BORJA SANCHEZ-TRILLO / EPA
Reply and commercial relaunch plan in march as early as this Thursday. Spain will recall PRR funds to other sectors, namely carved to cars.
The Spanish government announced a package of 14.1 billion euros on Thursday Helps and incentives for companies to respond to US commercial tariffs and mitigate their impact on the country’s economy.
The Spanish reply and relaunch plan was announced by Spain Prime Minister Pedro Sánchez, in a statement in Madrid in which he accused US President Donald Trump of starting a commercial war “unjust and unjustified against everything and against everyone”based on false arguments that will also harm US companies and citizens.
Sánchez stated that the new commercial tariffs by Trump on Wednesday night are “sterile protectionism” and “not reciprocated” because the trade balance between the European Union and the US is very balanced and the rates applied by the European bloc are actually 3%. The Spanish government leader asked US administration to reconsider and feel like negotiating with the European Union and the rest of the world.
Recanalize PRR funds for other sectors
Sánchez, who assured that the Response Plan would advance this Thursday, foresees support funds and financing lines for companies whose activity and jobs can be affected by US tariffs and also to encourage the creation and installation of new industrial units.
Among other aspects, European funds of the Spanish recovery and resilience program will be recalled to aid to sectors such as the car or related to car production.
Regarding the protection of jobs, Sánchez compared this plan of response and commercial relaunch to measures taken during crises such as the pandemic.
What if negotiations fail?
On the other hand, if they fail the negotiations, he asked the European Union to respond with “proportionality and unity”, noting that the EU is “the world’s first commercial block”.
Concrete, asked Brussels a Special Public Aid Plan For sectors potentially affected by new tariffs, through a fund funded by rates imposed on US products and accelerate the process of ratification of the trade agreement with the South American countries that were Mercosur.
Trump announced on Wednesday a 10% base rate on all US imports, which increases due to national and non-national measures. Also in effect of 25% rates on cars, light trucks and US imported car parts.
