Santa Cruz de Tenerife, 25 Feb. (Europa Press) –
On Tuesday, the Vice President and Minister of Economy of the Government of the Canary Islands, Manuel Domínguez, acknowledged that the upcoming increase in tariffs proposed by the United States could potentially “erase” the trade opportunity for the islands’ agricultural products, particularly wines and cheeses.
Responding to a question from ASG during the Parliamentary control session, he noted that the new tariff strategy advocated by President Trump signifies a “decline in competitiveness” for companies in the islands, as the cost structure would become “unmanageable” in light of the “new taxes” likely to be imposed in the United States.
Domínguez also mentioned that the US’s decision to withdraw from the OECD agreement aimed at establishing a minimum global tax rate of 15% might influence the Canary Islands’ position as an “attractive hub” for the establishment of certain company headquarters, with the North American nation becoming a “formidable competitor.”
Nonetheless, he stressed the government’s “concern” regarding a tariff policy that could undermine the internationalisation strategy of Canary Islands companies, expressing anticipation for the measures the EU might implement.
ASG spokesperson, Casimiro Curbelo, cautioned against Trump’s efforts to “destabilise” the global economy, labelling such actions as “chainsaw” tactics and suggesting that he views nations in Africa and elsewhere as “colonies,” which he condemned as “disproportionate.”
He cited the discontinuation of development assistance to the poorest countries in Africa, which amounts to 47% of over 8 billion Euros, resulting in “more than 10,000 workers facing unemployment.”
Furthermore, he described it as “barbaric” to seek peace in Ukraine without the necessary dialogue partners and noted that the new tariff policy would impact the Canary Islands by affecting “the prices of products for export and import,” leading to “inflation, a decline in purchasing power, and instability for investments in the Canary Islands.”
Curbelo urged the vice president to “not take a step back,” stating that Europe and Spain “must be resolute at this time.”
