Portugal urges elimination of trade barriers following US-EU trade agreement

On July 28, 2025, Portugal expressed its satisfaction regarding a newly reached trade agreement between the United States and the European Union, which aims to enhance trade stability and predictability. The Portuguese government commended the European Commission for their efforts in stabilizing trade relations, emphasizing that the agreement is preferable compared to the alternative of a trade war. However, Portugal remains committed to the progressive elimination of trade barriers, notably customs duties, with the U.S. and other trading partners. The Ministry of Foreign Affairs underscored the importance of supporting Portuguese national companies amidst this new trade landscape. Additionally, the agreement mobilized significant investments in both directions, including a commitment by the EU to purchase approximately $750 billion of U.S. energy. This aimed to offset reliance on Russian gas and involved other financial commitments such as an extra $600 billion investment and an increase in military material acquisitions. The backdrop of these negotiations includes previous threats of substantial tariffs and ongoing trade tensions, which both sides sought to mitigate through this arrangement. Given that around €4.4 billion in goods and services are exchanged daily between the two regions, this agreement represents crucial steps in avoiding greater economic escalation and fostering a more stable trading environment moving forward. Furthermore, the agreement signals a commitment toward fostering new free trade agreements, reinforcing the goal of enhancing global trading relationships for the benefit of both sides. With these developments, the Portuguese government aims to ensure that its national enterprises can navigate the new framework successfully, with an assurance of governmental support in accessing new markets and minimizing negative impacts on trade.