The package of about 10 billion euros from the government to support the Portuguese exporting companies compared to the tariffs announced by the United States will be in force within a few weeks, the Minister of Finance said on Friday.
“Yesterday [quinta-feira] We had the opportunity to answer with a very ambitious program to support companies – about 10 billion euros, 3% of GDP, much larger than what Spain had presented a few days ago – “and this package of measures“ will be operational within a few weeks, ”said Finance Minister Joaquim Miranda Sarmento.
Upon arrival at the Informal Meeting of the Euro Finance Ministers in Warsaw, the ruler pointed out that “about 10 billion euros than loans, insurance lines and European funds” that will allow to “firmly respond” to commercial uncertainty related to US administration decisions.
To be operational, “above all, on the one hand, the dialogue with the European Commission and checking the end result of tariff decisions and then, of course, the most administrative operation,” specified Joaquim Miranda Sarmento, ensuring that “these supports quickly reach Portuguese companies.”
According to the minister, this “was a work done in collaboration with the business associations and responsible, thought and prepared over time and not a quick and immediate response, without weighting that some demanded soon.”
Greeting the 90 -day break announced by the United States in the new reciprocal tariffs to the EU, a step that was also later given by the community bloc, Joaquim Miranda Sarmento said that “now is the time to find common points and to keep together the largest commercial block in the world.”
And despite the eventual impacts on the Portuguese economy, which are still being calculated, the eurozone has a “stable” budgetary framework, as had made minutes before the president of the eurogroup, Paschal Owner, who stressed the stability of the single currency area.
Eurozone finance ministers discuss the economic impact of new customs tariffs in the United States in a context of relief after the US announcement, pause also adopted by the EU.
Held in Warsaw by the EU council presidency assumed by Poland, the Eurogroup’s informal meeting-of the euro ministers-happens at a time of marked commercial tensions after advertisements by US President Donald Trump, rates of 25% to steel, aluminum and 20% cars and in reciprocal tariffs to the community bloc, the latter suspended for 90 days.
This suspension calmed the markets, which have been registering serious losses, and was greeted and seconded by the EU, which suspended, during the same period, 25% rates to US products that had approved on Wednesday in response to those applied by the United States to European steel and aluminum.
The, which has the competence of the commercial policy in the EU, has opted for prudence and this caution is supported by countries such as Portugal.
Brussels wants, in this 90 -day break, to be able to negotiate with Washington, after already proposed zero rates for industrial goods in trade between both blocks.
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