President of Spain announces plan to combat US tariffs

Published at: 03/04/2025 04:13 PM

Spain announced that it will deploy a Trade Response and Relaunch Plan to combat the 20% tariffs recently imposed by the Donald Trump administration in the United States (US) against the European Union (EU).

The plan was announced this Thursday by the president of the Government of that country, Pedro Sánchez, during a meeting with representatives of the productive sector he led at the Moncloa Complex, located in Madrid, the project would be endowed with 14.1 billion euros.

Sánchez insisted that this plan will serve as “a shield that protects the economy”, so “if the storm ends up breaking out, Spain will have a double umbrella: the European umbrella and the Spanish umbrella”.

Of this figure, 7.4 billion come from new funding, and the remaining 6 thousand 700 emerge from pre-existing financial instruments.

The Spanish head of state urged his American counterpart to reconsider and negotiate with the European Union, which will react with “proportionality, unity and strength”.

He also stated that his “supposed reciprocity” is just an excuse to punish countries, apply sterile protectionism and collect money to try to mitigate the deficit caused by a more than questionable fiscal policy. So no one is going to benefit from this.”

Sánchez , added that Trump's plan represents a return to 19th century protectionism and based on data “contrary to the truth”, since Trump accused the EU of applying tariffs of 39%, when they are around 3%, and the trade balance between Spain and the United States is practically even.

In this regard, he advocated accelerating the integration of the single market in areas related to regulation, digital services or financial flows; expanding and diversifying commercial links with the rest of the world; and deploying a package of counter-tariffs and measures to reinforce economic security and strategic autonomy.

Mazo News Team