Asturias redoubles efforts to protect exporters from US tariffs

 

The Government of the Principality of Asturias is intensifying its support for exporting companies in the region and actively exploring new international markets to mitigate the impact of the tariffs imposed by the United States. This was confirmed by the Borja Sanchez, Minister of Science, Industry and Employment, during his appearance before the General Assembly of the Principality.

 

Sánchez explained that the strategy focuses on two main fronts. First, all the resources of the Asturex's foreign network in the United States to offer legal and commercial advice at Asturian companies that export or plan to export to the North American countryThis assistance includes the review of contractual clauses, tariff classification, logistics costs, and delivery terms (Incoterms), crucial to absorbing the impact of the new tax. The advisor emphasized that, unlike previous crises such as Brexit or sanctions on Russia, the focus now shifts to practical advice, given that tariffs are a familiar commercial tool for companies.

 

Financial Instruments and Market Diversification

 

In addition to direct support, the regional government has activated specific financial instruments. These include a helpline through Asturgar and a new loan facility with a maximum limit of €10 million, resulting from the reorientation of public funds. These resources will be used to finance market diversification and internationalization projects.

 

Secondly, the Asturian Government is making a strategic effort in the prospecting for new markets, anticipating the full effectiveness of the tariffs. Asturex is strengthening its trade missions, both direct and reverse, in key regions. These include Mercosur (Argentina, Brazil, Uruguay), countries with current or updated free trade agreements (Chile, Ecuador, Colombia, Peru, Uruguay), as well as priority areas in the Persian Gulf (Saudi Arabia, Qatar, Bahrain, Kuwait, United Arab Emirates and Oman) and the Southeast Asia (Philippines, India, Indonesia, Thailand, Vietnam, South Korea, Japan or Taiwan).

 

Borja Sánchez assures that international missions that could replace the US market are being intensified.

 

 

Impact and Future Prospects

 

Borja Sánchez explained that the final impact on the Asturian productive fabric will depend largely on the evolution of the negotiations between the European Commission and the United StatesWhile a 10% tariff—already in effect—is negative, the advisor believes the damage will be more limited than initially anticipated.

 

Asturias maintains relatively low direct exposure to the US market, representing around 4% of total exports. This figure is concentrated mainly in high-value-added metal products, which have historically demonstrated greater resistance to these types of restrictions. However, In the first quarter of 2025, exports to the US decreased by 20.65% year-on-year., a decline attributed almost exclusively to a single product: cast iron or steel towers and frame houses.

 

The counselor also warned about the risk of an indirect impact, derived from the possible fall in exports from key trading partners for Asturias, such as Germany, France, Italy or Portugal, countries with high exposure to the US market.

 

Finally, Sánchez noted that the Principality has committed a total of 30 million euros to support companies that regularly export to the United States, with the aim of mitigating the effects of tariffs and safeguarding employment in the region.