b'CONNECTINGSPAIN | Your Partner in Europetrue 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?) oftheir inputs.And if those customers are located in Europe, North Africa or Tariffs may be (or may be even Latin America, here is where not) the most beautiful word inSpain has something to say, as it is a the dictionary but the uncertaintynatural gateway to those markets. they bring is surely not appealingSpain, with a population of neither for importers (the main48 million people (and almost goal of current US trade policy) nor100 million tourists that visited exporters (the unwanted side effectour country in 2024) is the 4th of that policy). The reason beinglargest economy in the European is that quite often, companies areUnion (EU) and 15th in the world. both exporters and importers atMoreover, in 2024 it grew by 3.5%, the same time. That is in fact whatthree times faster than the EU lies behind global value chains: anaverage. In its most recent World interconnected network of multipleEconomic Outlook, IMF forecasts companies in several countriesSpain to grow by 2.9% this year 2025, Erik Rovina trading goods and adding value atwell ahead again of most developed Trade Commissioner ofeach step.economies, while keeping inflation Spain in Chicago Such global value chains wereunder control. already affected a few years backRapid growth in international with the Covid-19 pandemic andtrade and foreign investments the Russian aggression on Ukraine,has made Spain one of the most which resulted in new terms suchinternationally engaged countries as near-shoring or friend-shoring,in the world. In fact, in 2024, Spain concepts which translate intowas ranked 19th in the world as an shortenedvalue chains as a way toexporter and 15th as an importer, reduce global risks. Tariffs are justwhile in the trading of services it another straw on the camels backoccupies 11th place as an exporter (although I hope the camel can and 20th place as an importer.carry on). In terms of investment, Spain is In conclusion, if life gives youalso a key world player: according lemons, make lemonade or, in otherto UNCTAD, WIR 2025, Spain is words, if life gives you tariffs, thenthe 12th largest recipient of FDI try to produce locally. If this holdsworldwide (and 6th in the EU) with 8ILLINOIS BUSINESS LEADER'