Protectionism is a 'historical mistake,' Spain's new finance minister says

Spain joined several other countries in voicing its opposition against rising trade tariffs and other protectionist attitudes.

Speaking to CNBC Thursday, Roman Escolano, the recently appointed finance minister of Spain, said that Madrid is not enjoying some decisions that are destabilizing global free trade.

“Protectionism is a historical mistake,” Escolano told CNBC’s Joumanna Bercetche at the sidelines of the World Bank/IMF spring meetings.

“We do not like the talk about protectionism, we don’t like the action,” Escolano said.

His comments come after tensions over global trade rose in the aftermath of President Donald Trump‘s decision to increase duties on metals in early March. Since then, there has been additional tariffs also imposed on China, sparking fears of a global trade war. Such concerns have translated into financial markets.

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