Spain is not among the countries most directly exposed to Donald Trump’s tariff onslaught, but even so, 80% of its exports to the United States will be compromised by the trade war that the White House has declared on the rest of the world. To this must be added the indirect impact from the damage suffered by other partners and the changes that occur in global value chains.
Spain is one of the few EU countries with which Washington comes out ahead in the bilateral trade balance of goods: the United States had a trade surplus with Spain of €9.319 billion in 2023 and €10.013 billion in 2024.
To cope with the shock, the Council of Ministers gave the green light this Tuesday to the royal decree with the measures announced last week by the President of the Government, Pedro Sánchez. According to figures from the Executive, the plan reaches €14.1 billion in aid, of which €7.4 billion will be new financing and €6.7 billion from existing instruments. However, of the first €7.720 billion approved by the Council of Ministers, not a single euro is earmarked for direct aid. The bulk – €5 billion – will be ICO loans and another €2 billion are CESCE interest rate insurance.
