The Spanish government expects a limited impact of tariffs on GDP growth.

MadridThe United States' tariff policy will have an impact on the growth of the Spanish economy, albeit limited and concentrated in certain sectors, as Economy Minister Carlos Cuerpo anticipated this Friday. Cautiously, and considering the recent nature of Donald Trump's announcements, Cuerpo avoided quantifying the impact, but acknowledged that exposure exists. "There are already some reports on the aggregate impact, both in Europe and in Spain, that are effectively putting on the table a [negative] impact of a few tenths of a percentage point of GDP," Cuerpo noted in an interview on Onda Cero.

Furthermore, the minister noted that although the state's trade ties with the United States are weaker than those of other European partners, there is an "indirect channel." "What affects our partners will end up affecting us [in Spain]," Cuerpo said. In any case, the minister emphasized the sectoral and territorial heterogeneity. That is to say, while the impact on the economy as a whole may be limited, specific sectors such as the automotive and agri-food industries could be more severely affected. For now, only Funcas has attempted to estimate the impact: it estimates that the approved tariffs could reduce Spanish GDP by between two and three tenths. "It's a relatively limited impact," the analysis center indicated.

Round of contacts

In any case, the Spanish government is already preparing the ground to try to avoid the economic shock and has anticipated the mobilization of up to 14.1 billion euros between existing items and other new ones. Furthermore, it seeks a united response with the different political forces similar to that shown during the COVID pandemic, or at least at its beginning. For this reason, the Body has established a first round of meetings with all the parties in Congress, except Vox.

For now, the contacts held this Thursday and Friday have revealed a truce, especially between the PP and PSOE, regarding the confrontational tone that has long existed in Madrid. "If the government maintains this link of information and collaboration, we will be there," said Juan Bravo, the PP's top economic official, in statements to the media from Seville this Friday. Bravo even spoke of "collaborating with the government," although he clarified that this does not mean "collaborating with Sánchez." Not even with the recently announced plan to invest more in defense—a demand stemming from NATO—had the PP appeared conciliatory.

This Friday, the Ministry of Economy also met with the investiture partners, including ERC and Junts. Most parties expressed that Sánchez's announcement is on the right track, although some, such as ERC, called for discussions about direct aid to begin. They also called for pressure on Brussels to provide a strong EU response and for efforts to advance into new markets. Sánchez, in fact, plans an official trip to China next week to strengthen ties. However, the party has indicated that beyond upcoming formal meetings with the parties, there will be a permanent informal line of communication.