Commercial War

  The latest news that comes to us from North America is not exactly the most hopeful that a country would like to receive. The United States plans to set 25% tariffs on agricultural products (among others), specifically, in the agri-food sector. Spanish exports to the US represent 400 million Euros, almost 75% of total agri-food exports. The list in which all the definitive products appear will be official on October 18. Exports to the US in the first half of the year have increased since there was a fear / uncertainty about the possibility that in the latter part of the year, tariffs could rise considerably. Another  the sector that has been harmed, has been the wine sector, since exports of almost 300 million euros to the American country represent 74% of the total number of exports.   In short, it is not a good year as one would wish, trade wars with both the US-EU or US-China, poses a risk to the economies.  Even if it is in the other part of the world, there may be a domino effect and therefore affect different economies. To this we must add the uncertainty of BREXIT, national elections that do not have a clear horizon at all,  and a crisis that is getting closer which no government has given a clear solution. We will have to keep waiting for the different decisions and its consequences at a regional and international level.