Portugal’s Call for U.S. Dialogue

LISBON (Reuters) – Europe should establish and strengthen dialogue with the new U.S. administration to avoid escalating tariffs that would harm consumers, especially the least wealthy, according to Portugal’s finance minister.

President Donald Trump, who took office on Monday, has not yet implemented the range of tariffs he had promised. However, he indicated that tariffs as high as 25% on Canada and Mexico could be imposed as early as February 1.

Portuguese Finance Minister Joaquim Miranda Sarmento highlighted that Trump did not specifically target Europe during his first term, focusing instead on increasing tariffs on Chinese goods. Sarmento noted it was too early to determine Trump’s policy towards Europe now.

> “We will analyze the decisions of the U.S. administration and try to strengthen economic ties,” he stated in Brussels.

Sarmento emphasized the necessity of a constructive dialogue while defending the interests of Europe and its member states, warning that protectionism would only harm consumers in responsible nations or blocs.

The United States represents the primary destination for Portuguese goods exports, including medicines, cork, clothing, and footwear outside the European Union.

In the first nine months of 2024, Portuguese exports to the U.S. surged by 8.9% to 4.9 billion euros, and a record influx of American tourists also boosted exports of services.