Staff Reporter
IT’S feared effects of the United States tariffs on Asian countries could reverberate negatively in Spain.
Washington announced its new tariffs earlier this week with Asian countries hit particularly hard in the US-led trade war against the rest of the world.
China is facing a general tariff of 54%, which rises again further for certain products. Cambodia confronts 49%, Vietnam, 46%, Bangladesh, 37%, and Thailand, 36%.
With these countries having to pay higher tariffs, it’s likely some companies will no longer be able to export to the United States and as a result, they will look for alternative markets to access.
READ MORE: Europe in shock as Trump announces 20% tariffs on imports from Spain and the EU
They could be diverting their eyes towards Europe, flooding the market with goods.
European Commission leader Ursula von der Leyen responded to the new tariff announcement with a stark warning on her own:
“The consequences will be disastrous for millions of people around the world.”
She further warned that Europe would not be able to ‘absorb the global overcapacity.’
The greatest risk to Spain from the potential ‘dumping’ as von der Leyen called it, could come from China, which already has strong supply chain routes to Europe.
Von der Leyen said the EU would ‘stand up’ to protect its market from any cheaper imports forced from the US market and into the European continent.
