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Sánchez's strategy to counter Trump’s tariffs by expanding markets in China and Vietnam
In response to the recent tariff hike announced by Donald Trump, Spanish Prime Minister Pedro Sánchez is set to visit China and Vietnam, two nations significantly impacted by U.S. trade measures. The announcement of a 10% universal tariff and a 20% specific tariff on European Union products has prompted Sánchez to explore new markets in Asia. While government sources stress that the trip is not aimed at challenging U.S. relations, they admit that diversifying Spain's trade partnerships is a priority in light of the ongoing trade war.
Sánchez’s visit will begin in Vietnam on April 9 and 10, followed by China on April 11. The new tariffs will take effect on April 9, with China facing the greatest impact (54% increase, considering prior tariffs) and Vietnam the third most affected (46%). This will be Sánchez's third trip to China in three years, where he will meet with Chinese Prime Minister Xi Jinping to mark the 20th anniversary of Spain-China collaboration.
The visit, which had been planned since last September, aims to reduce Spain’s dependence on specific markets and strengthen strategic autonomy. Furthermore, Sánchez seeks to deepen the EU's relationship with China, viewing the country as both a competitor and a cooperation partner. A key goal is to address the large trade imbalance with China, where Spain imports about €45 billion in goods but exports only €7.4 billion, creating a €38 billion deficit. Sánchez aims to promote reciprocal investments and tackle this imbalance during his talks.
While the timing of the visit aligns with heightened trade tensions, Sánchez's government emphasizes that the trip has been in the works for months. The Spanish leadership is now more focused than ever on strengthening ties with other regions, such as Mercosur, India, and China. Sánchez will be the first European leader to visit China and Vietnam after the new U.S. tariffs were implemented.
As for Vietnam, Spain faces a trade imbalance, importing €5.2 billion while exporting just €530 million, though Spanish exports are of higher value. There is hope that increased collaboration could balance the trade gap, especially given Vietnam's rapidly growing economy. The potential impact of the 46% U.S. tariff remains uncertain, but the Spanish government views it as an opportunity to promote free trade and negotiate barriers to exports.
During his time in Vietnam, Sánchez will meet with the top leaders, including the General Secretary of the Communist Party, President Vo Van Thuong, Prime Minister Pham Minh Chinh, and National Assembly President Tran Thanh Ma. These high-level meetings will aim to strengthen bilateral ties and explore new trade opportunities.
