Santander Sees Opportunity to Help Clients Navigate Volatility Amid Tariffs
Santander Executive Chair Ana Botín said Friday (April 4) that the bank sees an opportunity to help its customers manage the volatility brought on by U.S. tariffs and geopolitical uncertainty.
“The recent announcements in the U.S. regarding tariffs reflect an escalation in trade tensions,” Botín said in a speech prepared for delivery at Santander’s annual general meeting in Boadilla del Monte, Spain. “As a bank, our focus is on helping clients navigate the volatility, and we are committed to doing that.”
Botín said the geopolitical uncertainty and market volatility seen in the first months of 2025 have contributed to the current five-year growth forecast for the global economy falling to its lowest level in 16 years, at 3.1%.
Santander itself is navigating this environment by using its global scale and diversification, which serves as a stabilizer, Botín said.
The bank expects to continue increasing its profitability in 2025, she added.
“While we are monitoring the implications of recent tariff announcements in the U.S., it is in challenging times when the value of our diversification is most apparent,” Botín said.
President Donald Trump’s announcements of tariffs Wednesday (April 2) upended global commerce, PYMNTS reported Friday.
With tariffs being levied on more than 180 nations, Trump’s order brought sweeping changes to global trade.
In response to the uncertainty around these changes, the Dow Jones average was down 1,600 points for the day Thursday with companies that depend on imports taking the biggest hits.
In the executive order implementing the reciprocal tariffs, Trump said they are meant to rectify trade practices that contribute to the country’s annual goods trade deficit, which in turn presents a threat to the national security and economy of the U.S.
“Large and persistent annual U.S. goods trade deficits have led to the hollowing out of our manufacturing base; inhibited our ability to scale advanced domestic manufacturing capacity; undermined critical supply chains; and rendered our defense-industrial base dependent on foreign adversaries,” Trump said in the executive order. “Large and persistent annual U.S. goods trade deficits are caused in substantial part by a lack of reciprocity in our bilateral trade relationships.”
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