This is the main conclusion reached by the heads of the research department in Spain in the summer 2026 edition of the Quarterly Economic Pulse, produced by EY Insights. The experts rule out both a strategy based solely on dialogue and cooperation (5.50 points) and a generalised tightening of tariffs (5.63 points). The Spanish economy holds its own on the international stageAt a national level, the study reflects the strength of the economic cycle. The tariff policy of the new US administration is the most poorly rated factor, with 87 per cent of experts expressing disapproval. Added to this are geopolitical instability in the Middle East (viewed negatively by 75 per cent) and the slowdown in global trade (66.7 per cent).