Escriva pointed out that although it is too early to talk about recession in Europe, the US trade policy “seriously disturbed the supply”, which can lead to a decrease in economic activity or slowing down in economies such as Spain.
On Tuesday, the Madrid government presented the first estimates about the effects of American duties. Minister of Economy Carlos Cuerpo announced that the tariffs will affect about 80 percent. Spanish goods exported to the USA, worth around EUR 15 billion.
In response to these activities, the Spanish Prime Minister Pedro Sanchez announced a assistance plan worth EUR 14 billion at the beginning of April. During a visit to Vietnam and China, he also called for the search for new trading partners.
In 2024, Spain recorded one of the highest economic increases in the EU, of 3.2 percent, thanks to the tourist boom, high agricultural production and good export results.
On Wednesday, the European Union decided to impose retaliation duties on the USA, covering American goods worth 22 billion euros. The rates can be up to 25 percent, and some customs will enter into force from mid -April. This is the response to American tariffs to steel and aluminum.
In turn, the EU has not yet responded to the so -called Mutual duties that entered into force on Wednesday. The United States imposed them on countries that have a surplus in trade with the US, and in the case of EU goods, the rate is 20 percent.
