“We fear that if there is no reasonableness in the midst of this […] it could lead to a crisis that would impact the American market, its people, and reduced purchasing power means reduced consumption,” stated the president after a meeting with the Minister of Economy, Pedro Reis, to assess “the impact and mitigation measures” of the tariffs instituted by US President Donald Trump.
Francisco Calheiros observed that there has been no “notice of decrease” regarding tourism forecasts this year concerning the American market, noting that it is a market “with great purchasing power and tends to stay for more overnight visits than usual.”
“Our exports are what tourists import; we do not export wine, corks, auto parts, so at this stage, we are not, so to speak, covered by this increase in tariffs,” remarked the president of the confederation.
He further noted that “at the European level, the negotiation is not based on retaliation” and expressed hope that the situation would not affect the summer season in Portugal.
The Ministry of Economy has been meeting with business associations from various sectors from Tuesday to today to evaluate “the impact and mitigation measures” of the tariffs that President Trump announced a week ago, which include a 20% tariff on imported products from the European Union in addition to a 25% tariff on the automobile, steel, and aluminum sectors.
Trump’s new tariffs are, according to the US President, an attempt to boost the American industry while penalizing countries for what he describes as years of unfair trade practices.
The Council of Ministers is scheduled to discuss the issue of customs tariffs applied by the United States President on Thursday and will debate possible responses following the government’s meetings with business associations.
