Portugal's Economy in the Spotlight: Government Meets 16 Business Associations Over Trump's Tariffs

Government Action on Trump's Tariffs

The Portuguese Ministry of Economy will convene next week with 16 business associations to assess the impact of tariffs announced by U.S. President Donald Trump. The meetings will occur in Lisbon and Porto, featuring the participation of Minister Pedro Reis and Secretary of State João Rui Ferreira.

According to a ministry statement, the purpose of these discussions is to evaluate the implications and mitigation measures related to the tariffs imposed by the U.S. administration on Portuguese businesses and the national economy. Trump recently announced a 20% tariff on products from the European Union.

Objectives of the Meetings

The primary goal is to open a dialogue with sectors most affected by these reciprocal tariffs. The meetings will include representatives from agencies such as the Agency for Investment and Foreign Trade of Portugal (AICEP), IAPMEI, Compete, General Directorate for Economic Activities (DGAE), and Portuguese Development Bank (BPF).

Among the associations invited are those representing the automotive, fuel, wood, furniture, rubber, electrical and electronic, metallurgy, cork, footwear, textiles, and clothing industries.

Gathering Insights and Proposals

The ministry aims to gather insights from these associations regarding the impact assessment of the new customs duties on European products. It also invites them to present proposals to help mitigate and minimize the impact on national exports.

These bilateral meetings will precede broader discussions, where the ministry intends to outline what is being coordinated with the European Union in response to the new tariffs and the protective measures being planned for various sectors.

In a recent interview, Minister Pedro Reis indicated that the government has been in contact with various sectors to identify potential impacts of the U.S. tariffs on the Portuguese economy. He emphasized the need for intelligence in retaliatory measures to avoid disrupting the European and Portuguese production chains.