MADRID, April 8 (Xinhua) -- The Spanish government on Tuesday passed a range of measures aimed at mitigating the effects of the 20 percent tariff imposed on goods produced in the European Union (EU) by U.S. President Donald Trump.

The Commercial Reply and Relaunch Plan was approved in Tuesday's weekly meeting of the Spanish cabinet, after being announced by Prime Minister Pedro Sanchez on April 3.

Speaking at a press conference after the cabinet meeting, government spokesperson Pilar Alegria described the Plan as a shield and a "step forward in protecting businesses and workers."

The Plan includes measures to favor investment, liquidity and exports of products from Spanish companies, along with guarantees to help access finance and an extension of the moratorium on debts generated during the COVID-19 pandemic.

Spain's Economy Minister Carlos Cuerpo explained at Tuesday's press conference that although "we are in an initial moment of elevated uncertainty," around 80 percent of the products Spain exports to the United States will be affected by the new tariffs.

"It is too early to try and estimate the effects as there are many unknowns (...) We are going to have to follow events on an almost daily basis and adapt our response," said the minister, adding that around 500 companies would need direct help.

When Sanchez announced the measures on Friday, he described them as "an immediate safety net" and a strategy to protect sectors that could see exports to the United States affected by the tariffs.

"They will concentrate on reorienting our productive capacity and relaunch our economy in the new global context," Sanchez noted, who on Tuesday is embarking on a visit to Vietnam and China.

Trump signed an executive order on Wednesday, imposing a 10-percent "minimum baseline tariff" on all imports, with higher rates for certain trading partners, including a 20-percent tariff on imports from the EU. Enditem

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