Government to meet business groups on US tariffs on Tuesday, Wednesday

The ministry of the economy is starting meetings with Portuguese business associations on Tuesday, due to the possible impact of US tariffs on the domestic economy, with the meetings continuing on Wednesday, according to an agenda note.

The meetings will begin today at 9am and will take place “throughout the day”, the ministry indicated in the agenda note, released on Monday.

The ministry pointed out that “the minister of the economy’s meetings with business associations, which were scheduled to take place between Wednesday and Friday, have been brought forward” to today and Wednesday.

According to the government, meetings are planned with ANIMEE – Portuguese Association of Companies in the Electrical and Electronic Sector, AIP – Portuguese Industrial Association, CIP – Industrial Confederation of Portugal, APF – Portuguese Foundry Association, CEFAMOL – National Association of the Mould Industry and APIP – Portuguese Association of Plastic Industries.

Also to be heard are APIB – the Portuguese Rubber Industry Association, APIMA – the Portuguese Furniture and Related Industries Association, AIMMP – the Portuguese Wood and Furniture Industry Association, APPICAPS – the Portuguese Footwear, Components, Leather Goods and Related Products Industry Association and APIC – the Portuguese Tanning Industry Association.

The list of business associations to be received by the government also includes ATP – Textile and Clothing Association of Portugal, ANIVEC – National Association of Clothing and Apparel Industries, ANITLAR – National Association of Home Textile Industries, ANIL – National Association of Wool Manufacturers, APCOR – Portuguese Cork Association and AEP – Business Association of Portugal and AQuimica.

Last week, the government indicated that the minister of the economy, Pedro Reis, and the secretary of state for the economy, João Rui Ferreira, had scheduled a round of meetings with business associations this week “to assess the impact and mitigation measures of the tariffs announced by the US administration on Portuguese companies and the domestic economy”.

The aim, according to a statement released at the time, is to “open a channel for dialogue with the sectors that will be most affected by the “reciprocal tariffs” framework”, namely the automotive industry, fuels, rubber, the electrical and electronics sector, metallurgy and metalworking, wood and furniture, cork, footwear, tanning, textiles and clothing, home textiles and wool, as well as the employers’ associations AIP, CIP and AEP.

“The aim is to hear from the associations representing companies in these economic activities about their assessment of the impact of the imposition of new customs duties on European products,” the ministry of the economy said.

At the same time, the executive wants to hear “the proposals they have for mitigating and minimising this impact on Portuguese exports”.

In the bilateral meetings with the associations, the ministry of the economy said it also wanted to report on what is “being organised with the European Union to respond to the new tariffs and the protection measures that are being designed for the different sectors of activity”.

On Wednesday, Donald Trump announced new US tariffs of 20% on products imported from the European Union, in addition to those of 25% on the automobile, steel and aluminium sectors.

The new tariffs were imposed by the United States on all imports, with surcharges for countries considered particularly hostile to trade.

The world’s stock markets have been falling sharply since last week because of the tariffs.