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Spain responds to Trump’s tariff strike: €14.1 billion rescue plan announced

U.S. President Donald Trump has launched the most aggressive tariff campaign in decades: as of April 5, a 10% base tariff applies to all countries, with even higher rates for so-called “main offenders.” The EU faces a 20% tariff.

Spain is among the most affected nations: in 2024, it exported over €21 billion in goods to the U.S., much of which is now subject to new trade barriers.

In response, the Spanish government under Pedro Sánchez has unveiled a comprehensive economic defense plan:

— €14.1 billion mobilized to support businesses and protect jobs

— €6 billion in two ICO credit lines

— €2 billion for export risk insurance and coverage (CESCE)

— €500 million to support SME internationalization

— €200 million industrial support fund

— €400 million allocated to the MOVES plan for the automotive sector

— Activation of the RED mechanism to prevent layoffs in impacted sectors

Additionally, an interministerial task force will be created, urgent negotiations with the EU will begin, and a national campaign promoting Spanish products will be launched in the coming weeks:

“Our values are not for sale. Our products are. Buy local. Protect what’s ours.” 🇪🇸

Most affected sectors: agriculture and food exports, automotive, pharmaceuticals, wood processing, and semiconductors.

Castile and León was the first region to respond, allocating €16.5 million for emergency support and new market development.

Sánchez strongly criticized Trump’s rhetoric:

“This is not reciprocity. This is an attack on Europe disguised as national interest. Spain will not stand idly by.”

Meanwhile, the Ibex 35 index has fallen more than 3% amid tariff-related panic.