Mark Carney advocates for a new alliance with the US in the face of Trump's potential review of the free trade agreement.

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Tension in North American trade

Former Bank of England Governor Mark Carney has urged Spain to forge a new trade partnership with the United States. This call to action comes at a time of great uncertainty, as the Trump administration considers renewing the North American free trade agreement, a decision with profound implications for global value chains in which Spanish companies participate.

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The influential economist and former central bank governor of Canadá e Inglaterra, Mark Carney, has issued a clear warning about the future of international trade, calling for a "new partnership" with Estados UnidosThis appeal, reported by the agency AP NewsThis occurs in a context of maximum tension while the administration of the president Donald Trump deliberates on whether to renew or drastically renegotiate the free trade agreement that governs in América del Norte (USMCA).

The posture of the Casa Blanca This has generated a wave of uncertainty that transcends North American borders, directly affecting the strategic planning of multinational corporations and, by extension, Spanish companies with interests in the region. The possibility of a more pronounced protectionist shift by Washington It threatens to reconfigure established global supply chains.

Carney's warning: a change in the rules of the game

According to industry sources consulted by Foreign Company, the intervention of Carney It's not a coincidence. "The voice of Carney This resonates strongly in global financial circles. "Their appeal reflects concerns that the trade framework that has defined recent decades is at risk," notes an international trade analyst. The potential non-renewal of the trilateral agreement between EE.UU., México y Canadá This could trigger a trade war with unpredictable consequences.

This volatile scenario forces companies to prepare for a much more fragmented and complex business environment, where political decisions can alter the profitability of established export and import operations overnight.

Direct impact on Spanish companies: beyond the North American border

Although the news focuses on América del NorteIts implications for Spanish businesses are significant. Companies in España that operate in the region, especially in sectors such as automotive, components, aerospace and agri-food industriesThey face several risks:

• Supply chain disruption: Spanish companies with production plants in México Those exporting to the US market could see their margins eroded by new tariffs.
• Regulatory incertidumbre: A change in the rules of origin or in technical regulations can force costly adaptations to products and logistics processes.
• Contagion effect: A more aggressive trade policy on the part of EE.UU. This could strain relations with other blocs, including the Unión Europeaopening the door to new transatlantic trade disputes.

The following table summarizes the main risk areas and possible mitigation strategies for Spanish companies:

Impact Area	Potential Risks	Mitigation Strategies for Spanish Companies
Operations in Norteamérica	Imposition of tariffs on products manufactured in México o Canadá and intended for EE.UU.	Diversify production, analyze the relocation of part of the assembly (nearshoring) and renegotiate contracts with tariff risk clauses.
Logistics and Customs	Increased bureaucracy, longer waiting times at borders, and changes in rules of origin.	Auditing the logistics chain, searching for alternative routes, and strengthening customs management teams.
Transatlantic Trade	Possible escalation of trade tensions between the UE y EE.UU. as a result of protectionist policy.	Diversification of export markets to reduce dependence on the US market and active monitoring of trade policy Bruselas.

Key points and frequently asked questions about US trade policy and the USMCA

What is the USMCA and why is its review so critical?

The USMCA (Agreement Estados Unidos-México-Canadá), known in España As USMCA, it replaced NAFTA in 2020. It includes a review clause every six years, and the administration Trump She is using it as leverage in negotiations. Not renewing it would send shockwaves through the world's largest trading bloc, impacting investment flows and value chains globally.

How can a Spanish company with interests in Mexico or Canada protect itself?

Experts in international commercial law consulted by Foreign Company They recommend conducting a "stress test" of the supply chain. This involves mapping all dependencies on the US market, reviewing contracts to include force majeure or regulatory change clauses, and exploring contingency plans, such as activating alternative suppliers or markets.

What should Spanish exporters who sell directly to the US know?

They must remain on high alert. A renegotiation of the USMCA could be the prelude to a broader review of all trade agreements. EE.UU. The main risk is the imposition of new sectoral tariffs or non-tariff barriers. Export credit insurance, such as that offered by [Company Name], is essential. Cesceand stay informed through organizations such as the ICEX.