In the United States, tariffs have undergone major changes in their use. Donald Trump has put the European Union, and Spain in particular, in a complex situation. Consequently, according to the Ministry of Economy, Trade, and Business, exports fell last year, while imports remained largely unchanged. Along the same lines, the US Embassy emphasizes relations with Spain. The Observatory of Economic Complexity (OEC) highlights the impact of this tariff situation on the European Union’s GDP.
The United States and its change in international trade
The United States is one of the largest trading partners for Western countries. Therefore, Trump’s threat to use tariffs as a tool to pressure other nations, including those aligned with the US, represents a change in international trade.
The rise in tariffs has a direct impact on the European Union. The EU’s external trade relations account for 55% of its GDP. That percentage is less than 25% in the United States. And in China, a country known for its high level of exports, it is 45%, according to El País. In other words, Europe needs its foreign trade. And Trump’s plans seek to establish limits on it.
Spain would also see consequences. Our country’s relations with the United States amount to $1.6 trillion annually, according to data published by the US Embassy in Spain.
In terms of data, Spain’s trade deficit with the United States rose by 7% in 2024, reaching €10.0135 billion. According to data published by the Ministry of Economy, Trade, and Business, Spain’s exports to the United States stood at €18.1791 billion, representing a 3.8% drop compared to 2023, while imports fell slightly by 0.3% to €28.1926 billion.
Products that Spain imports most from the US
The products we import most from the United States are petroleum gas (26.3%), crude oil (18.6%), packaged medicines (14.2%), vaccines, blood, antisera, toxins and cultures, and other nuts.
According to the OEC, the agri-food sector is one of the largest exporters from the United States to Spain, with products found in virtually all kitchens and restaurants. These include soybeans (3.03%), other nuts (1.69%), dried legumes (0.22%), groundnuts (0.085%), vegetable juices and extracts (0.084%), perfume plants (0.058%), wheat (0.057%), corn (0.046%), and sunflower seeds (0.042%).
On the other hand, the main products we export to the US are refined petroleum, pure olive oil, packaged medicines, unglazed ceramics, vaccines, blood, antisera, toxins, and electrical transformers, according to the Observatory of Economic Complexity (OEC).
Everything you need to know about tariff policy
The new US tariff policy is a multi-front trade war. On Donald Trump’s orders, the country has increased the price of exports to almost all nations, excluding only Russia, Cuba, North Korea, and Belarus, which already face “extremely high” tariffs. But how does this affect Spain?
According to a report published by CaixaBank Research, the tariffs imposed on our country could have an initial impact of 0.2% of the national Gross Domestic Product (GDP), a figure below the average of 0.4% that the European Union will receive.
As the study indicates, this “moderate effect” may change due to the slowdown in global trade flows, but the agency is confident that, through dialogue with the Trump administration, Washington could reduce tariff rates.
Provided there are no economic reprisals, as, according to CaixaBank Research, the announcement of countermeasures by countries could intensify this trade war, which has plunged the world economy into “a new phase of global uncertainty.”
Scheduled for April 5 and April 9, the application of the new rates could mean that the average tariff on US imports will increase from 3% to 30%. As a result, there could be a global surge in inflation and slower economic growth.
In addition to the direct impact of tariffs on different sectors, the study indicates that their application could undermine the confidence of economic agents and microfinancial conditions around the world.
Effect by region
In the specific case of Spain, the sectors most exposed to this change in exports are minerals and metals such as steel, capital goods such as mechanical and electrical machinery or electronic equipment, and regular consumer goods such as olive oil, wine, and fruit.
Focusing on broader regions, Asia is the most penalized area, with announced rates of 34% for China, 46% for Vietnam, 32% for Taiwan, 25% for South Korea, and finally, 24% for Japan.