{"id":4292,"date":"2026-07-15T11:05:40","date_gmt":"2026-07-15T11:05:40","guid":{"rendered":"https:\/\/ribesalat.com\/?p=4292"},"modified":"2026-07-15T11:05:42","modified_gmt":"2026-07-15T11:05:42","slug":"the-impact-of-tariffs-on-credit-risk","status":"publish","type":"post","link":"https:\/\/ribesalat.com\/en\/the-impact-of-tariffs-on-credit-risk\/","title":{"rendered":"The impact of tariffs on credit risk for Spanish companies"},"content":{"rendered":"\n

For Spanish businesses, tariff uncertainty is no longer an issue reserved for international trade departments. Today, it is a risk factor with direct consequences for the day-to-day management of any company, and the impact of tariffs on credit risk<\/strong> is one of its least discussed yet most decisive dimensions.<\/p>\n\n\n\n

According to the 2026 Credit Risk Management Study<\/a>, prepared by Cr\u00e9dito y Cauci\u00f3n and Iberinform<\/strong> and published on 16 June 2026, 32% of Spanish companies<\/strong> are already experiencing the effects of the trade war, particularly through increases in the final price of products (16%<\/strong>) and reductions in commercial margins (12%<\/strong>). In addition, 11%<\/strong> identify late payment as one of their main concerns, while 9%<\/strong> report difficulties in obtaining financing.<\/p>\n\n\n\n

This scenario is not new. As early as April 2025, another study by Cr\u00e9dito y Cauci\u00f3n and Iberinform<\/a> found that 48% of companies<\/strong> said tariff uncertainty was affecting their daily operations, while 6.5%<\/strong> already expected a deterioration in the credit risk of their trade receivables portfolio. The trend has therefore been present for some time, although it moderated during 2026.<\/p>\n\n\n\n

The conclusion is clear: when tariffs increase or regulatory volatility intensifies, the problem is not limited to the price of an international transaction. It can also affect competitiveness<\/strong>, put pressure on cash flow<\/strong>, complicate planning, increase late payment<\/strong> and force companies to review their trade credit and insurance coverage policies.<\/p>\n\n\n\n

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\u201cIn contexts of tariff uncertainty, many companies still analyse the impact solely in terms of cost or margin, when the first mistake is often failing to measure how the risk quality of their customers and their own collection chain is changing,\u201d<\/em> says Enrique Garc\u00eda-Delgado, Credit Director at Rib\u00e9Salat.<\/em><\/strong><\/p>\n<\/blockquote>\n\n\n\n

Tariff uncertainty is now part of business risk<\/strong><\/h2>\n\n\n\n

Spain maintains relevant exposure to trade with the United States and the global environment. The Bank of Spain notes<\/a> that the United States is the sixth-largest destination for Spanish goods exports<\/strong> and that, although the direct impact of tariffs on Spain may be lower than in other European economies, indirect exposure through global value chains and services remains significant. In 2024, total trade in goods and services between Spain and the United States represented 4.4% of Spanish GDP<\/strong>.<\/p>\n\n\n\n

In addition, the Spanish Chamber of Commerce has warned<\/a> that certain tariff measures may have significant sector-specific effects. For example, 25% tariffs<\/strong> applied to steel and aluminium from the EU could reduce the value of Spanish exports of those goods to the United States by an average of 10.4%<\/strong>.<\/p>\n\n\n\n

Even when a company does not export directly to the United States, it may still be affected if it:<\/p>\n\n\n\n