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President Donald Trump has threatened to cut off trade with Spain after Madrid refused to allow US forces to use its military bases in its ongoing operation in Iran.
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“We don’t want anything to do with Spain,” Trump told reporters at the White House in early March. Two weeks later, Spanish Foreign Minister José Manuel Albares insisted relations between the US and Spain were “normal”, as Spanish Prime Minister Pedro Sánchez reaffirmed the country’s firm “no to war” stance.
If Trump should carry out his threats against Spain, how exposed is Madrid, and how do other European countries compare?
Spain-US trade worth billions
The US exported around $26 billion (€23 billion) worth of goods to Spain in 2025, and imported roughly $21 billion worth of goods from Spain in the same year, according to the US Census Bureau.
This makes the total goods trade between the two countries about $47 billion in 2025.
Spain exports a range of products to the US, including machinery, chemicals, pharmaceuticals, food products and vehicles.
However, certain sectors are more exposed than others, according to analysis by Valencia-based financial services company CaixaBank.
Equipment and semi-manufactured goods, such as industrial machinery and chemical products, account for more than half of Spain’s exports to the US, whilst food products represent around 18%.
Within these sectors, engine exports and construction materials are among the most in-demand Spanish goods in the US. In terms of food, oil and fats, including olive oil, account for about 14% of Spanish exports making their way across the Atlantic.
EU trumps Washington for Spanish trade
Despite trade between the US and Spain being worth billions, Spain relies substantially more on trade with European partners than with the United States.
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.
EU countries accounted for 62% of Spanish exports, worth €387 billion in total, meaning that, overall, Spain is far more reliant on its trade with European countries than it is with the US.
Spain is also less dependent on its trade with the US than several other European economies are on Washington.
According to Eurostat trade data, more than a quarter of Ireland’s exports went to the US in 2024, while in Germany and Italy the share is around 10%, and in France it is roughly 9%.
Between 2024 and 2025, Irish goods exports to the US surged by 34%, largely due to pharmaceutical manufacturers who export most of their output to the US.
Compared to these countries, significantly less — around 4-5% — of Spain’s total exports go to the US.
EU trade policy complicates
Any attempt by Trump to target trade with one EU country would face legal complications. As Spain is part of the European Union’s single market, trade policy is negotiated at the EU level.
Tariffs and trade agreements, such as the EU-US trade deal clinched last summer that is currently frozen, are negotiated at the EU level rather than being a national competence.
As a result, any US trade restrictions would involve the EU as a whole rather than the Spanish government alone.
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