The Ukraine conflict, volatility in energy markets, and the shifting balance between monetary policy and fiscal measures are shaping economic expectations. The United States stands out as a leading destination for exports, attracting attention from policymakers and businesses alike. Even amid rate hikes designed to curb inflation, the United States remains the most compelling market for international trade and investment on a global scale.
In a final market expectations report by a prominent business association, the United States is identified as the top country for Spanish industrial firms. The analysis highlights its market size, resilience during crises, and the competitive edge Spain brings across multiple sectors. The Netherlands follows as a closely accessible destination, underscoring a broader European opportunity alongside the American lead.
U.S. economic policy is framed around dampening inflation without stifling growth. Demand growth is tempered by a gradual drawdown of savings and the winding down of certain subsidies within tax packages. The AMEC CEO notes that since 2021, the United States has led rankings for foreign investment. The country’s ongoing industrial regeneration and planned investments are projected to keep it highly ranked as a stable, opportunity-rich market for global business. A senior advisor in Washington emphasizes that without new incentives, demand could plateau at pre-pandemic levels and limit price pressures.
Many North American companies are pursuing near sourcing—consolidating supply sources and shortening value chains to reduce disruption risk while operating globally. This trend is influenced by federal policy initiatives, including major bipartisan plans. The Infrastructure Investment and Jobs Act and the Inflation Reduction Act together shape a substantial aid framework. The overall package reaches the scale of hundreds of billions of euros in impact, encouraging foreign firms to establish a North American presence and potentially set up headquarters in the United States. The recent push toward a listing on the New York Stock Exchange reflects a trend toward physical presence to capitalize on growth opportunities in a robust market.
Mango, the Spanish fashion group, has already announced a U.S. entry for 2022, starting with flagship stores and a logistics strategy tailored for online expansion. A deal with Brookfield Properties will bring seven new stores to U.S. malls in Texas, California, and Georgia, with aims to reach around forty stores in the United States by 2024, solidifying a large-scale footprint in the market.
Santander Bank maintains a significant U.S. footprint, with operations primarily in the Northeast, Texas, and Florida and a workforce around fourteen thousand. The bank reports no material negative impact from recent trade tensions between the U.S., the EU, and China, nor from supply chain disruptions in the market. The U.S. financial landscape, supported by a strong currency, remains a key factor for Santander’s regional accounts. The main challenge identified is navigating the vast regulatory environment across multiple U.S. agencies while expanding activities in the country.
legal framework
U.S. policy sets a phased uplift in the domestic value-content threshold for U.S.-made products or components, rising from 60 percent to 65 percent, then to 75 percent by 2029. This shift prompts many firms expanding operations to consider production within the United States to meet the evolving requirements. Other protectionist measures have also been introduced, reinforcing the idea that establishing a U.S. presence can be advantageous for long-term competitiveness. Still, the trajectory suggests a large and growing consumer market with steady purchasing power and favorable growth prospects in the medium term.
Projections indicate that more than half of Spanish companies active in North America, or planning to enter the region, have returned to pre-pandemic activity levels. A sizable share expects recovery to complete in 2023, with a portion indicating 2024 as the timeline. The major obstacles cited include competition from new entrants and regulatory changes, while the strongest positives reported are product quality, brand image, and competitive pricing. These insights come from a study conducted by a prominent Spanish brands forum in collaboration with ICEX Spain, offering a practical view of opportunities and challenges for Spanish firms in the United States and North America.