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Spanish Prime Minister Pedro Sanchez on Thursday slammed the sweeping new tariffs announced by US President Donald Trump and announced a 14.1-billion euro ($15 billion)package to help Spanish sectors hurt by the levies.
Sanchez said the tariffs were a “unilateral attack” by Washington against Europe and marked a return to “19th century protectionism, which in my opinion, is not an intelligent way to meet the challenges of the 21st century.”
While Spain’s economy is less reliant on exports to the United States than many of its European peers, experts predict the country’s aluminum, olive oil and wine sectors are likely to feel the pinch.
The aid measures Sanchez announced will include a scheme to allow companies affected by the tariffs to maintain their staff until they are able to resume their normal level of activity, like the one put in place during the Covid-19 pandemic, Sanchez said.
Around five billion euros of the support will come from the EU’s post-Covid-19 European recovery plan, he added.
“We will overcome this unfair crisis. And we will do so without renouncing our values,” the prime minister said.
Sanchez said the tariffs slapped on Europe are based on an analysis that is “contrary to the truth”. Trump placed tariffs of 20 percent on all goods imported from the European Union, saying this was because the bloc applies tariffs of 39 percent on US products.
“That’s not true. In fact, if we look closely at the figures, the European Union only applies tariffs of around three percent, depending on the case,” said Sanchez, who called on the bloc to react “with proportionality” and “unity”.
“Europe’s hand is outstretched, and it always will be because the American people, beyond their governments, are a friendly people but that does not mean that we are going to stand by and do nothing.”
Spain had a trade deficit of 10 billion euros with the United States last year, according to economy ministry figures, largely due to massive energy imports.
However, some export sectors are heavily exposed to the US market, with Spain exporting one billion euros worth of olive oil to the United States last year, for example.
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