Podcast Summary: Hoy por Hoy – La economía de Hoy por Hoy

Host: SER Podcast
Episode Date: October 24, 2025
Main Contributors: Àngels Barceló, José Luis Sastr, Jordi Fábrega, Rafael Sánchez (COP), Santiago Martín (Embutidos Fermín), Alfredo Sogorp (Frutos Secos del Mañana), Luis Alberto (FAE Componentes)

Episode Overview

This episode of "Hoy por Hoy" focuses on the economic impact of new United States tariffs on Spanish companies, particularly within the context of export trade. It provides a detailed, sector-by-sector breakdown of the immediate effects, company strategies, and future outlook amidst shifting international trade policies.

Key Discussion Points & Insights

1. Overview of Falling Exports (00:00–00:55)

• US tariffs have led to a significant drop in Spain’s exports to the US in August 2025: down 30.5%—a sharper decline than the EU average (22%).
• Spain's exports to China fell by 20%; similar downward trends are seen across the EU.

2. How Spanish Businesses Are Adapting (00:56–01:37)

• Despite the steep numerical drop, many Spanish companies have managed to lessen the negative effects—especially in the agro-food sector.
• Jordi Fábrega outlines two main strategies that have allowed the sector to weather the storm:
  • Frontloaded Shipments: Many companies sped up exports before tariffs were imposed, as explained by Rafael Sánchez, director general of the cooperative COP.
    • Notable quote:
      Rafael Sánchez (COP, 01:37):
      "Normalmente nosotros estamos haciendo envíos continuos durante todo el año, pero lógicamente en aquellos momentos de incertidumbre y antes de que se supiera definitivamente o se pusiera definitivamente la medida, intentamos mandar todo lo que pudimos."
  • Market Dynamics: Lower olive oil prices and parity (or advantage) in tariffs compared to other countries maintained competitiveness.

3. Managing Profit Margins Instead of Raising Prices (01:38–02:37)

• Some firms reduced profit margins to absorb tariff costs rather than passing them onto customers.
  • Example: Embutidos Fermín (cured meats).
    • Notable quote:
      Santiago Martín (Embutidos Fermín, 02:21):
      "El precio, no subimos al 10%, subimos menos. Nosotros asumimos una parte de esa subida contra nuestro margen y repercutimos otra parte de esa subida en los precios. Y la verdad es que no hemos notado que haya habido una bajada en ventas..."

4. Sectors Facing Greater Challenges (02:38–02:56)

• Not all sectors have adapted easily; nut exporters are especially vulnerable, with dramatic declines predicted.
  • Notable quote:
    Alfredo Sogorp (Frutos Secos del Mañana, 02:49):
    "De un 3 a un 5% vamos a bajar al 50% porque nuestros productos son carísimos allí."

5. Automotive and Components – Limited but Concerning Effects (02:57–03:48)

• Cars are not directly exported from Spain to the US, so the impact is less immediate; however, automotive parts suppliers are affected.
  • FAE Componentes, a key supplier, reports a decline in invoicing.
    • Notable quote:
      Luis Alberto (FAE Componentes, 03:24):
      "Limitará nuestra capacidad de inversión y que generará igualmente una presión sobre el empleo en un sector... que ya se enfrenta de por sí a retos enormes derivados de la transformación hacia la electrificación y que por tanto mermará claramente nuestra competitividad también con respecto a otros países con menores aranceles que los europeos."
  • Siemens Gamesa, from the industrial sector, experiences a manageable but real impact.

6. Conclusion – Concrete Examples of Tariff Impact (04:00–04:14)

• The host wraps up the segment by noting how these real-world examples illustrate what the US-EU tariff dispute means for actual Spanish businesses.

Notable Quotes & Moments

• Rafael Sánchez (COP, 01:37):

  “Intentamos mandar todo lo que pudimos.”

• Santiago Martín (Embutidos Fermín, 02:21):

  "Nosotros asumimos una parte de esa subida contra nuestro margen..."

• Alfredo Sogorp (Frutos Secos del Mañana, 02:49):

  “De un 3 a un 5% vamos a bajar al 50% porque nuestros productos son carísimos allí.”

• Luis Alberto (FAE Componentes, 03:24):

  “Limitará nuestra capacidad de inversión y que generará igualmente una presión sobre el empleo… que ya se enfrenta de por sí a retos enormes derivados de la transformación hacia la electrificación…”

Segment Timestamps

• 00:00–00:55: Context, export declines, initial data
• 00:56–01:37: Business adaptation strategies, agro-exporter insights (Rafael Sánchez)
• 01:38–02:37: Margin and pricing strategies, embutidos (Santiago Martín)
• 02:38–02:56: Nuts sector struggles (Alfredo Sogorp)
• 02:57–03:48: Automotive components, broader industrial impact (Luis Alberto, Siemens Gamesa)
• 04:00–04:14: Wrap-up and reflection

Summary

This episode provides a clear, on-the-ground perspective of how Spanish exporters are reacting to new US tariffs. While some sectors (olive oil, cured meats) have found ways to minimize losses through advanced logistics and shared sacrifice between margins and consumers, others (nuts, car parts) face greater hardships. The show blends hard data with direct company testimony, painting a nuanced picture of Spain’s resilience—and vulnerability—in turbulent global markets.