The Spanish government has implemented a digital services tax. A similar move by France led the U.S. to threaten wide-ranging tariffs in retaliation as part of a section 301 review. Those tariffs were suspended for as long as OECD-level negotiations continue, though it’s not clear that the U.S. will necessarily do the same with Spain. The U.S. is a smaller part of Spain’s export base, representing 11.4% in 2019 compared to 17.1% for France. Major export lines that could be targeted for tariffs include refined oil shipped to the U.S. by Repsol and Cepsa which together accou...