President Donald Trump orders an immediate halt to trade and tourism with Spain and instructs Treasury Secretary Scott Bessent to carry out the measure, citing Madrid’s refusal to meet a new NATO target of 5% of GDP and limits on US operations in the Iran war.Spanish markets react sharply after Donald Trump’s remarks: the 10-year benchmark yield rises to 3.5408% and the IBEX 35 falls more than 1%, prompting concern in Madrid and on Wall Street.The Spanish government, led by Prime Minister Pedro Sánchez, stresses that Spain meets NATO’s minimum 2% GDP spending guideline and notes that trade policy falls under the EU, downplaying the threats.An internal US
Defense Department email revealed in April listed possible sanctions, including suspending partners from
NATO, and
NATO Secretary General
Mark Rutte seeks to temper the summit rhetoric while officials dispute basing rights at Rota and Morón.