8  ILLINOIS BUSINESS LEADER
CONNECTING
      Tariffs may be (or may be
      not) “the most beautiful word in 
the dictionary” but the uncertainty 
they bring is surely not appealing 
neither for importers (the main 
goal of current US trade policy) nor 
exporters (the unwanted side effect 
of that policy). The reason being 
is that quite often, companies are 
both exporters and importers at 
the same time. That is in fact what 
lies behind global value chains: an 
interconnected network of multiple 
companies in several countries 
trading goods and adding value at 
each step. 
	
Such global value chains were 
already affected a few years back 
with the Covid-19 pandemic and 
the Russian aggression on Ukraine, 
which resulted in new terms such 
as near-shoring or friend-shoring, 
concepts which translate into 
shortened  value chains as a way to 
reduce global risks. Tariffs are just 
another straw on the camel’s back 
(although I hope the camel can  
carry on).
	
In conclusion, if life gives you 
lemons, make lemonade or, in other 
words, if life gives you tariffs, then 
try to produce locally. If this holds 
true for Spanish exporters to the 
US, so it does for US exporters that 
are part of global value chains, who 
need to think how to better cater 
their customers in foreign countries 
as they are also affected by import 
tariffs on some (or most?) of  
their inputs.
	
And if those customers are 
located in Europe, North Africa or 
even Latin America, here is where 
Spain has something to say, as it is a 
natural gateway to those markets. 
	
Spain, with a population of 
48 million people (and almost 
100 million tourists that visited 
our country in 2024) is the 4th 
largest economy in the European 
Union (EU) and 15th in the world. 
Moreover, in 2024 it grew by 3.5%, 
three times faster than the EU 
average. In its most recent World 
Economic Outlook, IMF forecasts 
Spain to grow by 2.9% this year 2025, 
well ahead again of most developed 
economies, while keeping inflation 
under control. 
	
Rapid growth in international 
trade and foreign investments 
has made Spain one of the most 
internationally engaged countries 
in the world. In fact, in 2024, Spain 
was ranked 19th in the world as an 
exporter and 15th as an importer, 
while in the trading of services it 
occupies 11th place as an exporter 
and 20th place as an importer.
	
In terms of investment, Spain is 
also a key world player: according 
to UNCTAD, WIR 2025, Spain is 
the 12th largest recipient of FDI 
worldwide (and 6th in the EU) with 
SPAIN | Your Partner in Europe
Erik Rovina
Trade Commissioner of 
Spain in Chicago

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