Trump Threatens to Cut All Trade With Spain, Walks Away from Iran Deal, and Offers Ukraine Patriot Missile Manufacturing Licence at NATO Summit

Trump threatened to cut off all trade with Spain at the NATO summit, calling the country a bad partner over defense spending.

At the NATO summit in Ankara, Turkey, President Donald Trump publicly declared he wants nothing to do with Spain and threatened to sever all trade between the two countries. Trump called Spain a 'terrible partner' to NATO, criticizing its insufficient defense spending and lack of engagement on Middle East issues, and said he had instructed Washington to cut trade ties with Madrid. Spain responded by characterizing Trump's remarks as empty threats. The comments triggered broad market turbulence: Spanish stocks fell, European stocks dropped over 2% across the board, S&P 500 futures fell 1%, and Nasdaq futures declined 1.5%. Trump's Spain threat came alongside other major developments at the summit — he also walked away from a memorandum of understanding with Iran, effectively resetting negotiations and sending oil prices surging 6% to around $74.90, while gold and silver erased gains and 10-year Treasury yields rose 5 bps to 4.58%. Trump also revived his fixation on acquiring Greenland at the summit. On the final day of the summit, Trump met with Ukrainian President Zelenskyy and offered a vague promise of a licence for Ukraine to manufacture Patriot missiles — described as a potential diplomatic coup for Kyiv, though analysts note the process would likely be expensive, complex, and lengthy. Trump also met with the Syrian president as allies sought unity on Ukraine defense and spending commitments.

Why it matters

Spain is both a NATO ally and a significant U.S. trading partner, meaning a trade cutoff — if acted upon — would have economic consequences for both countries and could strain the broader alliance. The remarks signal Trump's willingness to use trade as leverage against NATO members he deems insufficient contributors.

What's next

Watch for any formal trade action from the White House targeting Spain, and for Spain's government to issue an official response.

Key facts

Bias & framing notes

All three sources agree on the core facts of Trump's statements and the NATO summit setting. Newsweek led with the 'terrible partner' characterization, adding editorial color, while CNBC used Trump's own direct quote as the headline. Barron's focused on the immediate market reaction rather than the political substance, though its full reporting was behind a paywall and could not be fully assessed.