Spanish Economy Minister Carlos Cuerpo said that US tariffs on European imports will lead to increased economic fragmentation and the emergence of a poorer world.
"The tariffs will have a real impact on the global economy, and as a result we will have a more fragmented and poorer world. This is a day we regret," the minister said in an interview with broadcaster RTVE.
Cuerpo emphasized that the US administration's calculations regarding reciprocal duties do not reflect the true picture of trade barriers between the United States and the European Union. In particular, he described the setting of a 10% minimum base rate for all countries as "arbitrary."
The minister also expressed hope that the two sides could reach an agreement, stressing the importance of transatlantic economic relations, noting that "trade transactions amounting to €4.4 billion are carried out daily between the European Union and the United States." At the same time, Cuerpo said that Europe is prepared to take retaliatory measures to respond to Trump.
Spanish Prime Minister Pedro Sánchez described the US tariffs as a "reversion to 19th-century protectionism" and announced the launch of a €14.1 billion government plan to protect the Spanish economy from trade tariffs. €7.4 billion of this amount represents new funding, while the rest will be taken from funds already allocated for economic protection measures.
In an emergency move to rescue the situation, the Spanish newspaper El Mundo reported on Wednesday that the prime minister will hold an emergency summit with representatives of the economic sectors most affected by the expected increase in US tariffs.
It's worth noting that US President Donald Trump had previously signed an order imposing "reciprocal" tariffs on imports from other countries, with a basic minimum price of 10%. At the same time, most countries will face increased rates, which, as the Office of the US Trade Representative explained, are calculated based on the US trade deficit with a given country—so that there is a balance rather than a deficit.