Daily Times

Spain’s government has announced a 14.1 billion-euro ($15.66 billion) plan to mitigate the impact of new U.S. tariffs. Prime Minister Pedro Sanchez revealed that the package would include 7.4 billion euros in new financing, with the rest coming from existing funds. The government aims to protect sectors affected by U.S. tariffs, such as the car industry.

Sanchez has also called on the European Commission to create a fund financed by tariff revenues from U.S. imports. This would help soften the economic blow and provide support to industries facing reduced sales due to the new tariffs. Additionally, Sanchez seeks EU approval to allow more flexibility for domestic aid to affected sectors.

The new tariffs, announced by U.S. President Donald Trump, include a 20% tariff on European Union imports. Sanchez criticized the U.S. move as unjustified, stating it unfairly targets both allies and adversaries without distinction. The Spanish government views this as a threat to the global trading system.

While the European Union aims to negotiate with the U.S. to avoid a trade war, Economy Minister Carlos Cuerpo emphasized that retaliation may be necessary if talks fail. Spain’s measures aim to shield its economy in the short term and provide a safety net for affected industries.