Madrid Trade Deficit Warns Trump on Tariffs
American Chamber of Commerce in Spain (AmChamSpain) implores the US administration to consider Spain's trade deficit with the US before imposing tariffs.
In a letter to Commerce Secretary Howard Lutnick, AmChamSpain highlights that Spain imports more from the US than exports, unlike the EU overall.
Amidst Trump's threat to reciprocate tariffs on nations with import duties, the European Commission contends that its low tariffs warrant no increase.
Data reveals that in 2022, Spain exported €18.1 billion worth of goods to the US and imported €28.1 billion.
AmChamSpain urges the US to recognize this trade imbalance when setting tariffs, requesting that the EU considers it when responding.
The chamber advocates for dialogue and consensual solutions to mitigate trade retaliation and uncertainty for businesses and workers.