Why aren't big Spanish companies afraid of Donald Trump?

MadridJust over a year ago, during the World Economic Forum in Davos, Ana Botín, president of Banco Santander, praised Donald Trump's stance: "We greatly value his focus on deregulation and reducing bureaucracy." The US president responded by stating that he was familiar with the financial institution and even congratulated her: "You have done an excellent job."

Now, Santander has just stepped on the gas to strengthen its presence in the country and climb the ranks in the banking sectorThe uncertainties—and tensions—generated by the US administration in many governments, including Spain's, don't seem to be affecting Botín's bank. Nor do they seem to be affecting other large Spanish firms in specific sectors—mainly infrastructure and energy—which, rather than fearing Trump, have found in him an ally, despite his rewriting, through withdrawal, of the economic—and also geopolitical—pact that the country had forged until now. "We are used to working with different administrations," argues the spokesperson for a large Spanish construction company, dismissing the idea that with Trump at the helm of the White House everything has changed, at least in this particular sector. In fact, construction and infrastructure are two of the activities with the greatest growth opportunities in the United States. Companies like Ferrovial – whose main market is the United States – ACS, and OHLA are rubbing their hands together at the prospect of population concentration in American cities. While this concentration raises concerns about territorial imbalance, it is driving the country to reinforce highways, railways, and airports to address issues like congestion. "The United States will continue to be the focus of our growth strategy," asserts Ferrovial, chaired by Rafael del Pino, which is analyzing opportunities in Atlanta and Nashville, as well as at some airports. One of the keys to this confidence in public contracts is that they depend on the states, not the White House. That's why, for example, the Spanish employers' association CEOE dedicates significant effort to organizing high-level meetings when a US governor visits Spain, as was the case with the governor of Kansas in October 2025. Furthermore, construction companies boast of a "safe and stable" regulatory framework that guarantees the continuity of projects. It also helps that some of them decided long ago to operate through subsidiaries established there rather than through their Spanish parent company. This is precisely the case with Ferrovial, ACS, and OHLA. This allows them to circumvent the fluctuations of tariff policy and benefit from Trump's protectionism.

"Mutual necessity"

"When it comes to investments, it's not about Democrats or Republicans," say business sources. The truth is that the barometer of these investments is a sign that the trade relationship between the United States and Spanish companies is not a passing fad, nor is it going to disappear overnight. "There's a lot of talk about tariffs, but the volume of [Spanish] exports to the US is only 4% [...] On the other hand, they are the top destination for Spanish investment," reflects Marta Blanco, president of CEOE International. As an example, the stock of Spanish investments in the US was over €91 billion in 2025. The United States is also the main investor in Spain. "Both countries need each other," CEOE sources point out. "Investment generates employment, allows you to integrate the supply chain within the country, and means greater industrial capacity... That's why Spanish companies are important," Blanco affirms. These issues are not overlooked in theAmerica first Donald Trump's administration. Data centers, artificial intelligence, pharmaceuticals, and semiconductor production are just some examples of the strategic industries the White House wants to retain in the country, and companies know it. For all these reasons, some Spanish energy companies are keen to expand in the United States. Even those that champion renewable technologies, which Trump has long since declared war on, as the companies themselves have witnessed: Iberdrola, for example, has seen some of its offshore wind energy plans in the country shaken, while the president of Acciona, José Manuel Entrecanales, has expressed concerns in this area.

However, a flood of millions is expected to improve the electricity transmission and distribution network – at least in Iberdrola – an infrastructure that is obsolete in many federal states and must cope with the surge of this boom. industrial development that the United States so desperately desires. The electricity company plans to invest 16 billion euros by 2028, of which 12 billion will go to the electricity grid.

"We have to reach an understanding with the United States. [...] We need them and they need us," argued Repsol's CEO, Josu Jon Imaz, last week at a forum organized by ESE and Deloitte. The oil company has long sought to expand in the country, and not only through oil production. "[The US] might be tempted to focus only on its hemisphere, but it has never worked for them," Imaz reflected. Recently, the executive met with Trump in his meeting about his oil plans in Venezuela, where Repsol plays a significant role:After a few weeks, the doubts have dissipated."," he asserted.

And what role does the banking sector play?

And all of this requires financing. This is where the banking sector, specifically Banco Santander, comes in. "To be global, you must be in the United States," argued Botín after announcing the purchase of an American bank. "It may seem contradictory, at a time like this, but it isn't. If you want certain industries to produce everything in the country, you need financing. Santander sees it as beneficial to be close to all this strategic industry," reflects a source familiar with the financial sector.

The institution chaired by Ana Botín is, for now, the only Spanish bank with a significant presence in the United States. Within the sector, the operation is seen as the only option if the goal is to play a major role in the country. "Either you climb the ladder or you leave," reflects an executive. BBVA, for example, decided to leave due to the difficulties of growth. In fact, the path ahead presents risks; to begin with, the rivals with whom they will compete, financial giants that no European bank has yet managed to capture. "It would be the first," reflects the same voice as before, indicating that, now that the US macroeconomy seems to be doing well, it can "take a risk." "But, if it doesn't scale sufficiently, the profitability may not be as expected," it concludes. The other risk is that banks are very closely tied to governments and, therefore, to Donald Trump.

Nevertheless, construction companies, energy companies, and banks, among others, agree that US policies are "predictable" and contrast this with the slowness and excessive bureaucracy in Europe, which has scrutinized everything related to business transactions much more closely. Its pressure seems to have had an impact on the Commission, which, despite internal disagreements, appears willing to change course from the path it has followed until now, broadening the Made in Europe.

Diplomatic game

However, no one denies that when tensions with Trump rise, alarm bells start ringing. One of the most recent and "tough" moments has been his attempts to annex Greenland, which have sparked a major confrontation with Europe, which has threatened retaliation—the European Commission proposed new tariffs that are currently frozen. It is at this point that "all diplomatic levers are being pulled to avoid a confrontation," according to business sources.

Calls have been made between Spanish companies and the government, with the Ministries of Foreign Affairs and Economy leading the way, but also, at the European level, between employers' associations and authorities. The business community is not interested in an escalation of the conflict: "Everything must be activated to avoid greater harm." In this context, large companies would welcome a trip by King Felipe VI to the United States in response to Trump's invitation, which remains unanswered since 2020. Business sources consider it "normal" that the royal household always responds favorably to these requests. In any case, the first step will come this Wednesday at noon, when the King will receive the new US ambassador to Spain.

Meanwhile, despite the tensions, the Spanish government is also increasing its institutional presence in the country. Official State Gazette The February 3rd report details the opening of two new economic and commercial offices in the United States: one in Boston and the other in Houston. These offices join the seven already operating under the auspices of the Spanish embassy. Their mission: to act as a bridge between Spanish companies and the US market, not only in terms of investment but also exports.