Trump vows to cut all trade with 'terrible partner' Spain

The US will cut off all trade with Spain, Donald Trump claimed on Wednesday, as tensions over defence spending continued between the two countries.

Donald Trump

Source: Sharecast

Speaking at the Nato summit at Ankara in Turkey, the US president called Madrid a "terrible partner" and said he had ordered US Treasury secretary Scott Bessent to cut trade with the country.

"Spain doesn’t agree to anything and you shouldn’t carry them," Trump told Nato general secretary Mark Rutte, who he was speaking alongside. "I don’t want to do any trade with them, alright?"

Rutte replied: "Yes sir."

Trump continued: "Take it immediately, don’t even talk to them. They’re hopeless, bad people. They made so much money with us and we’re going to see that they make a lot less."

Trump has long expressed his frustration with Madrid for not committing to Nato’s new target of spending 5% of GDP on defence by 2035, the only member of the alliance not to. The country further angered Trump by refusing to let the US use its airspace or bases during the Iran war, in common with a number of other allies.

Rutte acknowledged there were still "issues we have to solve" regarding Spain, though he noted the country spent 2.1% of GDP on defence last year, up from 1.4% in 2021.

According to Reuters, the Spanish prime minister’s office said bilateral relations between the US and Spain were beneficial to both countries in trade and defence.

The Ibex 35 was down 3% as at 1100 BST.

Compare our accounts

If you're looking to grow your money over the longer term (5+ years), we have a range of investment choices to help.

Bank of Scotland is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.

Important legal information

Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

Logo Allfunds

The information contained within this website is provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd unless otherwise stated. The information is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation. This is a solution powered by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd incorporating their prices, data news, charts, fundamentals and investor tools on this site. Terms and conditions apply. Prices and trades are provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd and are delayed by at least 15 minutes.

FE fundinfo Logo

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

Refinitiv Logo

© 2026 Refinitiv, an LSEG business. All rights reserved.