Olive oil, main product affected by Trump's new tariff threat

The threat from the President of the United States, Donald Trump, that Spain will pay for the trade channel what it is not willing to assume within the framework of NATO once again leaves Spanish olive oil exposed to potential tariffs that the leader might impose. Olive oil is the most exported product to the US, with 113,416 tons sold in 2024 for an amount of 1,013 million euros, representing a 58% increase from the 640 million in 2023. Trump has announced his willingness to differentiate Spain from the rest of the European Union, with which he is already negotiating an agreement after threatening in April with what he calls reciprocal tariffs to correct a trade deficit he considers unfair. This situation could imply tariffs on specific products that affect Spain to a greater extent, such as olive oil, but also other agri-food products like wine or olives, in addition to fuels or medications. In total, Spain exported 18,179.1 million euros to the US in 2024, 3.8% less than the ...