Spanish economist Carlos Cuerpo states that estimating the immediate influence of tariffs on the Spanish economy is premature at this stage
In the realm of international politics and trade, Spain has been navigating through several significant developments.
Firstly, the Spanish government is exerting pressure on the Israeli government, particularly in the embargo of arms, following the continued calls from various quarters. This comes as the government aims to "expand the scope of companies to reach the top 1,000 exporters."
Meanwhile, in domestic affairs, the Spanish Minister of Economy, Trade, and Enterprise, Carlos Cuerpo, has expressed surprise at a denouncement leveled against him. Podemos has accused him of prevarication in the form of omission, accusing him of not ceasing the trade of arms with Israel despite it being a precautionary measure decreed by international organizations.
Cuerpo, however, remains focused on other matters. He stated that it is still too early to see the impact of U.S. tariffs on the Spanish economy. To address this, a response plan for companies has been presented by the Spanish government. ICEX, the Spanish trade and investment organisation, has already contacted 92% of these companies, and 20% are already receiving specific measures and specialized services to mitigate the situation. This is part of the ICEX 500 plan, aimed at companies most exposed to the U.S. market, which account for around 70% of Spanish exports to the country.
In a positive development, around 97.5% of all requests have been attended to and managed by the Compensation Consortium. The Consortium, established to aid those affected by the drought, has already disbursed €3.6 billion to parties affected.
Moreover, in the matter of housing, the government has implemented measures to favor the identification of tense areas, divert the offer to medium and long-term rentals, and provide guarantees and insurance for owners. This is part of an extensive analysis of the economic situation of the Valencian Community one year after the storm, which aims to provide an exact idea of the situation of self-employed workers, other entrepreneurs, and the economic activity in the most affected areas.
Lastly, a working group has been created to monitor the possible impact of trade diversion to Spain due to U.S. tariffs. However, the search results do not provide information about the composition of the working committee formed to monitor the potential efficiency of trade diversions in Spain.
These developments highlight the Spanish government's proactive approach to both international and domestic challenges, demonstrating a commitment to supporting its citizens and businesses in times of uncertainty.
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