The Spanish olive oil makers, faced with difficulties caused by the U.S. tariffs, are seeking new markets to sustain their business.
Spain is a global leading producer and exporter of olive oil, with the United States as one of its key markets.
Olive products from a producer in the Madrid Community are sold across the world, including the U.S. market.
Following the sweeping tariffs imposed by the United States, Felix Exposito, a local olive grower, voiced concerns about the negative effects of U.S. tariffs, saying that it will increase olive production cost and cut their market share.
"In other words, the tariffs that Trump is putting on us are very detrimental, because the first thing it is going to do to us is that it is going to make us farmers to increase the cost of olive production and that is not good for us. And another fundamental thing is that it will make us get off in the olive oil market," said Exposito.
Due to rising costs and shrinking profits, some olive companies have to cancel orders. Small and medium-sized exporters are forced to halt exports to the United States.
"Many companies that export oil to the United States are looking to see if something happens," said Exposito.
Exposito also said that the sweeping U.S. tariffs bring uncertainty to Spain's olive oil industry, adding that almost all Spanish olive oil producers face the same predicament.
To mitigate the impact, Spanish olive oil producers are pivoting towards alternative markets beyond the United States.
Spanish olive oil producers worried about sweeping U.S. tariffs
Brazilian President Luiz Inacio Lula da Silva met with visiting Chinese Foreign Minister Wang Yi in Brasilia on Wednesday, expressing the willingness to strengthen bilateral ties and expand cooperation.
Lula said that Brazil and China have built strong mutual trust and deepened cooperation across various fields, showing that Brazil's steadfast friendship with China is the right choice and a model for South-South cooperation.
He said that he looks forward to maintaining close high-level exchanges with China, further strengthening economic and trade ties, and expanding the mutually beneficial cooperation in finance, energy and other fields.
China's firm and forceful countermeasures against the "reciprocal tariffs" is admirable, said the Brazilian president, noting that China's just actions have received widespread support while certain country's irresponsible and unilateral practices warrant joint resistance.
Brazil is willing to work with China to advocate free trade, defend international rules, and counter any power overriding international justice, the president added.
Wang, who is also a member of the Political Bureau of the Communist Party of China Central Committee, said that China is willing to work with Brazil to implement the important consensus reached by the two heads of state and push for more outcomes in building a China-Brazil community with a shared future.
China will strengthen its cooperation with BRICS and Global South countries, adhere to multilateralism and safeguard international rules, he said.
On the same day, Wang attended the 15th Meeting of BRICS National Security Advisers and High Representatives on National Security in Brasilia.
Brazilian president meets Chinese FM on closer ties, cooperation
