What are the overlapping trade interests between Spain and the U.S.?

MadridAfter the new Clash between the Spanish government and Donald Trump Because of the State's stance on the war in Iran, which led to the US threat to cut off trade relations, Economy Minister Carlos Cuerpo was quick to send a message of "reassurance," especially to businesses. "We've made similar statements [before] and we've come out of it," Cuerpo said in an interview this Wednesday on La Sexta. "We want to continue making progress in integrating trade relations with the United States," he added. In fact, as the ARA explained a few days agoThe Spanish government has just opened two new economic and commercial offices in the country. Cuerpo has also said that "cross-interests" are at stake. But what are they?

The trade relationship between the United States and Spain, as well as with Catalonia, has two main components: exports and imports of goods and services, and the much more significant investment component.

In terms of sales and purchases, it is a relatively small relationship for both Spain as a whole and Catalonia, compared to other markets. For example, the United States accounts for only 4.3% of Spain's exports. In monetary terms, in 2025, Spanish sales in the United States reached €16.716 billion, 8% less compared to 2024. Meanwhile, imports totaled €30.174 billion, 7% more, leaving a trade deficit of €1.345 billion. However, it should be remembered that last year was marked precisely by the war. tariff opened by Donald Trump.

However, it is also true that exports are heavily influenced by geographical location, so the shock does not affect all regions equally. Catalonia is one of the most sensitive areas in the United States. Catalan companies account for 25.2% of Spain's exports to the United States in 2025 (€4.205 billion), and Catalan companies account for 17.5% of US imports to Spain (€5.034 billion). Nevertheless, in 2025, there were 3,019 registered Catalan companies that regularly exported to the United States, according to data from Acción consulted by ARA. It is also worth noting that there are specific products that are highly dependent on this market. In the case of Catalonia, the main exports are pharmaceuticals, machinery, and perfumes and cosmetics. But the list also includes food products such as wine and olive oil, which in this case affects Andalusia (whose main buyer is the United States). In fact, the Spanish cooperative Dcoop, the world's leading olive oil producer and heavily invested in the US, decided this Wednesday to suspend its acquisition of 100% of the US company Pompeyan, of which it already holds a 50% stake. Regarding imports, the bulk of the revenue comes from energy products. The United States was, in fact, Spain's second-largest supplier of natural gas, second only to Algeria: between January and December 2025, 30% of the gas supplied to Spain (111,660 GWh) came from the US in the form of liquefied natural gas (LNG). Not all of this LNG is for domestic consumption; Spain re-exports it to other countries, to the point that it has become a gateway for US natural gas to other European partners. However, this represents almost double the amount of natural gas from the US received in 2024 (56,435 GWh from January to December). This, in fact, is one of Spain's weaknesses, but also Europe's.

More investment

The other key element of the trade relationship – if not the most important – is investment. The United States is the top destination for Spanish investment, with a stock of over €91 billion projected for 2025. The United States is also the leading investor in Spain (with a stock of €117.127 billion). "Both countries need each other," stated Marta Blanco, president of CEOE International, in a conversation with ARA. "It is a fundamental partner," the CEOE emphasized in a statement this Tuesday.

US regulations and the investment boom fueled by the surge in public tenders in strategic sectors such as infrastructure and energy have driven large listed companies like Banco Santander, Iberdrola, Ferrovial, and ACS to continue growing in the United States, where they have found an ally in Donald Trump. The Spanish company sees in theAmerica firstFrom Trump's perspective (having its own industry in artificial intelligence or pharmaceuticals) a business opportunity.

The one who has spoken out right after the diplomatic clash is Santander's president, Ana Botín: "I am sure that relations will soon be excellent again," she stated in an interview with Bloomberg this Tuesday. The financial institution not only has a large part of its business in the United States, but has also just reached an agreement to buy the American bank. Webster Financial Corp.for about 10.3 billion euros.

Fiscal measures

However, the Spanish government has already opened the door to adopting measures not only to address the potential economic shock from the conflict in the Middle East, especially due to the pressure on oil and gas prices, but also in response to Trump's threat to cut off trade with Spain. Specifically, the Minister of Economy explained this Wednesday that several measures are planned to offset the effects of the war on energy bills and food prices. "We have the example of when we already did it [with Ukraine]. We acted and put an energy shield on the table, and we also acted on the cost of the shopping basket with measures regarding VAT on food. If necessary, we will do it again," he said on La Sexta. Sumar, the junior partner in the Spanish government coalition, has also announced that it will promote a "social shield" to "protect workers" from the consequences of the war.