The impact of the new US tariffs on steel and aluminium will be limited in Aragon

The recent announcement of the imposition of tariffs by the United States on imported steel and aluminum will not have a significant impact on the Aragonese economy, due to the low volume of exports of these products from the autonomous community, as reported by the Chamber of Commerce of Zaragoza. However, the measure could affect the price of raw materials and components , which could be transferred to the final price of manufactured products.

According to export data available until October 2024, Spanish exports of foundry, iron, steel and aluminum products to the US reached the following figures: Chapter 72 (Foundry, iron and steel) 139,065 thousand kilos, valued at 156,833.16 thousand euros, with 2,317 operations and Chapter 73 (Iron and steel manufactures) 158,251.47 thousand kilos valued at 530,254 thousand euros with 14,728 operations and Chapter 76 (Aluminum and its manufactures) 19,188.94 thousand kilos valued at 101,779.75 thousand euros with 3,927 operations.

In contrast, exports from Aragon represent a very small fraction of the national total : in Chapter 72 a total of 8.05 thousand kg valued at 21.69 thousand euros with 7 operations; Chapter 73 a total of 142.93 thousand kg valued at 1,903.87 thousand euros with 366 operations and Chapter 76 a total of 118.99 thousand kg valued at 522.17 thousand euros with 39 operations.

In 2018, Trump had already imposed tariffs of 25% on steel and 10% on aluminium , but the European Union lodged objections with the WTO and, in 2022, under Joe Biden’s presidency, these tariffs were lifted. As of today, they are set as follows: for Chapter 72 and 73 0% within the tariff quota, although certain products are already subject to a 25% tariff outside the quota and for Chapter 76 a variable tariff of 2.6% to 5.7% , depending on the type of product.

Although Aragonese exports of these materials are not high compared to the national total, the increase in costs of raw materials could have repercussions on the industrial sectors that depend on them for the manufacture of goods, affecting the competitiveness and final prices of the products.