Hanoi: Vietnam and Spain have vowed to uphold free trade principles in response to the recent tariff measures introduced by US President Donald Trump, which have caused significant fluctuations in global markets. The commitment was made during a meeting between Vietnamese Prime Minister Pham Minh Chinh and Spanish Prime Minister Pedro Sanchez in Hanoi, as part of Sanchez's three-day official visit to Vietnam.

According to Anadolu Agency, the leaders emphasized the importance of enhancing bilateral economic ties, focusing on trade, investment, and economic cooperation as vital components of their strategic partnership. This meeting took place in the context of Trump's new tariff measures, which today imposed a 46% tariff on goods from Vietnam and a 25% tariff on products from European Union countries, including Spain, entering the US.

Both leaders reiterated their dedication to the successful implementation of the EU-Vietnam Free Trade Agreement and signed a bilateral financial cooperation protocol to further consolidate their economic collaboration. Additionally, they expressed their shared commitment to cooperation, multilateralism, and adherence to international law in tackling global challenges.

In continuation of his diplomatic engagements, Sanchez is scheduled to visit China on Thursday for a two-day meeting with Chinese President Xi Jinping. This is part of a broader European Union response to Trump's aggressive trade policies, as the EU considers resetting its trade relations with China.

Last week, Pedro Sanchez announced a £14.1 billion ($15.5 billion) initiative aimed at protecting and modernizing Spain's economy in light of the US tariff measures, underscoring Spain's proactive approach to mitigating the impacts of the tariffs.