One Year of US Tariffs: Soaring Trade Deficit and Rising Uncertainty
One year after Donald Trump's tariffs, global trade faces record deficits and market reconfigurations.
TL;DR
- Spain's trade deficit increased by 41.6% in 2025, reaching 57,054 million euros.
- Exports grew by 0.7% while imports increased by 4.6% in 2025.
- Trade with the US saw a significant drop in exports (-11.4%) and imports (-21%) in January, reducing the bilateral deficit.
- Exports to China fell 7.8% in January, despite an almost 7% increase in 2025.
- Exports to the European Union decreased by 2.5% in January and rose by only 0.6% in 2025 due to economic stagnation.
- External demand negatively impacted Spain's economy, subtracting 0.7 points from growth.
- The Spanish government launched a commercial response plan with over 14,000 million euros to mitigate the impact of tariffs.
- The US President threatened Spain with trade sanctions, including an embargo.
- Spanish companies operate under EU-level trade relations, not individually targeted by US actions.