"The change in the current trade scheme for aluminium and steel would be detrimental to the productive fabric in aggregate terms," the lobby said in its note, adding that Spain's total cast iron and steel exports to the U.S. reached 944 million euros ($977 million) in 2023.

The president imposed a 25 percent tariff on global metals, repeating a move from his first term. Economists and foreign governments know what will come next.