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

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.

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