The Portuguese Finance Minister, Joaquim Miranda Sarmento, expressed optimism about reaching a trade agreement with the United States that would feature tariffs below 10%, aiding in the maintenance of trade exchanges.
“It is possible to reach an agreement with very low tariffs, which could be perceived as beneficial for both parties and allow us to continue negotiating and adding value for our citizens,” the Portuguese official stated in an interview with Bloomberg on Monday.
“We expect an update on what the European Commission has managed to negotiate with the U.S. administration” at the meeting involving eurozone and European Union finance ministers that takes place today and tomorrow.
When questioned about the tariff amounts, Miranda Sarmento indicated “probably less than 10%,” but withheld further details, adding, “Let’s see what the outcome will be.”
The U.S. has begun distributing letters to countries not covered by trade agreements, notifying them of tariffs to be imposed from August 1.
This follows months of pressure and adjustments that resulted in agreements with the United Kingdom, Vietnam, and China.
Meanwhile, the European Union, Japan, South Korea, and India are seeking to expedite their negotiations.
On Sunday, U.S. Treasury Secretary Scott Bessent announced that letters issued by his government give countries until August 1 to finalize trade agreements; otherwise, tariffs announced on April 2 will be enforced from that date.
U.S. President Donald Trump threatened to impose an additional 10% tariff on any country aligning with BRICS policies, which he characterized as anti-American.
“Any country aligning with BRICS anti-American policies will have to pay an ADDITIONAL 10% tariff,” Trump posted late Sunday on his social network, Truth Social.
“There will be no exceptions to this policy,” the U.S. head of state added, creating new uncertainties in the negotiations between the U.S. and its trade partners.
Leaders of the BRICS countries, convening in Rio de Janeiro, rejected on Sunday trade protectionism measures but did not explicitly mention the United States, even though Donald Trump’s policies were implicit in the final declaration of the meeting’s first day.
The forum, comprising 11 countries from the Global South led by China and Russia, concluded today its 17th summit of heads of state and government.
This summit in Brazil, which holds the group’s rotating presidency, is notable for the absence of the Chinese president—the first in BRICS history—and the Russian president, although Vladimir Putin participated via teleconference.
The 126 articles in the first day’s final declaration address Donald Trump’s trade war, escalating Middle East violence, and call for urgent reforms of the United Nations, the World Bank, and the International Monetary Fund.
