“The only exports we have to the United States are ornamental rock. These had a zero tariff and now have gone up to a 15% tariff,” explained the president of the Portuguese Association of the Mineral Resources Industry (Assimagra), Miguel Goulão, in an interview, highlighting that, “adding the tariff with the devaluation of the dollar, we’re talking about a price increase of around 40%.”
According to the leader, the impact is not yet fully visible because contracts are signed in the medium term, but the risk exists.
“At this moment, everything that is contracted is being fulfilled, but the challenge will be for new projects,” he stated, adding that “there is a risk of the market seeking alternative solutions, such as cheaper composites and ceramic products.”
The president of Assimagra noted, however, that the Portuguese sector retains “some competitive advantage,” since “Chinese products have a 50% tariff and Canadian ones also have high tariffs.” “Despite the tariff rising from zero to 15%, we’re all on equal footing in Europe,” he mentioned.
The United States is not the main destination for Portuguese exports in the sector, but it is the market that most values the product. “Our main market is France, but it’s one of the ones that values the product the least,” said Miguel Goulão. China and Spain follow on the list of biggest buyers.
Regarding the products, limestone “from the Centro region” leads exports in volume, followed by granite and marble.
The leader also highlighted the sector’s effort to move away from a low-cost logic. “We have made a tremendous effort for the sector to win projects not by being the cheapest,” he affirmed, recalling that there are “iconic works in the world” with Portuguese stone, like the Perelman Performing Arts Center, next to the 9/11 memorial, in New York.
