President Donald Trump has threatened to cut off trade with Spain after Madrid refused to allow US forces to utilize its military bases in its ongoing operation in Iran. Trump stated, “We don’t wish anything to do with Spain.” Spanish Foreign Minister José Manuel Albares has maintained that relations between the US and Spain are “normal,” while Prime Minister Pedro Sánchez reaffirmed his country’s “no to war” stance.
Spain-US Trade Relationship
The United States exported around $26 billion (€23 billion) worth of goods to Spain in 2025, and imported roughly $21 billion (€18 billion) worth of goods from Spain, resulting in a total of $47 billion in trade between the two countries.
Spain’s exports to the US include machinery, chemicals, pharmaceuticals, food products, and vehicles. According to CaixaBank, equipment and semi-manufactured goods account for more than half of Spain’s exports to the US, with food products representing around 18%. Engine exports, construction materials, and oil and fats—including olive oil—are among the most in-demand Spanish goods in the US.
Reliance on European Trade
Despite the billions of dollars in trade with the US, Spain relies more heavily on trade with European partners. Data from Spain’s Ministry of Economy, Trade and Business shows that three-quarters of the country’s total exports in 2025 went to European markets, totaling €387 billion. Which means Spain is far more reliant on trade with European countries than with the US.
Spain’s dependence on US trade is less significant compared to other European economies. In 2024, over a quarter of Ireland’s exports went to the US, while Germany, Italy, and France sent around 10% and 9% of their exports to the US, respectively. Between 2024 and 2025, Irish goods exports to the US surged by 34%, driven largely by pharmaceutical manufacturers.
EU Trade Policy Considerations
Any US trade restrictions targeting Spain would face complications due to the European Union’s single market. Trade policy is negotiated at the EU level, meaning tariffs and trade agreements—such as the EU-US trade deal currently on hold—are not within the national competence of individual member states. Any US trade restrictions would likely involve the EU as a whole.
Frequently Asked Questions
What is the total value of trade between the US and Spain?
The total goods trade between the US and Spain was approximately $47 billion in 2025, with the US exporting $26 billion (€23 billion) and importing $21 billion (€18 billion).
How much of Spain’s exports go to the US?
Around 4-5% of Spain’s total exports go to the US.
Who negotiates trade policy for Spain?
Trade policy for Spain is negotiated at the European Union level, not by the Spanish government alone.
Given the complexities of international trade and the EU’s role in negotiating trade agreements, what impact might a US trade dispute have on the broader economic relationship between Europe and the United States?
