Spain’s Sanchez Announces €14 Billion to Mitigate US Tariffs

Spain plans €14.1 billion ($15.6 billion) of aid and financing in response to the tariffs imposed by the US, while also urging the European Union to create a fund for affected industries, Prime Minister Pedro Sanchez said.

The Spanish package will be effective immediately and include €7.4 billion in new financing, with the remainder coming from existing instruments, Sanchez said. The proposed EU fund would use revenue from tariffs imposed on the US in response, Sanchez told executives before a meeting in Madrid.