Spain's Bold Plan to Counter U.S. Tariffs

Spain announces a 14.1-billion-euro package to mitigate the economic impact of new U.S. tariffs. The plan includes new financing and soft loans, while seeking EU support for affected sectors. Spain aims to negotiate with the EU to avoid a trade conflict.

The Spanish government plans to roll out a 14.1-billion-euro initiative aimed at softening the blow from recent U.S. tariffs, Prime Minister Pedro Sanchez announced Thursday.

The comprehensive package features 7.4 billion euros in fresh financing, supplemented by pre-existing financial tools like soft loans. Sanchez also plans to request the European Commission to establish a fund using tariff revenue from increased U.S. imports.

Economy Minister Carlos Cuerpo emphasized the measures aim to provide a safety net for impacted sectors, including the car industry, and highlighted the EU's willingness to negotiate to avert a trade war.

(With inputs from agencies.)