The President of the Government, Pedro Sánchez, announced details of the initiative today, focused on protecting the economy, helping businesses and jobs, and reorienting and relaunching Spain’s productive capacity.
To this end, the Iberian country intends to mobilize €7.4 billion in new financing and another €6.7 billion from existing instruments.
In addition, the Dialogue Table with social stakeholders was established, and the Sectoral Conference on Trade will be convened to work with the Autonomous Communities.
Likewise, the Minister of Economy, Carlos Cuerpo, will hold rounds with parliamentary groups and appear in the Congress of Deputies.
“The Government is not going to wait and see what happens in the coming days. We are going to respond proactively, prepared with the immediate deployment of the plan, so that if the storm does break, Spain will have a double umbrella: the European and the Spanish,” Sánchez stated.
During a meeting this Thursday with representatives of the Spanish productive sector, the Prime Minister was accompanied, among others, by the Second and Third Vice Presidents, Yolanda Díaz and Sara Aagesen, respectively, also Ministers of Labor and Ecological Transition, and several heads of various ministries.
Also present were representatives of the most affected sectors (automotive, agri-food, light and heavy industry, pharmaceuticals) and social stakeholders. Sánchez lamented last night’s tariff announcement by the Donald Trump administration.
“This is terrible news for Europe, for the world, and for Spain,” as no one, neither Europe nor Spain, will be immune to these impacts, he emphasized.
However, he emphasized his government’s intention to take a long-term view, “seeing opportunities where others only see obstacles.”
He clarified that it is not true that Europe is imposing tariffs of 39 percent on the US, but rather around 3 percent.
“Their supposed reciprocity is just an excuse to punish countries, apply sterile protectionism, and raise revenues to try to mitigate the deficit caused by a more than questionable fiscal policy,” Sánchez argued.
However, he reiterated that Spain and Europe continue to extend a helping hand, “because the American people are a friend and ally, but that does not mean we are going to sit idly by.”
“The European Union will react proportionally, with unity, and with the strength that comes with being the largest trading bloc in the world,” he added.
Among other additional Spanish measures to address Trump’s taxes, he said that the Support Fund will be promoted to Productive Industrial Investment, endowed with 200 million euros, to provide loans and equity participation, aimed at modernizing or installing new production plants.
In addition, the new MOVES plan will be implemented, with 400 million euros, which will serve as a stimulus to the automotive sector.
With a view to preserving employment and reorienting activity, the Government will be in constant dialogue with employers and unions, and will immediately promote the Sectoral Conference on Commerce, led by the Minister of Economy, Commerce, and Business, to work closely with his counterparts in the regional governments.
In addition to promoting measures to preserve the labor market, as was the case during the pandemic, Sánchez assured that 5 billion euros from the Recovery Plan will be rechanneled so that those industries and companies threatened by the tariff shock can transform and reorient their capacities.
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