Portugal said Monday that the trade agreement reached on Sunday between the United States and the European Union"brings stability," but advocates for the elimination of barriers to trade with the United States, while promising support to national companies.
"The EU-US trade agreement brings predictability and stability, by avoiding an escalating trade war," the Ministry of Foreign Affairs (MNE) said in a statement sent to Lusa.
The Portuguese Government"welcomes and thanks" the European Commission "for its commitment to achieving this platform for stabilizing trade relations."
While awaiting "detailed knowledge of the terms and impact" of the agreement, the executive highlights that"some critical points" have been safeguarded.
"In any case," emphasizes the ministry led by Paulo Rangel,"nothing replaces freedom of trade."
"Therefore, it is essential that the EU and Portugal do not give up fighting for the progressive reduction and elimination of customs duties and equivalent barriers to trade with the US, as well as with other trading partners," the Ministry of Foreign Affairs' note highlights.
The executive led by Luís Montenegro (PSD/CDS-PP) promises to support Portuguese companies.
"Within this new framework, Portuguese companies can count on the full cooperation of the Portuguese government to mitigate negative effects and facilitate access to new markets," he added.
The Government also reaffirms the importance of the 27 promoting"new free trade agreements" and "accelerating the entry into force of those already negotiated, particularly Mercosur".
The trade agreement announced on Sunday in Turnberry, Scotland, by US President Donald Trump and European Commission President Ursula von der Leyen sets US tariffs on European products at 15%.
The agreement also provides for the European Union's (EU) commitment to purchase US$750 billion (around €642 billion) of US energy - aimed in particular at replacing Russian gas - and the investment of an additional US$600 billion (€514 billion), in addition to increasing military equipment acquisitions.
The two main trading powers exchange around €4.4 billion worth of goods and services daily, and Washington threatened to impose 30% tariffs on all European imports starting August 1st.
