The new rates imposed by the American administration will influence the Basque export, a total of 2,000 million euros per year. Automotive, steel, machine tools and wine, from the most damaged sectors.
The tariff measures of the Donald Trump government will have a significant impact on the Basque economy. Euskadi exports annually assets by value of 2000 million euros to the United StatesAn important market that the 6.4 % of its turnover abroad. With the new rates, the first estimates of the Basque government point to an extra cost of More than 400 million euros For affected companies.
Under the More damaged sectors are the Automotivethe Machine -Toolsthe food industry (especially wine and txakoli) and steel. The latter has already had the consequences of the rates imposed in Asian countries and is now confronted with a rate of 25 % in his export to the US.
The impact on Automotive It is remarkable: in 2023, Euskadi exported vehicles and components worth 61.1 million euros to the American market. In power supplyBasque wine is confronted with a hard blow, because the US is the first income destination and the second in volume, with exports with a value of 36.4 million euros.
In total, 1,040 Basque companies export to the United StatesMany of them in the industrial and aviation sector, whose weight in export is relevant. The uncertainty generated by rates adds pressure to the Basque economy, which must search for alternatives or an increase in costs in your sale on the other side of the Atlantic Ocean.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
