The Minister of Economy, Trade and Business, Carlos Bode, reported on Wednesday that, together with the various ministries and sectors concerned, a list of “strategic” products has been drawn up that includes, among others, olive oil, olives, wine, cheese, red tuna, octopus and perfumes, Plaster and other building materials to reduce The tariffs imposed on them fall within the various catalogs of exemptions by the United States.
He added, “From Spain, we are trying to move forward in putting the interests of the European Union on the table.” The American consumer who loves our products We do not have to face these tariffs, because it would be a win-win situation for both our producers and their consumers, through reduction Prices of some basic products in your basket The minister explained during his appearance on Wednesday before the Congressional Economics Committee.
An example of this is olive oil, which is one of its products if it is consumed in bulk By households in North America, only 2% It is produced in the United States, while the rest is imported. In addition to these imports, 40 percentage points from SpainTherefore, “the customs exemption for Spanish olive oil is in the interest of both countries.”
The government’s economic representative defended that Spain worked “actively” to strengthen the agreement or introduce amendments to it Tariffs between the European Union and the United StatesStrengthen the security and responsiveness of the European Union, strengthen suspensive and safeguard clauses or ensure the compatibility of this framework with the WTO framework.
Moreover, Spain viewed the agreement as an interim step towards what could be trade liberalization in the medium term. According to the Legion, Spain will “pay” So that olive oil, olives, wine, cheese, bluefin tuna, octopus, perfumes, plaster and other building materials are included in the various lists of exemptions provided by the United States.
Regarding the development of bilateral trade between the United States and Spain, Corbo explained that there has been a limited development in recent years, but with some obvious deterioration, especially from mid-2024 onwards. Specifically, Spain’s trade deficit with the United States amounted to 10,785.6 million euros in the first nine months of the year. 38.7% higher than the negative balance of 7,772.4 million euros for the same period in 2024, according to data collected in the monthly foreign trade report prepared by the Ministry of Economy, Trade and Business.
The minister explained that this deterioration was observed in the balance This is partly due to increased imports As well as a decrease in exports. “There is a very heterogeneous development between sectors, where sectors that develop in a slightly positive way are compensated in a certain way with those that develop in a slightly negative way,” Budi explained.
In the case of olive oil, the development of exports to the United States in the past twelve months reflects a contribution ‘significantly negative’This has “a lot to do” with the recent development in the prices of this product. However, the Corps explained that once… The effect of price and exports in terms of volume It has been growing at its highest levels in the past three years.
around The development of perfumes is the head of the economy He explained that it is one of the most quantitatively important sectors in terms of overall US relations, and in this case, they continue to contribute positively. “It is one of the sectors that also maintains that competitiveness, to compete in the American market, despite the current tariffs,” he stressed.
Another very important case is the export of pharmaceuticals, where export records have been broken well above this range When observed cumulatively throughout the year. However, Budi estimated that Spanish companies are able “in a very clear way” to adapt to the situation, and to this new framework that is happening with higher tariffs and increased complexity of the process in the United States.
ICO collateral in the amount of 160 million
The body has it too Provides that the ICO has mobilized collateral for 160 One million dollars to companies affected by the new US tariffs. Among the measures of this plan, the $5,000 million ICO guarantees available to affected companies, of which currently… Only the 160 million mentioned above were mobilized In 24 operations, the decrease in demand is “interpreted positively by the Minister” because it reflects the reduced impact of the trade situation.
The tariffs also affected the development of lines associated with the recovery plan, such as co-investment, ICO companies and entrepreneurs or green ICOs, which Official loans for 1,070 million associated To a project portfolio of $1,213 million, 34% of which has closed since April, when the new rates were implemented.
Added to this is the $663 million raised from ICO Canal Internacional for intermediary funding and a future ICO growth tariff line, which is still awaiting approval. Others The tools are an extension of the CC coverage limitwhich allowed the issuance of 200 insurance policies worth 1.165 million euros; Strengthening internationalization tools, through which 610 million were implemented for companies affected by tariffs, or 400 million from the movements plan, which was “fully” implemented.