(Bloomberg) -- Portuguese Finance Minister Joaquim Miranda Sarmento said he sees the European Union and the US reaching an agreement with tariffs potentially below 10% that would help keep trade flowing.
Most Read from Bloomberg
-
Are Tourists Ruining Europe? How Locals Are Pushing Back
-
Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals
-
Trump’s Gilded Design Style May Be Gaudy. But Don’t Call it ‘Rococo.’
-
Massachusetts to Follow NYC in Making Landlords Pay Broker Fees
-
In California, Pro-Housing ‘Abundance’ Fans Rewrite an Environmental Landmark
“It’s possible to have an agreement with very low tariffs, an agreement that could be perceived as beneficial to both parties and that could continue to allow us to trade and to increase value for our citizens,” Sarmento said in a Bloomberg Television interview in Brussels. “We expect to have an update of what the Commission was able to negotiate with the US administration,” in the EU finance ministers’ meetings to be held Monday and Tuesday.
Asked how low those tariffs could be, he later told Bloomberg Radio’s Stephen Carroll “probably less than 10%, but let’s see what’s the outcome.”
The EU has until July 9 to clinch a trade arrangement with US President Donald Trump before tariffs on most of the bloc’s exports to the US jump to 50%. Trump has imposed tariffs on almost all his country’s trading partners, saying he wanted to bring back domestic manufacturing, needed to pay for a tax-cut extension and stop other countries from taking advantage of the US.
“If the terms of the deal are not favorable for the EU then there is no agreement,” Sarmento said. “If an agreement is not possible on Wednesday there will mostly likely be a new deadline. If at the end of the day an agreement is not possible, Europe should not retaliate on a full scale and should be very selective in order to protect the European economy and to protect European consumers.”
Sarmento added that Portugal will support Eurogroup President Paschal Donohoe’s bid for a second term heading the meetings of euro-area finance ministers. Sarmento also said the government is still evaluating whether to name a new Bank of Portugal governor or reappoint Mario Centeno, as his term heading the central bank ends this month.
Separately, the government will announce the start of the privatization process of state-owned airline TAP SA in the coming weeks, the minister said. He reaffirmed Portugal plans to sell less than 50% of the carrier.
Europe’s largest full-service airlines — Air France-KLM, Deutsche Lufthansa AG and British Airways owner IAG SA — have all gone public with their interest in TAP. The Portuguese flagship carrier’s biggest attraction lies in being the biggest European provider of air links to Brazil. TAP also maintains a strong presence in Africa and operates a number of flights to North America.
繼續閱讀A plan to privatize TAP was delayed earlier this year after parliament toppled the center-right minority government in a confidence vote in March. Portugal held an early election in May that was won by the ruling coalition, which added seats in parliament while still falling short of an absolute majority.
--With assistance from Stephen Carroll.
(Adds comments from minister in fifth, seventh paragraphs, and details on TAP in eighth paragraph.)
Most Read from Bloomberg Businessweek
-
SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too
-
For Brazil’s Criminals, Coffee Beans Are the Target
-
Sperm Freezing Is a New Hot Market for Startups
-
Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate
-
China’s Homegrown Jewelry Superstar
©2025 Bloomberg L.P.
