Carlos Cuerpo will meet next week with working groups affected by the EU-US tariff agreement.

The Minister of Economy, Trade, and Business, Carlos Cuerpo, has convened meetings next week with the sectoral working groups affected by the tariffs to share information on the trade agreement reached this week between the United States (US) and the European Union (EU).

This was confirmed to Europa Press by sources from the Ministry of Economy, after the EU closed the formal agreement with the United States last Thursday for a general maximum tariff of 15% on its exports, which will also apply to sectors such as pharmaceuticals and semiconductors. However, in the case of vehicles , the reduction from the current 27.5% is conditional on improved access to US agricultural products and food.

With the formalization of this agreement, both blocs put into writing in a joint statement the political agreement reached in Scotland three weeks ago between EU President Ursula von der Leyen and US President Donald Trump. The text, although not legally binding, specifies the terms of the agreement and is perceived as a roadmap for trade policy between Washington and Brussels.

Thus, the Corps will meet next Tuesday, August 26, with the consumer goods and industrial products working groups. Meanwhile, on Wednesday, August 27, the meeting will take place with the food products and chemicals and pharmaceuticals working groups. The meeting with the capital goods and electrical equipment working group is expected to take place on Thursday or Friday of next week.

According to sources from the Ministry of Economy, these five meetings will be followed by another meeting with another sectoral working group affected by the tariff agreement, which is still being finalized.

Minister Carlos Cuerpo will be accompanied at the meetings by the Secretary of State for Trade, Amparo López Senovilla. He will be accompanied by the Minister of Industry and Tourism, Jordi Hereu, for the meeting with the working groups on industrial products and chemicals and medicines . The Minister of Agriculture, Luis Planas, will also participate in the meeting with the working group on food products.

The Ministry of Economy has noted that the working group meetings are being held in conjunction with the implementation of the Trade Response and Relaunch Plan, which the Spanish government approved just hours after the US administration imposed new tariffs on European products. This is to maintain a direct information channel that allows the government to efficiently support affected companies.

This Response Plan, which was approved on April 8, involves mobilizing a total of €14.32 billion to create a safety net for businesses and workers who may be affected by the economic effects of the tariff increases announced by the United States . The government has already announced that, following meetings with these working groups next week, they will update the plan.

The Plan establishes a new line of guarantees worth €5 billion, through the Official Credit Institute, to guarantee financing for companies affected by the change in US tariff policy.

Additionally, the Fund for Business Internationalization (FIEM) is being strengthened, with an additional €200 million budget increase to €700 million to help support export and investment projects abroad for Spanish companies affected by the tariff measures imposed by the United States.

In addition, an additional 20 million euros is included to finance non-reimbursable operations and continue supporting Spain's strategic international trade policy initiatives and the diversification projects in third countries of Spanish companies affected by the United States' protectionist policies.

The coverage offered to companies by CESCE (Spanish Export Credit Insurance Company) is being expanded, with an increase in the maximum coverage limit from €9 billion to €15 billion, allowing for the immediate mobilization of €2 billion in coverage for international projects affected by the new tariffs.

Additionally, the Commercial Response and Relaunch Plan includes other measures to protect the productive fabric and boost its competitiveness and internationalization, including a €1 billion ICO Facility, the €400 million Moves III Plan, the €200 million Industrial Productive Investment Support Fund, the rechanneling of up to €5 billion from the Recovery Plan, and the ICEX Plan for the promotion of Spanish companies.