After following the Portuguese press closely and reading the reactions from various sectors, I’m left with a mix of pride and concern. Portuguese exports had a strong start to the year with almost 12% growth in February alone and the combined data from January and February show nearly €14.4 billion in goods exported, a solid sign of momentum. But looming over these positive numbers is a deep sense of uncertainty. The threat of new U.S. tariffs is casting a long shadow, and many exporters are bracing for turbulence.

The effects of this protectionist rhetoric are already being felt. Several sectors have reported order suspensions, especially for goods destined for the U.S. Some businesses saw their March exports nearly grind to a halt. The 90-day delay on implementing tariffs has been cautiously welcomed, but no one is under the illusion that it solves the problem does only merely buys some time.

What’s especially worrying about is how quickly a political statement from across the Atlantic can send shockwaves through our markets. Even traditionally resilient sectors like wine, footwear, and textiles are dealing with cancelled orders, delays, and perhaps the most damaging pressure from importers to cut prices in order to absorb the potential tariff costs. That kind of downward pressure threatens the very sustainability of many businesses already operating on tight margins.

The real issue here isn’t just the potential tariffs themselves, but the psychological and economic instability that these trade war signals create. No long-term strategy can thrive in an environment where the rules may change overnight. Even industries less directly exposed to the U.S. market, like metalworking and mechanical engineering, are warning of indirect consequences, especially through European partners more tightly linked to the American economy.

Meanwhile, the government’s support package, though well-meaning, is once again mired in bureaucracy. Financing lines are slow to implement, aid arrives late, and businesses, many of which are still recovering from the financial impact of the pandemic, are already stretched thin. What’s needed now is not just good intentions, but quick and effective execution.

That said, if there’s one thing Portuguese companies have proven time and again, it’s their ability to desenrascar, that uniquely Portuguese knack for finding a way through, no matter the odds. In fact, this challenging moment might also be a chance: a chance to rethink business strategies, explore new markets, and form fresh partnerships around the globe. And really, that’s nothing new for us. After all, we were once the ones who sailed into the unknown, discovered continents, and opened trade routes under far riskier conditions. Let’s tap into that same spirit and face the future with courage and imagination.

Author

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.

Paulo Lopes