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Spain's strategic diplomacy amid US tariff tensions
In the wake of the US imposing tariffs on the European Union, Spain's Minister of Economy, Commerce, and Business, Carlos Cuerpo, is heading to Washington for crucial meetings. Cuerpo will discuss the potential impacts of the 20% tariff threat with US Treasury Secretary Scott Bessent and other key officials. The US government has already suspended this tariff for 90 days, and Cuerpo's trip aims to strengthen economic ties with the US, one of Spain's most significant trade partners.
European Trade Commissioner Maros Sefcovic has also traveled to the US to engage in negotiations, as the trade war between the US and the EU intensifies. Secretary Bessent previously criticized Spanish Prime Minister Pedro Sánchez's trip to China, calling any attempt to ally with Xi Jinping’s government a dangerous move.
Cuerpo's visit reflects the Spanish government's coordinated efforts with the European Commission to protect the crucial EU-US trade relationship. Spanish exports to the US exceeded 18.6 billion euros last year, with 80% of these exports and roughly 500 companies at risk from new US tariffs.
In addition to meeting with Bessent, Cuerpo will also sit down with World Bank President Ajay Banga and US business leaders interested in Spain. His goal is to further strengthen bilateral relations, emphasizing Spain's growing role in US-Spanish business ties and the increasing interest among American investors in Spain.
In response to the looming tariffs, Spain’s government has recently approved a 14.1 billion euro plan to support Spanish companies affected by these tariffs. Key export sectors, including machinery, electrical components, nuclear reactor materials, and food products, are among those impacted by US trade measures.
This strategic diplomatic effort highlights Spain's commitment to safeguarding its export sector and fostering deeper economic collaboration with the US.