Latest news and stories about tariffs in finance in Portugal for expats and residents.
The European Union has vowed to react swiftly and with determination if United States President Donald Trump implements his threat to impose 100% tariffs on European imports. The threat follows potential European plans to tax digital services, which Trump claims unfairly targets American tech companies.
The European Commission has formally denied accusations from United States President Donald Trump that the European Union violated a negotiated trade agreement. In response to Trump's announcement of a 25 percent tariff on EU-manufactured automobiles, the Commission warned that it has options available to protect its interests.
United States President Donald Trump has announced plans to impose a 25 percent tariff on automobiles manufactured in the European Union, accusing the bloc of violating a previously negotiated trade agreement. This move follows the recent entry into force of the trade agreement between the EU and the Mercosur bloc, which was highlighted today by European Council President António Costa.
António Luís Santos da Costa (born July 17, 1961, in Lisbon) is a Portuguese lawyer and Socialist politician who served as Prime Minister of Portugal from 2015-2024 and currently serves as President of the European Council since December 1, 2024. After leading the Lisbon Municipal Assembly and practicing law, he was elected MEP (2004-2005) and entered parliament in 2002. He led the Socialist Party from 2014-2024, building unprecedented parliamentary coalitions with the Communist Party and Left Bloc (2015-2019) before winning an absolute majority in 2022. He resigned as PM in November 2023 following a corruption investigation, though subsequently cleared. The 27 EU member states elected him Council President in June 2024, making him the fourth full-time President and the first southern European socialist in that role.
Political Philosophy:
Costa represents moderate European social democracy, combining orthodox fiscal responsibility with progressive social investment. He prioritizes European integration, consensus-building, and pragmatic compromise over ideological confrontation. As Council President, he champions mediation between member states, improved EU inter-institutional relations, shorter decision-making processes, and regular visits to every EU capital to reconnect citizens with European institutions. His approach emphasizes "creative bridges" reconciling divergent interests while maintaining firmness on European values, particularly regarding Ukraine.
Trade expert Ignacio García Bercero advises the EU to pursue a conditional agreement with the US, citing ongoing uncertainty regarding the Trump administration's tariff policies as the European Parliament prepares to deliberate on the Turnberry deal.
EU lawmakers say a proposed EU–US trade pact—intended to shield European exporters from heavy duties—is effectively on hold after the US announced tariffs on eight European countries in response to their opposition to Washington’s actions regarding Greenland. EU ambassadors have been summoned to an extraordinary meeting to discuss the diplomatic fallout and next steps, underscoring how escalating US threats risk derailing broader trade cooperation and raising the prospect of a wider economic and political rift.
The reaction comes after United States President Donald Trump threatened to impose “very heavy” additional tariffs on the European Union should the bloc proceed with admitting Canada as an associate member.
There may be political reasons for the administration to avoid another major tariff escalation before November. However, if Trump's second term has set any pattern, it is that tariff disputes can escalate – and change course – rapidly
The European Union (EU) took “positive note” this Friday of the new customs tariffs announced on Thursday by the United States, which respect the 15% cap provided for in the agreement signed a year ago between the two blocs. “The EU positively notes the fact that this result is in compliance with the US tariff commitments...
The United States announced a new package of tariffs for more than 80 countries on Thursday, using different legal methods after courts blocked part of the previous measures.
The announced decision represents a new attempt by Trump to maintain a tariff policy that has used different legal instruments since his return to the White House in 2025
Thursday’s vote prolongs the suspension of the EU’s retaliatory tariffs; its duration is still being negotiated.
The Council of the European Union has given the “green light” to the agreement with the United States on customs tariffs, which will enter into force following its signature and publication in the Official Journal.
With this milestone, we are a few days away from fulfilling our commitment to eliminate tariffs on imports of industrial goods from the United States, assured the President of the European Commission.
The proposed 10 percent tariff threatens a fragile transatlantic trade truce.
The president's trade adviser also recommended a 12.5 percent duty for dozens of other countries. The tariff rates are not yet final.
The European Union reached a provisional agreement this Wednesday on legislation aimed at eliminating tariffs on US products, a key element of the trade deal reached with Washington in July of last year. A measure that should avoid an increase in US tariffs on EU products. Under the terms of the agreement reached...
The European Parliament and the Council, the body representing EU governments, have reached an agreement on a legislative text, paving the way for EU tariff reductions to come into effect.
EU got tariff relief. US got delay.
The European Commissioner for Trade met with the US Trade Representative in Paris. The goal is to save the July agreement with a 15% general tariff before its first anniversary.
A sunset clause provides for the agreement to expire on 31 March 2028, with the possibility of extension following an impact assessment.
The US President accused the EU of violating a trade agreement and increased tariffs on cars and trucks produced in the European bloc. Furthermore, Montenegro refuses stubbornness in negotiations regarding the labour package.
It is unclear under what authority Trump will increase tariffs on the EU.
The US President justified the tariff increase, claiming that the European Union failed to act in accordance with the trade agreement signed in 2025.
Andrew Puzder tells POLITICO the bloc should implement the Turnberry trade agreement without major changes.
US Treasury Secretary Scott Bessent stated on Tuesday that tariffs imposed by President Donald Trump could be reinstated as early as July at the levels in effect before the Supreme Court largely invalidated them. Bessent noted that because the tariff authority under Section 301 has already been debated in court, business leaders can begin planning and making capital investment decisions. The initiative comes as Trump seeks to rebuild his tariff barrier through other legal grounds after the Supreme Court ruled the use of emergency powers to impose many of those tariffs unconstitutional. Following the cancellation of several global tariffs, the former president instituted a temporary 10% surcharge on various imports, which expires on July 24. Regarding tariffs, the EU says it believes the US will respect the trade agreement signed in July 2025.
The EU is in the process of ratifying the deal concluded in Turnberry, Scotland, last year that saw the U.S. impose unilateral 15 percent tariffs on EU imports.
The US President states that the goal is for the majority of pharmaceutical products to be manufactured in the United States.
The European Parliament approved this Thursday the reduction of tariffs on North American agricultural and industrial products, as provided for in the agreement signed last summer between the President of the European Commission and the President of the United States. At stake are two legislative proposals: one concerning the adjustment of customs duties and the opening...
The United States has launched an investigation into the economies of 60 countries, including the European Union, Brazil, and Angola, to determine if they have taken sufficient measures to prevent the import of goods produced with forced labour. US Trade Representative Jamieson Greer stated that governments have failed to effectively prohibit the entry of such products into their markets, creating an artificial cost advantage for foreign producers. The investigations, conducted under the Trade Act of 1974, aim to determine if these practices place an unreasonable burden on US commerce and could potentially lead to new import tariffs as the administration seeks to replace revenue lost following a Supreme Court ruling against previous emergency economic tariffs.
European Commission fires back after Washington launches trade probes against that could result in new tariffs.
The threat of removing tariff exemptions for important products for Portugal, such as cork and clothing, puts the country in a more difficult situation than its European partners.
