The industry of Spain will notice the effect of global tariffs imposed by the US not only in direct exports to that country, but also in sales to other markets, such as Mexico and Germany, with strong interests in North America.
Speaking to Efe, the general director of the Association of Internationalized Industrial Companies (AMEC), Joan Tristany, warned Thursday that the impact of these taxes, which the market anticipated since the return to the power of the president of the US, Donald Trump, has already begun to notice.
“Since January, exports to Mexico of Spanish team goods – a mainch that serves to produce other goods – have decreased in a loud way,” describes Tristany.
Many of the products that Spain sends to Mexico, Germany and other commercial partners “enter the value chain and then go to the US,” he explains.
The real impact on the economy, however, is still an unknown, according to Tristany. EU is “an important market” for the Spanish industry, but not a “supermarket”, and represents around 6% of the exports of the sectors to which Amec represents.
The reaction of the US market to tariffs will depend on each sector and, in particular, will vary depending on whether there are “substitute products” of local manufacturing that can be acquired in the US.
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Spanish industry warns of effects of US tariffs in commerce with Mexico and Germany
Transversal rates can cause consumers to be obliged to pay more by certain goods, Tristany emphasizes.
In other cases, export firms may consider reducing prices to try to compensate for tariffs, “as long as the margin (benefits) allows it,” he warns.
Regarding the possibility of settling in the US to avoid cross-border tax barriers, Tristany says that during the first Trump administration (2017-2021) there were already companies that decided to transfer activity or open subsidiaries in that country.
In particular, in the field of infrastructure, the local presence or certain percentages of production in the country to present public tenders began at that time.
Of the 350 companies that represent AMEC, 145 have subsidiaries abroad, which are distributed to similar parts between the US and China.
Regardless of the evolution of the commercial scenario, “this does not benefit anyone, to the US consumer or American companies or the European consumer, and of course it does not benefit European and Spanish companies,” he concludes.
With EFE information.
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