Portugal today hailed the trade agreement reached on Sunday between the United States and the European Union as a move that “brings stability” but advocates for the removal of trade barriers with the US while pledging support to national businesses.
“The EU-US trade agreement brings predictability and stability by avoiding an escalating trade war,” declared the Ministry of Foreign Affairs in a statement.
The Portuguese government “welcomes and thanks” the European Commission for its dedication to achieving this stabilizing platform for trade relations.
While awaiting a “detailed understanding of the terms and impact” of the agreement, the government emphasized that “some critical points” have been safeguarded.
Nonetheless, the ministry led by Paulo Rangel stressed, “nothing replaces trade freedom.”
“Therefore, it is crucial that the EU and Portugal continue to fight for the gradual reduction and elimination of customs duties and equivalent barriers to trade with the US, as well as with other trading partners,” noted the MFA’s statement.
The administration headed by Luís Montenegro (PSD/CDS-PP) vows to support Portuguese businesses.
“Within this new framework, Portuguese companies can count on the full cooperation of the Portuguese government to mitigate negative effects and facilitate access to new markets,” it added.
The government reaffirmed the importance of the 27 EU member states fostering “new free trade agreements” and accelerating the entry into force of those already negotiated, particularly the Mercosur agreement.
The trade agreement, announced on Sunday in Turnberry, Scotland, by US President Donald Trump and European Commission President Ursula von der Leyen, sets US tariffs on European products at 15%.
The agreement also includes the EU’s commitment to purchasing US energy worth $750 billion (approximately €642 billion)—aiming to replace Russian gas—and investing an additional $600 billion (€514 billion), while also increasing purchases of military equipment.
The two major trading powers exchange about €4.4 billion in goods and services daily, and Washington had threatened to impose tariffs of 30% on all European imports starting August 1.
