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Spain Reveals Plan to Shield Economy from U.S. Tariffs
(MENAFN) On Thursday, Spanish Premier Pedro Sánchez unveiled a EURO14.1 billion (USD15.5 billion) initiative aimed at safeguarding and modernizing Spain's economy in response to tariffs imposed by the United States.
Sánchez emphasized the goal of overcoming the economic setback, ensuring that the repercussions of the decisions made by certain leaders are not borne by the same social majority.
“The goal is to overcome this blow and make sure that the nonsense of certain leaders isn’t paid for by the same social majority as always,” Sánchez stated during his address.
He expressed optimism, saying, “We can come out stronger – take advantage of this trade war, even if there are agreements soon, to give our businesses a fresh impulse for modernization and internationalization.”
The plan includes EURO7.4 billion in new financing, with the remainder to be sourced from existing resources. Sánchez explained that the funds would be directed towards assisting Spanish businesses as well as workers who are most affected, as well as reorienting the economy toward emerging markets and sectors.
As an example, Sánchez pointed out that the government intends to support the automotive components industry, which is anticipated to be hit by the tariffs, by helping it transition to the defense sector, where substantial EU investment is expected in the coming years.
“The trade war is terrible news for the whole world, the US included. … Europe is receiving hybrid attacks from (Russian President Vladimir) Putin in the East and the US trade war from the West,” Sánchez remarked. “But that doesn’t mean we’ll stop growing and progressing.”
Sánchez emphasized the goal of overcoming the economic setback, ensuring that the repercussions of the decisions made by certain leaders are not borne by the same social majority.
“The goal is to overcome this blow and make sure that the nonsense of certain leaders isn’t paid for by the same social majority as always,” Sánchez stated during his address.
He expressed optimism, saying, “We can come out stronger – take advantage of this trade war, even if there are agreements soon, to give our businesses a fresh impulse for modernization and internationalization.”
The plan includes EURO7.4 billion in new financing, with the remainder to be sourced from existing resources. Sánchez explained that the funds would be directed towards assisting Spanish businesses as well as workers who are most affected, as well as reorienting the economy toward emerging markets and sectors.
As an example, Sánchez pointed out that the government intends to support the automotive components industry, which is anticipated to be hit by the tariffs, by helping it transition to the defense sector, where substantial EU investment is expected in the coming years.
“The trade war is terrible news for the whole world, the US included. … Europe is receiving hybrid attacks from (Russian President Vladimir) Putin in the East and the US trade war from the West,” Sánchez remarked. “But that doesn’t mean we’ll stop growing and progressing.”
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