Madrid – Five days after Donald Trump’s announcement of the temporary suspension of tariffs on the entire world except China, Economy Minister Carlos Cuerpo travels to Washington this Monday to meet with US authorities, multilateral institutions, and business representatives.
However, among them all, the name of Scott Bessent, the current US Secretary of the Treasury, stands out.
Sources from the Ministry of Economy explain that the meeting with Bessent will take place tomorrow, Tuesday, within the framework of “regular relations with his counterparts to strengthen ties with one of the largest trading partners.”
The tariff truce represents for Brussels, and therefore for Spain, an opportunity to negotiate with Donald Trump.
In fact, the Corps’ trip was carried out in “coordination and permanent contact” with the European Commission, according to the ministry, and comes just after the visit of the European Commissioner for Trade, Maros Sefcovic, to the United States.
The timing of the meeting is notable, as it follows Prime Minister Pedro Sánchez’s reference to an “open door to negotiation [with the United States],” a statement he made last week.
This meeting also follows Sánchez’s official trip to China, which reportedly irritated the White House.
Bessent himself warned that “getting closer to China would be like cutting your own throat,” just before Sánchez’s tour of the Asian continent.
The U.S. continues to impose tariffs of 145% against Beijing amidst ongoing trade tensions.
Despite the criticism from the U.S. regarding his approach to China, Sánchez defended his visit, stating, “Spain defends a world of open doors. A world in which trade unites people and makes them more prosperous.”
Bessent’s cautious voice on tariffs beyond China has been influential in the recent decision to suspend tariffs for 90 days, a shift from the aggressive stance of Peter Navarro, who has previously been a strong advocate of the tariff policy.
Bessent, who has roots on Wall Street, now faces a three-month timeline to navigate the complexities of the trade war outside of the populist frameworks.
Spain’s trade exposure to the United States is relatively limited when compared to other European nations such as Germany or Italy, and it is characterized by a strong sectoral and territorial component.
In 2024, Spain’s exports to the United States amounted to €18.904 billion, which represents just under 5% of total exports.
Catalonia notably accounts for 25% of this total.
The most sensitive sectors and products in Spain that could be affected by tariffs include the agri-food sector, with olive oil and wine as leading products, as well as machinery (both industrial and technological), electronic devices, perfumery, cosmetics, and various pharmaceutical products, predominantly in Catalonia.
Beyond the meeting with Bessent, Cuerpo is also scheduled to meet tomorrow with World Bank President Ajay Banga, as well as with the private sector, specifically U.S. companies with commercial interests in Spain.
This private sector meeting has been coordinated by the American Chamber of Commerce in Spain (AmChamSpain) and government sources indicated that no further meetings with the private sector or with Spanish companies in the United States are planned beyond this engagement.
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