Donald Trump's tariff policy generates uncertainty in all economic sectors. It is no secret and no one is trying to hide it. Not even the Governor of the Bank of Spain, José Luis Escrivá, who on Tuesday acknowledged that there is "a lot of concern" about the tariffs imposed by the US president and those that could come in the future, given the forecast that tomorrow Wednesday he will announce what he calls "reciprocal tariffs" against many goods from around the world.
"Naturally, there is a lot of concern globally, and of course, in Europe and among all economic policy decision-makers, because we are facing a paradigm shift in how commercial relations are established in the world," the governor acknowledged in statements to the media after presenting the Bank of Spain's institutional information campaign at the Madrid Metro station that bears his name.
This paradigm shift in commercial relations is, according to Escrivá, "a very significant potential disruptor," with effects that can be negative on global economic growth, and probably, to a greater extent, for the United States itself.
In addition, the implications for inflation will have to be assessed. "It is a very relevant and concerning issue to consider," emphasized the governor, as reported by Europa Press.
Almost simultaneously with Escrivá's remarks, the Deputy Governor of the Bank of Spain, Soledad Núñez, also expressed her concern about the economic policy of the US president. "Sometimes it cannot be assessed. We feared something like this, but Trump 2 has far exceeded expectations," she noted during her participation in the informative breakfast Current Situation of the Spanish Banking System: Challenges in the current context, organized by the Club Diálogos para la Democracia with the sponsorship of Unicaja. "Undoubtedly, it will have negative repercussions not only for the European economy but for the global economy and for the American economy itself. How will Europe react? I don't think it should be with a tariff war, which will not lead us anywhere," she added.