Overview

• Spanish exports to the US dropped 14.4% in May to €1,523.3 million, deepening April’s 13.8% decline, according to Spain’s Economy Ministry.
• The European Commission has readied two countermeasure packages worth over €90 billion to target US goods if no trade agreement is reached by August 1.
• Trade Commissioner Maroš Šefčovič’s recent trip to Washington yielded no breakthrough, leaving EU officials frustrated by the unpredictable US tariff strategy.
• Leaked Financial Times reports indicate that the Trump administration may apply minimum duties of 15–20% on US imports without sector exemptions.
• Spanish firms are implementing KPMG’s guide by revising contracts, reclassifying goods and exploring legal challenges to soften the impact of US duties.