“We already have a recent experience of tariff increases in 2016 and 2017. Thus, we can learn from what happened and how the European Union responded. What I hope for is a willingness to negotiate, as tariffs harm everyone; those most affected will be American consumers and companies. A selective response that considers the interests of the European Union is necessary,” stated the Finance Minister.
The minister spoke to journalists at the Palace of Justice in Lisbon after submitting the PSD’s electoral lists for the Lisbon constituency, where he is the leading candidate in the early parliamentary elections of May 18.
Miranda Sarmento emphasized that Europe is undergoing a “process of analysis and reflection” regarding tariffs, but asserted that now is the time for the two economic blocs “to sit down and reach the best possible solution, given their currently opposing interests.”
When asked whether the European Union is preparing to negotiate under the terms imposed by U.S. President Donald Trump, the Finance Minister stated that it will not happen because the “European Union also has arguments and strengths to assert.”
“I dislike the word retaliation. I believe the European Union should respond in a measured and balanced way, leveraging the experience of 2016 and 2017. Economic theory has already produced some studies on the European response to tariffs during that period, although tariffs are now significantly higher,” he added.
Regarding the Lisbon stock exchange, which opened today falling nearly 6%, Miranda Sarmento refrained from commenting, highlighting only the results of the Portuguese economy that demonstrate the country’s “significant capacity and resilience.”
Miranda Sarmento, questioned about the PS’s electoral program, presented this past weekend, reiterated that the socialist proposals “bring a deficit by 2026” and that the “argument of the Recovery and Resilience Program” used by the PS “does not hold water.”
“This explains, above all, an enormous incoherence, an enormous inconsistency in a program that, on one hand, lacks ambition, has too much state presence, is overly conformist, and promises everything to everyone,” he criticized.
The market continues to be affected by the implementation of tariffs imposed by U.S. President Donald Trump on the United States’ trading partners and by the retaliatory measures announced by China, which could be followed by other major economies like the European Union (EU).
The European Commissioner for Trade, currently negotiating the application of tariffs with the White House, called for negotiations with Washington today but warned that the European Union (EU) will not wait indefinitely.
“It will take time and commitment […], the United States of America (USA) does not consider tariffs a tactical step, but a corrective measure,” said Maros Sefcovic in a press conference following a ministerial meeting in Luxembourg.
[Updated at 3:44 PM]
