The new tariffs announced by U.S. President Donald Trump on Wednesday have rattled markets and drew condemnation from world leaders facing an abrupt end of an era of trade liberalisation that has shaped the global order for decades. Spain, which like other European Union members was hit by U.S. tariffs imposed on imports from the bloc, is the world’s top exporter of olive oil and also sells important quantities of auto parts, steel and chemicals to the United States. Sanchez described Trump’s actions as “terrible news for the world”, “unintelligent” and “a return to 19th-century protectionism”.
Sanchez also stressed Europe's need to find new trading partners elsewhere. He is set to visit Vietnam and China next month, attempting to forge closer economic ties with the Asian countries.
Spain's aid package - which still needs to be approved by a fragmented parliament - will include 7.4 billion euros in new financing, and the rest will come from existing instruments such as soft loans, Sanchez said.
The government will also contribute with 2 billion euros worth of credit insurance and export risk coverage.
Spain has sought EU authorisation to allow more flexibility for large-scale domestic aid for the affected sectors.
“We’ll take advantage of this trade war to give our industry a new impulse for its modernisation and internationalisation,“ Sanchez said.
($1=0.9006 euros)
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