MADRID – A wave of uncertainty is washing over several major Spanish companies as former U.S. President Donald Trump renews threats of commercial retaliation against Spain. Dcoop, the world’s leading olive oil producer, alongside food conglomerate Ebro, pharmaceutical firm Almirall, and wine producer Protos, are all reassessing their strategies in light of Trump’s escalating rhetoric, according to reports from Expansión.
The renewed concerns stem from Trump’s recent warnings of a potential trade blockade against Spain, echoing threats made during his previous presidency. These threats have prompted Dcoop to postpone its planned acquisition of 100% of Pompeian, a U.S.-based olive oil company in which it already holds a 50% stake. The cooperative, which exported €198 million worth of goods in 2025, fears potential tariffs specifically targeting Spanish exports, a concern voiced by a company spokesperson to Europa Press, as reported by Expansión.
Dcoop’s decision to pause the Pompeian deal, confirmed by the cooperative’s president Antonio Luque to El Español, highlights the broader anxiety among Spanish businesses. The acquisition was intended to bolster olive oil shipments to the U.S. Market, but the current climate of uncertainty surrounding potential trade barriers has complicated negotiations. “The uncertainty that already existed regarding tariffs and what Trump might now decide regarding trade with Spain changes the situation and we have to wait and observe what happens,” Dcoop explained, effectively putting the operation on hold.
European Support for Spain
Amidst the escalating tensions, Spain is receiving expressions of solidarity from European leaders. According to El Mundo, European Commission President Ursula von der Leyen, along with the prime ministers of Portugal and Italy, have voiced their “full solidarity” with Spain in the face of Trump’s threats. This support underscores the potential ramifications of a trade dispute extending beyond bilateral relations.
Beyond Olive Oil: Broader Economic Concerns
The impact of Trump’s threats extends beyond the olive oil sector. Ebro, a major player in the pasta and rice market, Almirall, a pharmaceutical company, and Protos, a prominent wine producer, are all evaluating their exposure to the U.S. Market and potential risks. While specific details regarding their contingency plans remain undisclosed, the shared concern reflects a widespread apprehension among Spanish businesses with significant U.S. Interests. El Economista reports that a full-scale trade blockade, while considered unlikely, would be more akin to a technological boycott than a significant economic blow.
Gas Supply as Leverage
Adding another layer of complexity, the United States is reportedly considering using its gas supply as leverage against Spain, according to ABC. This potential move introduces a new dimension to the dispute, extending beyond traditional trade barriers to encompass energy supplies. The implications of such a strategy remain unclear, but it underscores the escalating tensions between the two countries.
Limited Options for Retaliation
Despite the strong rhetoric, EL PAÍS notes that Trump’s options for effectively sanctioning Spain are limited. Legal and logistical hurdles would likely impede any attempts at a comprehensive trade blockade. However, the mere threat of such measures is enough to create uncertainty and disrupt business planning for Spanish companies.
The situation remains fluid, and Spanish businesses are closely monitoring developments. The next key event will be further clarification from the U.S. Administration regarding the specifics of any potential trade actions. Companies are urged to stay informed and prepare for a range of possible scenarios.
This represents a developing story. Check back for updates.
