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.
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.