“It’s difficult [to talk about percentages for such tariffs because] there are many variables at play, there are many goods to be analyzed. There’s no specific number, but the lower the tariffs can be, the better, because they are not a good economic policy instrument,” said Joaquim Miranda Sarmento.
Speaking upon his arrival at the Eurogroup meeting in Brussels, two days before the informal deadline set by the United States to conclude a trade agreement with the European bloc to avoid punitive tariffs of 20% to 50% on European products, the official noted that such consensus “should be reached quickly.”
“We should aim for the lowest possible value, with minimal tariffs, [because] as I have said here several times, tariffs are bad economic policy, they destroy value, harm consumers, and therefore we will see if it is possible to reach that agreement by Wednesday,” he added.
Joaquim Miranda Sarmento expressed hope “for an agreement.”
“We will see what the negotiations produce and then we will have to act based on what was possible to negotiate,” he concluded in these remarks to Portuguese journalists.
Trade tensions between Brussels and Washington are due to President Donald Trump’s announcements of imposing 25% tariffs on steel, aluminum, and European cars, and 20% to 50% in reciprocal tariffs on the bloc, the latter of which have been suspended for 90 days.
The European Commission, which holds the EU’s trade policy competence, has opted for caution, a prudence supported by countries such as Portugal.
Brussels aims to negotiate with Washington and has already proposed zero tariffs on industrial goods in trade between the two blocs.
Currently, 379 billion euros in EU exports to the United States, equivalent to 70% of the total, are subject to the new tariffs (including those temporarily suspended) since the new U.S. administration took office last January.
According to the European Commission, this involves a U.S. average customs duty rate higher than in the 1930s.
The EU and the United States have the largest trade volume between partners, totaling 1.5 trillion euros.
