MADRID: Spanish Economy Minister Carlos Cuerpo said on Monday he would push the European Union to approve aid for industries hit by US tariffs at a meeting of EU finance ministers to be held that day.
Spain on Thursday was one of the few major economies to offer up a concrete solution to help weather the impact of new U.S. tariffs, offering its companies a financial package of loans and direct aid worth 14.1 billion euros ($15.54 billion).
European Union countries will seek to present a united front against U.S. President Donald Trump's tariffs, likely approving a first set of targeted countermeasures on up to $28 billion of U.S. imports.
The 27-nation bloc faces 25% import tariffs on steel and aluminium and cars and “reciprocal” tariffs of 20% from Wednesday for almost all other goods.
Cuerpo also said the EU ministers will discuss a list of products to be submitted to retaliatory tariffs in response to the ones on steel, aluminium and cars.
