Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
LISBON, July 29 (Xinhua) — Portugal has expressed concern over the recently concluded tariff deal between the EU and the United States, calling it a limited improvement that is not in line with genuine free trade principles and comes at a high cost to both sides.
The country's Ministry of Economy and Territorial Integrity acknowledged that the agreement, which sets US tariffs on European goods at 15 percent, could provide some predictability. However, "nothing can replace free trade," and Portugal will continue to actively advocate for the gradual elimination of tariffs and other trade barriers, the ministry stressed.
The Confederation of Portuguese Businesses (CPB) expressed only “relative relief” at the agreement, noting that the price to be paid was “high for both sides.”
“When you were expecting a hurricane, you are glad that it is just a normal storm,” said CBP Director General Rafael Alves Rocha. However, he warned that the agreed duties were significantly higher than the current average of around 2.5 percent, representing a setback for exporters and highlighting the asymmetry of the EU and US tariff structures.
The CPB said the agreement was unbalanced and put European producers at a disadvantage.
The Portuguese government responded to the potential negative consequences with financial support measures for businesses.
The Reforcar programme, aimed at protecting companies from adverse trade consequences, was launched in April. To date, 14,000 applications have been submitted for a total of €3.2 billion, of which €2.5 billion has been approved and €1.6 billion has already been spent.
In addition, a special credit line has been created to support export-oriented small and medium-sized enterprises. The Ministry of Economy received 2.6 thousand applications for 1.3 billion euros, of which 600 million euros were approved.
The new PT2030 incentive programme has launched a non-repayable grant pipeline to support internationalisation, targeting joint projects and cooperation strategies in foreign markets. The ministry announced that public applications for collective internationalisation initiatives will open on 31 July.
Despite these supportive measures, Lisbon's cautious tone and criticism from the business community reflect significant doubts about the long-term benefits of the EU-US trade deal. –0–
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