The PS-Madeira has announced a set of legislative proposals aiming to protect the regional economy from the impacts of the increase in customs tariffs imposed by the United States. The Trump administration’s decision has generated concern among Madeiran businessmen, particularly in the tourism, real estate, and export sectors including Madeira Wine exporters.
The socialist proposals were discussed today during a meeting with the Commercial and Industrial Association of Funchal (ACIF), which shares the same concerns about the effects of the new customs duties. At the end of the meeting, Gonçalo Leite Velho, PS deputy elected in the last Regionals, underlined the urgency of “giving security to the Region” in the face of “this taxation madness.”
Among the measures presented, the creation of a treasury support fund for affected companies stands out. This may include subsidised credit lines and compensatory subsidies. The package also includes a programme to help companies diversify export markets and reduce dependence on the U.S.
PS-Madeira also proposes temporary tax incentives for the most affected sectors and a strengthening of economic diplomacy, with a special focus on the involvement of the Madeiran diaspora, seeking to “open new channels” of international cooperation.
“Our goal at the moment is to provide immediate support to companies that may be suffering impacts,” said Gonçalo Leite Velho, highlighting the need for a quick response.
Concluding, he said:
“We cannot retreat or hesitate. We need urgent action and that is exactly what the PS is doing,” he said, stressing that the proposed measures are essentially aimed at giving comfort to the business fabric. “When you close a door, you open a window, and it is exactly these windows of opportunity that we intend to open for the Madeiran business fabric.”
However, on RTP this evening, one of the headlines stated that Trump will hold back on his proposed taxation for the next 90 days. This does not apply to China, as he’s now imposed 125% taxes on all goods.
Samantha Gannon
info at madeira-weekly.com