EU Gears Up Against US Tariffs: Spanish Economy Leads the Charge

Spanish Economy Minister Carlos Cuerpo announced Spain's initiative to help industries affected by US tariffs. As EU finance ministers meet, they aim to solidify a unified response with a 14.1 billion euros aid package and potential countermeasures on $28 billion of US imports.

On Monday, Spanish Economy Minister Carlos Cuerpo made a decisive move by urging the European Union to act against US-imposed tariffs at an EU finance ministers meeting. Spain is leading the charge, offering a robust solution to aid affected industries with a 14.1 billion euro financial package.

The European Union is expected to present a united front against President Donald Trump's tariffs, likely approving targeted countermeasures on up to $28 billion worth of U.S. imports. The EU faces significant challenges with 25% import tariffs on steel, aluminium, and cars, and further reciprocal tariffs starting Wednesday.

Additionally, Cuerpo mentioned that EU ministers will deliberate on a list of products for retaliatory tariffs in direct response to those on steel, aluminium, and vehicles. With the euro trading at 0.9073 to the dollar, the economic impacts are substantial.

(With inputs from agencies.)