Donald Trump has fulfilled his threat. After three months of warnings, the US president of 20% to imports from the European Union, together with another of 25% over all vehicles that have not been manufactured in the United States. The commercial sake has already begun to roll.
Spain, although it does not take the worst part of the punishment – at least if compared to France or Germany -, much more than a few export games are played. More than 27,000 national companies depend on an external sales volume that touches the 21,000 million euros, that is, more than 1% of Spanish GDP, according to ICEX data. As it details these figures correspond to the year 2023 and confirm that the US market is no nonsense for Spanish business fabric.
The United States was the sixth commercial partner of Spain between 2020 and 2023, and the second outside the EU, only behind the United Kingdom. The volume of Spanish exports fell by 2023 compared to the previous year, but the North American territory remains a key destination for goods such as engines, construction machinery, motorcycles; Semimanuffactures such as chemicals, construction materials and, above all, food and drinks.
That’s where the shoe squeezes. The Spanish agri -food industry is played strong: 3.5 billion euros in exports that hang from a thread, according to the Ministry of Economy. And it is not any figure, because The United States represents the main destination outside Europe for national food products. In the front row is olive oil, with 1,013 million euros in sales, followed by the table olive, which billed another 200 million, according to the figures handled by the Ministry of Agriculture, Fisheries and Food.
The wine sector also fears the worst: wine exports to the US amounted to 335 million euros, and an additional tariff could give a good revolcon to Spanish wineries. In fact, the European Committee of Viticultural Companies (CEEV) has described as “hard blow” for the sector a tariff that, they predict, “will bring losses to both banks of the Atlantic.” The American wine market is essential for the economic sustainability of this EU sector. “There is no alternative wine market that can compensate for the loss of the US market,” said Varvaglione.
Beyond the field, the chemical-pharmaceutical industry does not get rid of the blow. Spain occupies the eighth place in drug production in Europe, with a quota of 5.4%, and this type of products is among the five best selling outside our borders. According to Bankinter analysts, Varapalo could translate into a sales drop of 16.5%.
The automobile sector lives the news with a mixture of relief and concern. Spain exports few full cars to the United States, so the direct impact can be limited. But if we talk about automotive components, the thing changes. 60% of vehicles made in the US are mounted with parts made outside the country. In 2023, the Spanish suppliers industry billed 41,529 million euros, of which 25,140 million came from exports. Within that cake, the United States meant 1,021 million, 4% of the total.
To that problem is added to steel and aluminum. Spain is among the ten main steel exporters to the US market. The employer has already made accounts: losses could reach 10% of the billing, that is, about 1,100 million euros, due to the 25% tariff that entered into force on March 12.
As if that were not enough, the Trump executive decided to add firewood to the fire shortly before his appearance in the White House gardens. As of this Friday, the United States will apply a new 25% tariff to l. Another blow that comes without prior notice … and without maneuvering margin.
