EU IMPOSES €3 TARIFF ON LOW-VALUE CHINESE PARCELS (11.02.2026)
The Council of the European Union has definitively approved a fixed fee of €3 for each low-value parcel (less than €150), aimed primarily at Chinese parcel shipments. The measure will come into force on 1 July 2026 and will directly affect platforms such as AliExpress, Shein and Temu, which dominate this e-commerce sector.
Currently, more than 91% of these parcels come from China and enter without paying customs duties or VAT, thanks to an exemption that is now being removed. The new rule seeks to protect European SMEs from unfair competition, as these cheap shipments flood the market with textiles, electronics and toys at unbeatable prices.
In Spain, the measure will generate an additional €540 million in customs revenue, according to estimates. Chinese platforms could respond by raising prices and limiting small shipments to avoid losses.
The European Commission argues that it aims to regulate and balance competition. Critics point out that it will benefit large European retailers, but could make essential products more expensive for consumers on low incomes. France and Italy have expressed their full agreement with the rule approved by the Council.
WTO WARNS OF GLOBAL TRADE SLOWDOWN (12.02.2026)
The World Trade Organisation (WTO) released its February update with a bleak forecast: global trade will grow by only 2.7% in 2026, below expectations, due to the rise of protectionism, changes in production chains and increasingly strict environmental regulations. Although it does not fully incorporate the effects of Trump’s new tariffs, the WTO highlights that there are significant risks in sectors such as metals and electronics.
Trade between countries in the southern hemisphere already accounts for more than 50% of developing countries’ exports, with a notable boost in the provision of digital services.
On the other hand, green standards affect about 66% of world trade, complicating compliance and raising costs for small businesses.
In this context, Spain is holding its own with a surplus in the provision of services (+7%). The WTO calls for strengthened multilateral cooperation to mitigate the impacts on the most vulnerable economies and promote inclusive trade.
https://news.un.org/es/story/2026/02/1541132
VOLATILITY IN GLOBAL MARKETS (16.02.2026)
Global stock markets are experiencing high volatility following the entry into force of the new tariff regime announced by Donald Trump and mentioned above.
The Dow Jones fell 3.2% in two sessions, while the Ibex 35 lost 2.8%, with the automotive and export sectors being the most affected. The ‘Trump 2.0 Tariff Tracker’ details increases of up to 15% on steel, aluminium and European vehicles, accelerating the diversion of Chinese exports to the EU, with growth of 12% in February.
BBVA bank lowered its global trade forecast to 3.5% for 2026, highlighting European exposure due to its energy dependence and the strength of Asian supply chains.
In Spain, exports to the US could contract by 8%, but opportunities are opening up in the Mexican and African markets. Germany estimates losses of €25 billion in machinery.
The WTO called for urgent consultations with countries to prevent a total fragmentation of the multilateral system, but experts foresee more bilateral agreements such as EU-India or Mercosur.
Brazil is gaining ground in the aforementioned areas of soybeans and corn. The depreciation of the euro is alleviating some costs, but it continues to negatively affect energy inflation.
https://www.bbvaresearch.com/publicaciones/global-monitor-de-comercio-internacional-febrero-2026/
NEW TRADE AGREEMENT BETWEEN THE UNITED STATES AND JAPAN (17.02.2026)
While maintaining its global tariff offensive, Washington is moving forward with new trade agreements. On 17 February, the Department of Commerce announced the first milestones of the agreement with Japan, which provides for $550 billion in investments for US industry. These projects focus on critical infrastructure for national security, such as energy, logistics and advanced manufacturing.
In the energy sector, the Portsmouth Powered Land project in Ohio stands out. This is a 9.2 GW natural gas plant operated by a subsidiary of SoftBank, which will become the world’s largest gas generation complex. This facility will ensure a stable supply for key industries and reduce dependence on imports.
In energy logistics, the Texas GulfLink crude oil export terminal in Brazoria County, Texas, will have the capacity to generate up to $30 billion annually in export revenue. This megaproject will boost US crude oil sales in Asian and European markets.
Finally, in the field of advanced manufacturing, a synthetic diamond factory will be built in Georgia. It will supply critical materials for the semiconductor and defense industries, strengthening the US technology supply chain against Chinese competition.
These agreements demonstrate Trump’s strategy of using trade to attract foreign investment that directly benefits the domestic economy, while protecting strategic sectors with tariffs.
THE UNITED STATES AND THE SHIFT IN ITS TARIFF POLICY (20.02.2026)
US trade policy has entered a phase of volatility following a landmark ruling that has forced the executive branch to rebuild its foreign policy tools.
On 20 February 2026, the United States Supreme Court, in a 6-3 decision, issued a landmark ruling in the cases of Learning Resources, Inc. v. Trump and Trump v. V.O.S. Selections, Inc. The court ruled that the president lacks authority under the International Emergency Economic Powers Act (IEEPA) of 1977 to impose tariffs unilaterally, thereby invalidating the cornerstone of the administration’s trade policy during 2025. The Court majority argued that, under Article 1 of the Constitution, the power to establish taxes and tariffs rests exclusively with Congress, and that the term “regulate the importation” contained in the IEEPA does not constitute an explicit delegation.
This decision has created an immediate legal vacuum regarding tariffs previously imposed on Canada, Mexico, and China under the pretext of combating fentanyl trafficking and irregular immigration. As a result, Customs and Border Protection (CBP) was instructed to cease collecting these tariffs on 24 February 2026. The financial uncertainty is enormous, with estimates of more than $130 billion in tariffs already collected.
In an immediate response to the judicial setback, the US administration invoked Section 122 of the Trade Act of 1974 on 20 February. This mechanism, which had not been widely used since the Bretton Woods era, empowers the president to impose a temporary surcharge of up to 15% for a period of 150 days to address fundamental international payment problems. The President justifies this measure by citing a goods trade deficit of $1.2 trillion in 2024-2025 and a negative net international investment position reaching 90% of GDP.
The new tariff regime, in force since 24 February 2026 for a period of 150 days, extendable by Congress, establishes a 10% ad valorem rate on most foreign imports. Although the president announced just 24 hours later his intention to raise it to 15%, the maximum allowed, the current rate confirmed by US customs authorities remains the same.
PROTECTION OF THE EUROPEAN AUTOMOTIVE INDUSTRY (23.02.2026)
The European Commission is preparing the Industrial Accelerator Act (IAA), a law that will give European companies advantages in public tenders and subsidies. The aim is to protect the automotive sector from the massive influx of Chinese vehicles, which receive heavy subsidies from the Beijing government. This measure seeks to balance competition and defend local industry.
This new protectionist turn has created tensions with the United Kingdom, as Brussels considers that British companies, having left the single market as a result of Brexit, should not automatically benefit from this aid. London, for its part, describes this position as “harmful” to shared supply chains in the automotive sector.
The British automotive industry has expressed great concern. The sector depends on components crossing the border during manufacturing, making seamless integration with Europe essential. Any additional barriers could increase costs and slow down production.
BRAZIL LEADS THE WORLD IN SOYBEAN AND CORN EXPORTS (23.02.2026)
Brazil achieved record figures in February 2026 in soybean, corn and wheat exports, consolidating its position as the world’s leading supplier of these cereals. The country shipped 8.2 million tonnes of soybeans (a 15% year-on-year increase), driven by Chinese demand and high prices on the global market.
Corn also reached historic highs, with 5.1 million tonnes exported, 22% more than in 2025, thanks to a record harvest.
Brazilian wheat, although smaller, grew by 18% and is targeting European markets, which have been severely affected by lack of rain.
These figures reflect the strength of the Brazilian agricultural sector in the face of global protectionism. However, the country faces logistical challenges as a result of increased sales, such as port congestion and dependence on the Amazon River, the main transport route. Analysts predict that Brazil will maintain its leadership in the remaining months of 2026, benefiting from the trade war between the US and China.
The EU is watching these exports with interest, as they could offset internal cereal deficits following poor harvests in countries such as France and Germany.
THE EUROPEAN UNION’S GREEN TRANSITION DILEMMA IN A COMPLEX INTERNATIONAL CONTEXT (24.02.2026)
In February, the European Union faces a double challenge: protecting its agriculture from cost inflation and defending its manufacturing industry against Chinese and American competition. Farmers are protesting against high prices and the government is seeking quick solutions.
On 24 February, the European Commission proposed suspending tariffs on imports of ammonia and urea, two key fertilisers, for one year. This measure would save the sector around €60 million per year in direct costs, as prices remain 60% above pre-pandemic levels.
Italy hails this decision as a diplomatic success. However, climate experts criticise the exemptions, as they could weaken incentives to decarbonise European heavy industry.
CHINA INCREASES EXPORTS TO EUROPE FOLLOWING TRUMP’S TARIFFS (24.02.2026)
China has stepped up its exports to the European Union in direct response to the new tariffs imposed by the United States, which reach up to 35% in key sectors such as electronics, electric vehicles and machinery. In February, Chinese sales to Europe grew by 18% year-on-year, with a particular increase in the sale of solar panels, lithium batteries and industrial equipment, which are taking advantage of growing European demand for energy transition solutions.
Spain is particularly affected by the influence of the Asian giant, as imports grew by 22% in February, putting pressure on the renewable energy and automotive industries.
Brussels is preparing anti-dumping measures, although some analysts predict that the deficit between the European Union and China will exceed €400 billion this year if swift action is not taken. The phenomenon is exacerbated by the controlled depreciation of the yuan, which allows Chinese exporters to offer prices up to 12% more competitive than a year ago. Germany and France absorb most of these goods, but countries such as Portugal and Spain stand out in imports of green technology. Beijing rejects the European Union’s accusations of unfair practices and attributes the increase to global protectionism, which is forcing diversification of markets.
This dynamic complicates European efforts to relocate supply chains and achieve strategic autonomy.
https://www.expansion.com/economia/2026/02/24/65dc8f2e468aeb9f4a8b45a2.html
TRANSFORMATION OF BRITISH RAIL LOGISTICS (25.02.2026)
In response to the fall in goods exports at the beginning of the month, the UK has announced a strategic investment of £15 million in the Barking Eurohub. This project, led by Network Rail and its property development subsidiary Platform4, involves the long-term takeover of the site currently owned by Legal & General (L&G). The aim is to revitalise rail freight transport through the Channel Tunnel, enabling regular intermodal train connections to major industrial centres in France, Germany, Italy and Spain.
Currently, only a small proportion of rail freight passes through the Channel Tunnel, forcing most goods between Britain and Europe to travel by sea and then by road on British territory. The initiative includes improvements such as extending tracks for trains up to 700 metres, turning the Eurohub into a sustainable international logistics hub that could replace the equivalent of 140,000 lorries per year, reducing pollution and potholes. The agreement, backed by the Government, will create jobs and stimulate the economy.
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In Madrid, 28 February 2026
International Trade and Sanctions Department
