Banco de España Blog

Using a simple format and plain language, the Banco de España Blog seeks to make our work more accessible to the general public. It allows us to share our analysis of economic and financial issues and the ins and outs of the Banco de España’s tasks and activities with all those keen to learn more.

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Spain’s trade with the United States and the impact of US tariffs

28/07/2025 Francisco Javier Álvarez de Pedro , Coral García Esteban , Esther Gómez Rubio , Blanca Jiménez García

The United States is the sixth-largest market for Spain’s goods exports. While tariffs are expected to have a negative impact on the Spanish economy, this effect will likely be smaller than in the broader euro area, as Spain has less direct trade exposure to the United States and its bilateral trade is more geared towards services than that of the euro area.

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