The Bank of Spain will revise down its growth forecasts for the Spanish economy because of the impact of the new trade tariffs announced by the United States, the institution’s governor José Luis Escrivá said today.

“We are going to have to revise our growth forecasts downwards,” said the governor of Spain’s central bank, speaking to TVE television.

José Luis Escrivá said that the new trade tariffs announced by US President Donald Trump “have the potential to generate negative effects on economic activity” and that the context “is very uncertain”.

“We still do not have precise elements of how [the impact] will materialise,” said the governor of the Bank of Spain, who avoided talking about recession.

The Bank of Spain’s most recent forecasts, unveiled in March, estimated growth in Spain’s Gross Domestic Product (GDP) of 2.7 per cent this year and 1.9 per cent in 2026, but the institution warned at the time of the uncertainty associated with geopolitics.