Spain's Steel and Aluminium Exports to US Hit by Tariffs
MADRID (Reuters) - The total value of Spanish steel and aluminium exports to the United States could fall by 10.4% due to U.S. President Donald Trump's new tariffs on the metals, the Spanish Chamber of Commerce estimated on Tuesday.
"The change in the current trade scheme for aluminium and steel would be detrimental to the productive fabric in aggregate terms," the lobby said in its note, adding that Spain's total cast iron and steel exports to the U.S. reached 944 million euros ($977 million) in 2023.
According to the report, a uniform application of the 25% tariffs on all exporting countries and regions - as Trump has signalled so far - wouldn't be as harmful for Spain, given that the commodities' relative prices would see little change.
However, it cautioned that "this would not be the case if the increase in tariffs were to discriminate by country or bloc". It also said the 10.4% reduction of value was its initial estimate.
The steel and aluminium tariffs are set to take effect on March 12.
($1 = 0.9667 euros)
(Reporting by David Latona; Editing by Andrei Khalip and David Evans)
