Spain announces €14 billion plan to mitigate US tariffs' impact
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Spanish PM Pedro Sanchez announced that the government will allocate a €14.1 billion aid package to reduce the economic impact of U.S. tariffs. The package will include €6 billion in loans for businesses affected by the tariffs and an additional €400 million to strengthen and innovate the automotive industry.
According to estimates by the Spanish Chamber of Commerce, the country could face losses of up to €4.3 billion, with the agri-food sector likely to experience the most significant impact. Spanish exports include olive oil, which generates about $1 billion from trade with the U.S.
Furthermore, although Spain does not import cars to the United States, it is a leader in the manufacturing of mechanical components – which accounted for more than €4 billion in trade with the U.S. in 2024. Sanchez emphasized that the measures adopted by the government will also aim to protect workers in the sectors most affected by U.S. tariffs.
According to estimates by the Spanish Chamber of Commerce, the country could face losses of up to €4.3 billion, with the agri-food sector likely to experience the most significant impact. Spanish exports include olive oil, which generates about $1 billion from trade with the U.S.
Furthermore, although Spain does not import cars to the United States, it is a leader in the manufacturing of mechanical components – which accounted for more than €4 billion in trade with the U.S. in 2024. Sanchez emphasized that the measures adopted by the government will also aim to protect workers in the sectors most affected by U.S. tariffs.