Introduction
Spanish Prime Minister Pedro Sánchez has unveiled a comprehensive €14.1 billion aid package aimed at mitigating the adverse effects of President Donald Trump’s 20 percent tariffs on European imports.
Context
The aid initiative allocates €6 billion in public loans to support companies impacted by these tariffs, alongside €400 million specifically designated for the automotive industry.
Developments
Sánchez highlighted that Spain's economy could suffer losses of up to €4.3 billion due to these tariffs, with the agri-food sector being particularly vulnerable. He condemned Trump's trade measures as detrimental for the global economy, drawing parallels to the protectionist policies of the 19th century.
Conclusion
The aid package reflects Spain's proactive approach to safeguard its economy against the potential fallout from international trade tensions.