Lisbon, April 7, 2025 (Lusa) - Portugal's minister of finance, Miranda Sarmento, said on Monday that he expects the European Union to respond to US tariffs in a "measured and balanced manner" and by showing "willingness to negotiate" with the United States.
"We already have recent experience of tariff increases in 2016 and 2017. And so we can learn from what happened and how the European Union responded. What I expect is a response of willingness to negotiate, because tariffs harm everyone and those who will be most harmed will be American consumers and companies, and a selective response that looks at the interests of the European Union," said the minister of finance.
The minister was speaking to journalists at the Palace of Justice in Lisbon, after handing over the Social Democratic Party's lists for the Lisbon constituency, for which he is head of list in the early legislative elections on 18 May.
Miranda Sarmento emphasised that Europe is going through a "process of analysis and reflection" on tariffs, but argued that it is time for the two economic blocs to "sit down and come up with the best possible solution, given what are currently antagonistic interests".
Asked whether the European Union is preparing to negotiate on the terms imposed by US President Donald Trump, the minister of finance said that this would not happen because the "European Union also has arguments and strengths to assert".
"I don't like the word retaliation, I think the European Union should respond in a measured way, in a balanced way, building on the experience of 2016 and 2017. Economic theory has already produced some studies on what the European response was at that time of tariffs, although now, factually, tariffs are very much higher," he added.
Regarding the Lisbon stock market - which opened today down almost 6% - Miranda Sarmento refrained from commenting, highlighting only the results of the Portuguese economy which demonstrate the country's "capacity and resilience".
Miranda Sarmento, when asked about the Socialist Party's electoral programme, presented this weekend, insisted that the Socialist proposals "will bring a deficit to 2026" and that "the argument of the Recovery and Resilience Programme" used by the Socialists "doesn't hold water".
"This explains, above all, a huge incoherence, a huge incongruity, a programme that on the one hand has no ambition, has too much state, has too much conformism and promises everything to everyone," he criticised.
The market continues to be affected by the entry into force of the tariffs imposed by US President Donald Trump on the United States' trading partners and by the retaliatory measures announced by China, which may be followed by those of other major economies, such as the European Union (EU).
The European Commissioner for Trade, who is negotiating the application of tariffs by the White House, today called for negotiations with Washington, but warned that the European Union (EU) will not wait forever.
"It's going to take time and commitment [...], the United States is not looking at tariffs as a tactical step, but as a corrective measure," said Maroš Šefčovič, at a press conference after a ministerial meeting in Luxembourg.
TYRS/AYLS // AYLS
Lusa
