"The change in the current trade scheme for aluminium and steel would be detrimental to the productive fabric in aggregate terms," the lobby said in its note, adding that Spain's total cast iron and steel exports to the U.S. reached 944 million euros ($977 million) in 2023.

President Trump announced new tariffs on steel imports, part of a plan he said will boost manufacturing in the United States. The tariffs go into effect next month.

While US President Donald Trump’s plan to impose 25% tariffs on steel and aluminum imports may be good news for investors, it’s unlikely to arrest decades of declining market share and stagnating production.