Publications

The proposed 3.5% tax on remittances in the United States would increase the cost of sending 350 dollars from 5 to 17.25 dollars, representing an increase of nearly 250%. This sharp increase could spur the growth of multiple informal and unregulated channels for sending remittances.

The trade surplus in 1Q25 is mainly due to the positive balance on non-oil-related goods. Net foreign direct investment posted an increase of 3.4% YoY in 1Q25 when comparing advance figures.

This year, the spring meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington were characterized by noise. The biggest concerns remain the impact of tariffs on the economy and on financial assets, especially the dollar.

On April 29, President Trump signed an executive order and a proclamation that modified the current tariffs related to security, immigration, the automotive industry, steel, and aluminum. These changes eliminate tariff stacking and provide rebates for the automotive sector.

The dollar's recent fall has reignited the debate about the possible end of its hegemony in the global financial architecture. A question that has once again fed an old European desire: for the euro to consolidate its position as a reserve currency and safe haven.

In this global scenario where very little is certain, the transition to a decarbonized economy is also being called into question. The US decoupling in climate policies and the promotion of renewable energy seems clear.

The United States' trade strategy aims to reduce the nation’s bilateral trade deficits to zero. This target is difficult to achieve and the product of a misdiagnosis, which is currently eroding global growth and undermining stability.

The temporary suspension of some of the measures has brought relief, but Europe and Spain have taken the opportunity to outline their strategy for addressing the increase in trade barriers and potentially more-negative scenarios.