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Published on Monday, January 20, 2025 | Updated on Tuesday, January 21, 2025

Spain | Spain - U.S. trade relations in the face of possible tariff increases

Summary

The direct impact on the Spanish economy of a possible increase in tariffs on U.S. imports is expected to be limited, given the relatively lower trade exposure with respect to the rest of the Eurozone countries. However, there are regions, sectors and companies that may be particularly affected.

Key points

  • Key points:
  • Limited direct impact: Low exposure of Spain to US tariffs compared to other Eurozone countries.
  • High sectoral risk: Sectors such as semi-manufacturing, capital goods, and food most affected.
  • Exports by region: Valencia, Madrid, Basque Country, Catalonia and Andalusia, main exposed regions.
  • Services and tourism: Positive impact due to a strong dollar and the U.S. as a major source of tourists.
  • Foreign direct investment: The U.S. accounted for 27% of FDI in 2023; Madrid, Valencia and Catalonia stand out as the main destinations.

Geographies

Topics

Documents and files

Presentation (PDF)

La-relacion-comercial-Espana-EEUU-ante-el-posible-aumento-de-aranceles_edi.pdf

Spanish - January 20, 2025

Podcast (MP3)

Donald Trump: analysis of the impacts of his reelection

Spanish - January 20, 2025

Authors

MG
Mario García Larrainzar BBVA Research - Economist
JM
Javier Muñoz Gijón BBVA Research
PS
Pedro Santillán Baldeón BBVA Research
MC
Miguel Cardoso BBVA Research - Chief Economist
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