Alex Trelinski
SPAIN’S Prime Minister, Pedro Sanchez, has announced €14.1 billion of funding to counteract the impact of Donald Trump’s US tariffs on the country’s economy.
The measures include €7.4 billion euros of new money with the rest coming from loans.
Sanchez said he regretted that ‘the US is returning to the protectionism of the 19th century’ and denounced Washington’s ‘unilateral’ attack with ‘unprecedented’ tariffs.
READ MORE: Europe in shock as Trump announces 20% tariffs on imports from Spain and the EU
US president Donald Trump announced on Wednesday a general 20% tariff on all goods imported from the European Union into the US.
Sanchez- speaking in Madrid- said he would ask the European Commission to set up a fund financed by revenues from tariffs on imports from the United States that will be increased in response to the move that he said was ‘unfriendly and unjustified’.
He also appealed to Donald Trump to reconsider and ‘sit down at the negotiating table with the EU and with the rest of the world’.
Sanchez also called on the European Union to be more flexible on large-scale domestic aid being provided to key affected sectors, such as the car industry.
“This tariff attack by the U.S. administration makes no distinction between friends and enemies, it doesn’t discriminate based on ideology or trade balance; it’s against everyone and everything,” Sanchez said.
The Prime Minister also revealed the creation of an inter-ministerial commission to ‘guarantee the proper execution’ of the response plan, which will be lead by Economy Minister, Carlos Cuerpo.
“Social, territorial and intra-government dialogue is going to be fundamental. Also parliamentary dialogue, because there will be measures that we have to take to Congress, as well as dialogue with the EU institutions,” Sanchez added,
