So, after putting all the information together, I thought it would be interesting to share what I found out. It is a topic that does not get much attention in everyday conversation, but in these crazy days, and affects a lot of Portuguese businesses, and my biggest worry is that it could even impact jobs, prices, and our economy.
In 2024, Portugal exported over €5.3 billion worth of goods to the U.S. That is a big number! But here is the important part: almost half of these exports (around €2.36 billion) are currently not affected by the new tariffs being introduced by the U.S. government.
That is the good news. Most of the "safe" exports are pharmaceuticals (like medicines), which are made up of over 1.1 billion petroleum products, with another €1 billion. These are big, important industries for us. So far, they have been left out of the higher taxes and, or tariffs that the U.S. is applying to many imported goods.
But here is the catch: things can change fast. The U.S. administration has already said they might remove the special treatment for medicines, and once that happens, Portugal could see higher taxes on those too. Honestly, nobody knows what is going to happen tomorrow, or what new decision will come next. As I was reading, I realized that with all the unpredictability and especially from one day to the next propaganda of the White House Administration, it is hard to know how long this information will stay current.
Another thing I learned is how many Portuguese companies depend heavily on the U.S. market. Out of the 4,255 businesses that exported to the U.S. last year, 15% rely 100% on the U.S. for their international sales. That is 624 companies, responsible for nearly €1 billion in exports. And around 645 more companies get over half of their foreign income from U.S. customers. That means even minor changes in taxes or trade rules could seriously affect them.
Some of the most exposed sectors are textiles, ceramics and glass, and beverages (like wine). These industries could feel the impact first if new tariffs were hit.
The Portuguese government knows this is a risk, so they have announced support measures. They are creating new credit lines worth €3.5 billion, including some grants, to help exporters. There is also support for finding new markets, so businesses do not have to depend only on the U.S. and that is in my point of view the best news out of this.
Meanwhile, the European Union is trying to negotiate and avoid a full-on trade war, but again, we should be pragmatic and realistic, it is hard to predict anything when decisions seem to change overnight.
Even the tourism industry is worried. If prices go up in the U.S. due to tariffs and inflation, fewer Americans might be able to travel abroad. And since American tourists are already one of Portugal’s biggest spenders (they brought in almost €2.9 billion in 2023), that could also have an effect.
So, after reading and cross-checking all this, I just wanted to share it. It is one of those stories that might not make headlines every day, but it is good to be aware, especially because, when it comes to international trade these days, things can change with a single tweet.
Let us see what tomorrow brings.
Paulo Lopes is a multi-talent Portuguese citizen who made his Master of Economics in Switzerland and studied law at Lusófona in Lisbon - CEO of Casaiberia in Lisbon and Algarve.

Self-reliance. Join BRICS currency movement. Portugal cannot afford to turn up her nose at a €B recreational cannabis industry.
Do something.
By David Conquistador Taylor from Other on 22 Apr 2025, 09:52
Good to know. Thank you
By Pedro from Lisbon on 22 Apr 2025, 16:44
David Conquistador Taylor - "Join BRICS"? You mean join the group of nations still trying to profess that the dying ideology of Socialism works, where only those in government (or connected to it) are thriving and their constituents are battling to make ends meet? That BRICS?
Having come from South Africa, which is the "S" in BRICS, I can tell you that this is a bad idea.
Socialism is a viable idea - as long as EVERYONE contributes. Which never happens, so it never works.
By Michael from Lisbon on 24 Apr 2025, 09:33
The US tariffs on portuguese products are a result of tariffs on american products imported into the EU. Where was the media when the EU imposed those tariffs? It is up to the EU to negotiate lower tariffs or, better yet, agree to a "zero for zero" tariff policy.
By Peter from Lisbon on 25 Apr 2025, 01:01
Maybe is time for the Portuguese wine sector to rebrand it's products for the US market calling it "medicine for the spirit", who knows Trump will find it having an anti-covid or anti-autism effect.
By Andre from Alentejo on 25 Apr 2025, 09:52
I greatly enjoyed reading this disarmingly honest, but succinct article on TRUMP tariff impacts on Portugal. I'm a semi-retired American considering moving to Portugal while still managing my pharmaceutical and medicinal cannabis businesses, and wondering how I can contribute to Portugal and the next generation of young people. This author shows that it is perfectly acceptable to provide some insight while remaining humble by admitting that he knows nothing more than the rest of us about what tomorrow will bring. That is a rare attribute in most publications and people. If he is representative of Portuguese well educated business professionals, I'm looking forward to engaging with them.
By Steve from USA on 25 Apr 2025, 10:24
Well done. Of course the big issue is the IVA applied to all goods sold inside Europe, but not to foreign countries. It means US goods being sold to Portugal have a 24% tax. As much as I hate Trump's tarriffs., thos is a well done EU tactic to impose tarriffs in the name of IVA.
By Paul from Algarve on 25 Apr 2025, 11:51
PLEASE- This debacle is a TRUMP policy, not all support this insanity.
By blktom from USA on 25 Apr 2025, 15:17
Apparently, Europeans assume that America is supposed to bleed for the rest of the world while they have historically imposed tariffs on American products since time immemorial. Thank God that Trump is rectifying an unjust trading situation.
By Tony from USA on 04 May 2025, 23:13