Overall impact of tariffs
The tariff policy announced by Donald Trump on April 2 imposes taxes of 20% on imports from the European Union, particularly affecting key sectors such as agri-food, automotive, and pharmaceutical. However, the impact in Spain varies by region and business model. While communities such as Catalonia and Andalusia suffer significant losses, Madrid, with a more import-oriented profile, could benefit from the current context.
Autonomous communities most affected
Catalonia: It is the most affected region due to its exports of machinery, pharmaceutical products, and perfumes to the United States, which represent more than €4.300 billion annually.
Andalusia: Olive oil, black olives, and cement are the most affected products, with estimated losses of around 17% of the volume exported to the U.S.
Valencian Community: Electrical manufacturing and cement are the main exports that will become more expensive with the new tariffs.
Basque Country: The automotive and industrial components sectors will also be directly impacted.
The combination of a weak dollar and a diversified business strategy could be key to overcoming this new global economic crisis.
Madrid: an atypical case
Madrid presents itself as an exception in this adverse scenario. Its trade balance with the US is negative, as it imports more than it exports, making it less vulnerable to tariffs. In 2024, Madrid's imports from the US amounted to €11.100 billion, with products such as medicines (€8.610 billion), liquefied natural gas (€3.410 billion), and smartphones (€2.930 billion) standing out. Furthermore, the dollar is at its lowest level against the euro in years, further making US imports cheaper for Madrid-based companies.
According to experts from the Chamber of Commerce"The weakness of the dollar against the euro could be an opportunity for Madrid and other importing regions, as it reduces the costs of acquiring strategic goods such as medicines or energy."
Impact by sectors
Agri-food: Olive oil and wine are the hardest hit products, with the U.S. being one of their main international markets.
Automotive: The 25% tariffs on foreign vehicles primarily affect Basque and Catalan manufacturers.
Pharmacist: Although this sector has grown significantly in exports to the U.S., new taxes could slow its expansion.
El president Pedro Sánchez She described the measure as "a direct attack on fair trade" and assured that "Spain will work alongside the European Union to protect our strategic sectors." For her part, Yolanda Díaz emphasized: "Madrid demonstrates how diversifying our trade relations can mitigate risks in uncertain times."
La US trade policy It poses significant challenges for Spanish exporting regions while opening unexpected opportunities for communities with a more import-oriented profile, such as Madrid. The combination of a weak dollar and a diversified trade strategy could be key to overcoming this new global economic crisis.
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