The Spanish Chamber of Commerce and Industry has stated that the 25 percent tariffs lately announced by the US on imports of steel and aluminum from all countries could result in a 10.4 decline in the total value of Spain’s steel and aluminum exports to the US, according to the chamber’s initial calculations. However, since the relative prices of steel and aluminum will not change significantly, the imposition of tariffs on all countries and regions that export to the US would not have a huge impact on Spain, the chamber explained.
In 2024, Spain’s steel exports to the US amounted to 264,808 mt, with the value of the exports coming to $412.24 million.
In October 2021, the EU and the US had agreed to establish a tariff quota system until March this year that also includes steel and aluminum. Under the tariff quota system, a certain amount of steel and aluminum can be exported to the US from the EU without tariffs. If the quota is exceeded, the EU has to pay 25 percent tariffs for steel and 10 percent tariffs for aluminum.