SPAIN’S US embassy has taken to social media to emphasize that the United States remains, by a wide margin, the country’s largest foreign investor.
In a post on Twitter, the embassy noted that last year the US invested more than €10 billion in Spain’s economy, supporting an estimated 330,000 jobs.
By comparison, the next four largest investors, France, the UK, Germany and Canada, collectively invested only around €100,000 more than the US alone.
The figures were released by the Ministry of Economy earlier this month and as relations continue to sour between Washington and Madrid, the embassy’s post underscores the significant weight of US investments in Spain.
It follows President Donald Trump’s threat on March 3 to cut all trade ties with Spain after Prime Minister Pedro Sanchez refused to allow the United States to use its bases in Rota and Moron to support military operations against Iran.
In the face of these threats, Sanchez has continued to be outspoken in his criticism of Trump.
His most recent swipe came after the announcement of a two-week ceasefire between Iran and US-Israeli forces.
Sanchez took a swipe at Trump, following the announcement, saying that Spain will not applaud ‘those who set the world on fire because they show up with a bucket’.
As relations between Spain and the US continue to fray, Sanchez also visited China – marking the Spanish premiere’s fourth visit to the country in four years.
Sanchez’s visit aimed to strengthen commercial ties with China.
In a speech at Tsinghua University, the Prime Minister noted that the EU’s trade deficit with China grew by 18 per cent last year and urged Beijing to ‘open up’ to trade with the bloc.
On Sunday 12 August, the second day of Sanchez’s visit, Trump threatened to impose a 50 per cent trade tariff on Xi Jinping’s China.
The threat came after a report emerged that Beijing planned to ship new air defence systems to Iran.
Speaking on Fox News Trump said: “I hear news reports about China giving [Iran] the shoulder missiles and anti-aircraft missiles. I doubt they would do that, but if we catch them doing that, they get a 50% tariff, which is staggering. That’s a staggering amount.”
As Washington’s relationships with Madrid and Beijing deteriorate, Xi Jinping welcomed Sanchez with open arms.
With the visit ‘reinforcing links between China and Spain’ according to Sanchez, it seems to have ruffled some feathers in the US.
The embassy’s post serves to remind Spain how reliant it is on US investment.
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