Dublin, Sept. 18, 2026 (Lusa) - Portugal's finance minister acknowledged today that the latest US threat of new tariffs on the European Union (EU) adds another layer of «volatility and uncertainty» to international trade, since such measures harm economies and consumers.
«We never know [whether the threats will materialise] because the volatility and uncertainty in this regard is always very high,» said Joaquim Miranda Sarmento, speaking to the Lusa news agency as he arrived for the informal meeting of eurozone and EU finance ministers in Dublin, hosted by the Irish rotating presidency of the Council.
The recent threats by US President Donald Trump to impose new tariffs on the EU emerged after European Commission President Ursula von der Leyen proposed that Canada could become the European Union's first associate member, thereby deepening cooperation between the two blocs.
Trump reacted by threatening to impose «very heavy tariffs» on Europe or even to restrict trade, should he regard the rapprochement between the EU and Canada as a hostile act.
«As I have been saying, […] tariffs harm economies; they harm consumers, particularly those on the lowest incomes,» Joaquim Miranda Sarmento told Lusa.
The minister welcomed, however, the deepening of trade relations between Brussels and Ottawa: «The possibility of the EU extending its trade ties to Canada is positive for both blocs, but it is also certainly positive for the United States.» «International trade, when it is fair and balanced, generates gains for everyone,» he added.
The new threat from Washington comes against a backdrop of trade relations already marked by successive disputes between the United States and its partners, particularly the EU, with which the two sides have established a 15% tariff cap on most European exports to the US.
EU finance ministers are set to discuss the competitiveness of the European banking sector today during a working lunch, following a European Commission report on market fragmentation.
The discussion follows European Commissioner Maria Luís Albuquerque's announcement that Brussels will present a legislative package in the first quarter of 2027 to strengthen the banking sector's competitiveness and deepen market integration.
On this subject, Joaquim Miranda Sarmento advocated moving forward with the Banking Union, notably by creating a European deposit guarantee scheme.
«We have always sought […] to ensure that there is […], not least to safeguard balance and the confidence of all depositors,» he argued.
The minister also called for simpler banking regulation in the EU, arguing that the European banking sector needs to «gain scale» to compete, as it remains subject to «rather onerous regulation» introduced after the 2008 financial crisis.
On Saturday, the second and final day of the informal meeting, participants will discuss the impact of artificial intelligence (AI) on European economies and societies.
On this matter, Joaquim Miranda Sarmento said AI technology is already an integral part of public-service reform in Portugal, enabling gains in speed, quality and productivity, but he emphasised the importance of using the technology responsibly.
«The task ahead of us is to pursue an ambitious agenda for AI and technological development, whilst remaining mindful of the risks involved and the need for safeguards,» he told Lusa.
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Lusa
