President Donald Trump announced a significant shift in U.S. trade policy on April 2, 2025, implementing a base tariff of 10% on all imports, and a higher rate of 20% on goods from the European Union.

This decision comes as part of a broader strategy to confront what the administration describes as longstanding trade imbalances.

The imposition of these tariffs is expected to reduce global growth by approximately 0.4 to 0.8 percentage points this year, while potentially increasing global inflation by half a point.

In developed economies, the tariffs could eliminate over 300,000 full-time jobs.

The United States' new trade measures target countries whose trade practices are perceived as contributing to a significant U.S. trade deficit.

As part of the new trade framework, tariffs will vary by country based on their current trade policies and barriers.

In the context of the European Union, estimates from financial analysts suggest that a 10% increase in U.S. tariffs may lead to a decrease in EU exports ranging from 7% to 17%.

The potential economic fallout could contract the Eurozone's GDP by 0.3% between 2025 and 2026, particularly if retaliatory measures magnify these effects.

In Spain, projections indicate that the economy could experience losses of up to 4.3 billion euros in 2025, stemming from a nearly 25% reduction in sales to the U.S. market.

In terms of GDP impact, this could translate to a 0.27% decline under a worst-case scenario with 25% tariffs.

The Bank of Spain suggests a more conservative impact of around 0.11% of GDP, assuming a generalized 10% tariff increase is implemented.

Key sectors likely to experience declines include machinery and electrical materials, with anticipated sales drops around 28%.

The agricultural sector, particularly olive oil and wine, may also see significant impacts reminiscent of previous tariff downturns.

The uncertainty surrounding these tariffs has contributed to a broader economic hesitance, with businesses delaying investments amidst fluctuating trade policies.

This sentiment has been articulated by economic experts, who underscore the detrimental impact of such uncertainty on consumer spending and business confidence.

As the situation evolves, the Spanish government is poised to respond strategically through a planned meeting with representatives of the most affected sectors, including agriculture, steel, and automotive manufacturing.

President Pedro Sánchez is set to unveil a plan to mitigate the impact of these new tariffs and reinforce national economic interests.

The broader implications of Trump's tariff policy extend to multiple allied nations, with potential retaliatory measures being discussed as governments assess the scope of the U.S. actions.

The European Commission has indicated readiness to consider tariffs on U.S. services and products in response, highlighting the intent to protect European economic interests amidst these aggressive trade measures.

This expansion of tariffs marks a notable return to a more protectionist stance in U.S. trade policy, which has not only raised concerns among trading partners but has also provoked fears regarding rising inflation and economic stability both in the U.S. and globally.