Spain, package against Trump tariffs -14 billion euros to protect the economy from the impact of the measures
Spanish Prime Minister Pedro Sánchez announced that the government will launch a 14.1 billion euro aid package to reduce the domestic impact of the Trump administration's 20 percent tariffs.
As part of the package, Sánchez said public loans worth 6 billion euros would be made available to companies affected by the taxes, with an additional 400 million euros allocated to bolster the automotive industry.
The funds will also be used for the modernization of the industrial sector and for a new campaign aimed at promoting Spanish products with the slogan "Our values are not for sale, but our products are."
According to forecasts from the Spanish Chamber of Commerce, Europe's fastest-growing economy will suffer losses of up to 4.3 billion euros as a result of Trump's tariffs this year.
The agri-food sector is expected to be hit hardest. Exports of domestic olive oil, which currently brings in about 1 billion euros from American consumers, could fall sharply. The wine sector could also be devastated if Trump carries out his threat to respond to the EU's retaliatory tariffs with a 200 percent tax on alcoholic beverages.
While Spain's automotive sector exports very few cars to the US, it is expected to be indirectly affected by the 25 percent tariffs announced by Washington last week because the country remains a major producer of mechanical components. Spain exported more than 4 billion euros worth of machinery and electrical equipment to the US in 2024.
Sánchez rejected Trump's claim that the taxes are "reciprocal", describing them as "a justification to punish countries, to apply sterile protectionism and to mitigate a deficit caused by dubious fiscal policy".
Poll
Tariffs are hurting the cryptocurrency industry - Trump's cryptocurrency has suffered a major decline
A significant decline not only in major financial markets, but also in the cryptocurrency industry. The tariffs have caused a huge price fluctuation,......
Oil prices fall in international markets - Currently prices are the lowest in the last 4 years
Fuel prices fall 8 percent to four-year lows amid trade war fears. Oil prices fell sharply on Friday, hitting their lowest levels since 2021, on growing......
Port in Porto Romano, pre-qualification phase ends Balluku: Albania will have a model port, a HUB in the Mediterranean
The pre-qualification phase for the construction of the new Port in Porto Romano has been completed. In a post on social media, Deputy Prime Minister Belinda......
The winners of the International Competition for Architectural Project Ideas for the Renaissance of the “Selman Stërmasi” Stadium are announced
The winners of the International Competition for Architectural Project Ideas for the Rebirth of the "Selman Stërmasi" Stadium have been announced. This......
Financing the election campaign for participating entities. Additional fund of 150 million lek is approved!
The Council of Ministers approved today an additional fund in the "support for political parties" program, for financing the election campaign of the......
Ballot papers - CEC approves the quantity to be produced for each district for voters within the territory of the Republic of Albania
Today, the State Election Commissioner approved the quantity of ballot papers that will be produced for each district for voters within the territory of the......
Non-compliant imported products – AKU informs about the current situation in the country!
In the context of transparency and public information, the National Food Authority announces that for every case found (in the market or at Border Inspection......
Trump's tariff formula punishes the poor - The biggest losers, Africa and Southeast Asia
US President Donald Trump's formula for imposing tariffs presents another negative aspect: it is also hitting some of the world's poorest countries. The......
