Overview

• Donald Trump and Ursula von der Leyen reached the provisional deal on July 25 at Turnberry to cap US tariffs on EU goods at 15%, pending formal EU approval.
• The Bank of Spain warns that new tariffs will shave 0.1% off Spain’s GDP and cut exports by about €2.375 billion.
• Spanish industries such as automotive, ceramics, olive oil and wine face heightened competition from non-EU exporters benefiting from lower or no US tariffs.
• Pharmaceuticals and logistics sectors could gain from euro strength and the reconfiguration of intra-EU supply chains.
• EU officials are considering revamped industrial policies and market diversification to bolster strategic autonomy and mitigate uneven sectoral impacts.