the market dynamics and help recover positions lost in the past,” remarked Giuseppe Aloisio, director general of Spain’s meat industries association ANICE.
(Reuters)
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