The 25% tariff on exports to the US, announced by President Donald Trump, is not expected to significantly impact Spain, according to the Spanish Chamber of Commerce (CCE). This is because relative prices of steel and aluminium are not anticipated to change substantially, CCE explains in a note seen by Kallanish.
“Change in the current trade framework would negatively impact Spain’s productive sector in aggregate terms. If the 25% tariff on EU steel imports remains in place, it could lead to a 10.4% decline in the total value of Spanish exports on average,” the commerce chamber observes.
Spanish steel exports to the US totalled 264,809 tonnes in 2024, up 0.4% compared to 263,825t in 2023. Their value was $412.2 million, according to data issued by the US Census Bureau.
In October 2021, the EU and the US agreed to implement a tariff-rate quota (TRQ) system for steel trade, which is in force until March. Under this system, 3.3 million tonnes/year of steel can be exported by the EU duty free into the US. However, once this quota is exceeded, a 25% tariff is applied.
Todor Kirkov Bulgaria
