Overview

• President Trump implemented a minimum 10% tariff on all imports and a 20% tariff on EU goods, signaling a sharp protectionist turn in U.S. trade policy.
• A 90-day window for renegotiation was introduced, excluding China, but market uncertainty remains high.
• Spain’s Ibex 35 index has dropped over 5% in two weeks, falling below the 13,000-point mark, driven by losses in energy, raw materials, and banking sectors.
• Defensive stocks, including utilities and telecoms, have outperformed during the volatility, with companies like Cellnex and Endesa posting gains.
• Trump expressed confidence in reaching favorable trade agreements with both China and the EU, though economists warn of escalating tensions with China.