Venezuela and the Google price penalize Spanish exports to the US | Economy | EUROtoday

After weeks of huge volatility in markets and rising uncertainty amongst buyers, the Donald Trump administration plans to announce on Wednesday its plan to revolutionize the US financial system. A plan that may predictably imply a big improve in world tariff burden however, a minimum of, can contribute some readability to the industrial coverage of the US administration to assist the planning and forecast of firms. Despite this, uncertainty won’t disappear as a result of we should watch for the diploma of response from different international locations to this tariff spherical and, with it, the escalation of a industrial struggle that, towards what Trump proclaimed in its first mandate – ”commerce wars are good and straightforward to win” -, he won’t have a contented ending for anybody, based on the unanimous opinion of the specialists.

This April 2 would be the “Day of Liberation”, based on Trumpist jargon. It will probably be then that the White House will announce the reciprocal tariffs to the international locations with which the United States maintains a higher industrial deficit, primarily China, the entire of the European Union, Mexico, Vietnam, Germany, Japan, Canada, South Korea, India and the United Kingdom, in that order.

It isn’t the case of Spain. The industrial steadiness between the 2 international locations is remarkably favorable to Washington. In 2024, Spain registered a industrial deficit with the US of about 10,000 million euros: Spanish exports reached a worth of 18,179 million euros, whereas imports from the United States added 28,192 million euros, primarily pushed by purchases of vitality merchandise similar to crude oil and gasoline. That, in precept, would exempt Spain from the so -called reciprocal tariffs however the White House considers, with out basis that taxes at added worth (VAT) are a tariff, which distorts all calculations. Likewise, the deficit steadiness is within the set of business exchanges however there are sectors similar to agri -food the place the steadiness is favorable to Spain: in 2024 items of this sector had been offered for 3,319 million euros, whereas imports had been 1,761 million.

“Although the main business members of Spain are within the European Union, the United States is one of its largest partners (13.1% of the total) outside the EU, only behind the United Kingdom. We calculate that the direct impact of the tax Delay in investment decisions or the search for alternative markets, ”says Ruben Dewitte, ING economist.

In any case, as a member of the European Union, Spanish metal and aluminum exports, which amounted to about 944 and 128 million euros, respectively, in 2023, already help a 25% tariff since final March 12, which the EU responds instantly. From day 3, one other 25% tariff over all international autos that enter within the United States can even enter into drive. And though for Spain it isn’t an vital marketplace for the export of automobiles, it does have a higher impression within the case of the elements.

Another of the industries threatened with a 25% tariff as of Wednesday is the pharmacist, which has skilled exceptional development in its exports to the United States lately. Although collectively the steadiness is deficit for Spain, the reality is that the gross sales of the chemical and pharmaceutical trade to the US grew by 25% to exceed 3,160 million euros and are principally, excessive -end medicines, very delicate to pricing.

From there, there are particular fees for Spanish merchandise that may make their sale particularly within the United States. The most imminent is the 25% tariff over all Spanish merchandise for the straightforward indisputable fact that the nation, by way of Repsol, is an importer of oil and gasoline in Venezuela. The measure is very directed to China, which in 2023 was the recipient of 68% of the gross sales of Venezuelan crude overseas, and also will have an effect on India, Russia and Cuba.

In addition, Trump will obtain on Tuesday the conclusions of the report commissioned on February 21 to the Secretary of Commerce, Howard Lutnick, on the impression of the so -called Google price in seven international locations, together with Spain (along with France, the United Kingdom, Italy, Austria, Turkey and Canada). The analysis ought to make clear whether or not taxes to US digital firms authorized by these international locations are discriminatory, if they’ve adopted norms that threaten the mental property of US technological giants or undermine world competitiveness.

This price entered into drive in 2021 and taxed with 3% the earnings of enormous technological promoting operations on-linedigital intermediation and sale of person knowledge for firms that bill a minimum of 750 million globally (and three of them in Spain). As a part of a global settlement led by the OECD to implement a worldwide fiscal framework on technological multinationals, international locations promised to finish this tax on the finish of 2023, though in actuality they saved it in drive with out impact pending the efficient software of the worldwide settlement. The arrival of Donald Trump to the White House meant the withdrawal of the United States of that tax pact and with it ought to routinely reintroduce the speed of digital companies.

With the whole lot and regardless of the federal government’s expectations that the speed would supply 1,000 million euros per yr to public coffers, the ultimate outcomes had been removed from these figures. The first yr solely 166 million euros had been collected, as many firms didn’t implement it and was not in drive all year long. From then on, based on the Treasury, 278 million have been collected in 2022; 303 million in 2023 and 375 million, in 2024.