Brussels, July 7, 2025 (Lusa) - Portugal's finance minister, Joaquim Miranda Sarmento, said on Monday that “the lower the tariffs agreed between the United States and the European Union (EU), the better,” hoping for a quick agreement that safeguards “economic prosperity.”
“We can refine the discussion on percentages for such tariffs because many variables are at play, and we must analyse many goods. Instead of focusing on any specific figure, we should aim for lower tariffs wherever possible, as this approach offers a more effective economic policy instrument,” said Joaquim Miranda Sarmento.
Speaking on arrival at the Eurogroup meeting in Brussels, two days before the deadline informally set by the United States as the deadline for concluding a trade agreement with the EU to secure the avoidance of punitive tariffs of 20% to 50% on European products, the minister indicated that such a consensus “must be reached quickly”.
“It should seek to be as low as possible, with minimal tariffs, [because] as I have said here several times, tariffs should form only a small part of sound economic policy, they preserve value, they benefit consumers, and so we will see whether or not we can reach this agreement on Wednesday,” he added.
Joaquim Miranda Sarmento said he was hopeful “for an agreement”.
“We will see what the negotiations produce and then we will have to act according to what has been possible to negotiate,” he concluded in his statements to Portuguese journalists.
Trade tensions between Brussels and Washington stem from President Donald Trump’s announcements of 25% tariffs on European steel, aluminium, and cars, as well as 20% to 50% 'reciprocal' tariffs on the EU. The latter of these, which officials have suspended for 90 days, has been a key point of contention.
The European Commission, which is responsible for EU trade policy, has opted for caution, a stance supported by countries such as Portugal.
Brussels wants to negotiate with Washington and has already proposed zero tariffs on industrial goods in trade between the two blocs.
Currently, €379 billion in EU exports to the United States, equivalent to 70% of the total, face the new tariffs (including those temporarily suspended) since the new US administration took office last January.
According to the European Commission, this represents a higher average US customs duty than in the 1930s.
The EU and the United States have the largest volume of trade between partners, at €1.5 trillion.
ANE/ADB // ADB.
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