With the recent re-election of Donald Trump as president of United States, an uncertain outlook for trade relations between Spain and the North American country is looming. During his campaign, Trump has reiterated his commitment to policies protectionists, including the imposition of high tariffs, which could range between 10% and 20%, on imported products. This measure could significantly affect the Spanish exports towards one of its main foreign markets.
In October 2019, during his first term, the Trump administration imposed 25% tariffs on certain European agri-food products, severely affecting emblematic sectors such as Spanish olive oil and wineThese tariffs were a retaliation in the context of trade disputes related to European public aid to AirbusAs a result, Spanish exporters experienced a considerable drop in their sales to the US, losing competitiveness compared to other countries.
It should be noted that the exposure of the Spanish economy to an increase in tariffs in the US is lower than that of other community partners.
El automotive sector The US also faced similar threats, although additional tariffs of 25% ultimately did not materialize. However, the uncertainty generated had a negative impact on exports since Germany, Spain and other European countries with a significant presence in the US market.
Given this adverse context, Spain and the European Union have worked hard to resolve these trade disputes. With the coming to power of President Joe Biden In 2021, agreements were reached that temporarily suspended some tariffs imposed by the previous administration. However, with Trump returning to power in 2025, there are concerns about possible new protectionist measures that could even extend to sectors such as renewable energy or pharmaceutical products.
The United States is a key destination for Spanish exports; between January and October 2024 it was the fifth largest recipient of Spanish goods by economic value. In 2023, Spain exported goods worth approximately 21.000 million euros to the US market, with capital goods and chemical-pharmaceutical semi-manufactured goods standing out.
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