The warning comes from economist Paul Krugman: Portugal is slightly more exposed to the trade war initiated by the United States than other European countries., where the economist also mentioned that returning to the United States currently gives him some apprehension.
Krugman discussed the tariffs imposed by the Trump administration, noting that Portugal is slightly more exposed than the average European country; however, he believes the impact will be mitigated by its membership in the European Union.
“We have to ask, as this trade war unfolds, as all this madness develops, how exposed is this country. (…) Portugal is probably a little more exposed than the average European country. But, given the track record, I don’t think we should be overly concerned,” he stated.
Krugman even confessed that the flight back from Portugal to his home country almost frightens him. “Times are so terrible in the United States that I almost fear going back,” he said.
He noted that Portugal, despite being poorer than some northern European economies, has made “significant strides in quality of life” and has avoided the marginalization that has affected many peripheral regions.
On the other hand, he expressed concern about the aging population, noting that in Western societies, the decline in the working-age population is a major issue.
Economist Paul Krugman stated in Lisbon that Portugal is slightly more exposed to the trade war instigated by the United States than other European countries, and that returning to the United States currently gives him some apprehension.
Lusa | 18:11 – 21/04/2025
Krugman, the American economist and recipient of the 2008 Nobel Prize in Economics, was the keynote speaker on Monday at the ‘Speaking in Freedom’ conference at the Money Museum, organized by the Bank of Portugal to commemorate the 50th anniversary of April 25th.
During the same conference,, stated that there are no “finished revolutions” and that the current times are of alert and demand a spirit of transformation.
“There are no finished revolutions. The current times put us on alert, requiring more integration, greater coordination, more information, and further analysis and strengthening of confidence,” Mário Centeno said in his speech opening the conference.
The Governor of the Bank of Portugal stated today at a conference marking the 50th anniversary of April 25th that there are no “finished revolutions” and that the current times are of alert and demand a spirit of transformation.
Lusa | 16:31 – 21/04/2025
According to Centeno, Portugal is currently a “society in transition,” whether in immigration or in the economic and financial dimension and convergence with the European Union, and the challenges at hand require the resumption of “the spirit of transformation that has been the foundation and definition of recent years.”
Despite the challenges, the governor emphasized that Portugal is today an example in various aspects, whether in the significance of social security or in the freedom of expression each individual enjoys.
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