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Trump slams Spain over NATO spending, calls for cutting off all trade
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U.S. President Donald Trump criticized Spain for insufficient NATO defense spending during a press conference at the NATO summit in Ankara, Turkey, alongside NATO Secretary General Mark Rutte. Trump stated, 'Spain is a terrible partner in NATO. They don't participate. They don't pay. I don't want anything to do with Spain. Cut off all trade with Spain, please, including visits.' He further called the Spanish 'hopeless, bad people.' Spain is the only NATO member that has not committed to spending 5% of its GDP on defense by 2035. Following Trump's remarks, Spanish government bonds sold off further, with the 10-year yield rising 7 basis points to 3.5408%, and the IBEX 35 stock index fell over 1%. The incident marks the latest escalation in Trump's dispute with Spain over defense spending.
Source report
President Donald Trump has sharply criticized Spain for failing to meet its NATO defense spending commitments, during the defense alliance summit in Ankara, Turkey.
"It marks the latest development in Trump's row with Spain over its defense spending."
At a press conference alongside NATO Secretary General Mark Rutte, Trump stated:
"Spain is a terrible partner in NATO. They don't participate. They don't pay. I don't want anything to do with Spain. Cut off all trade with Spain, please, including visits."
"Don't even talk to them. They're hopeless, bad people."
Spain is the only NATO member that has not committed to spending 5% of its GDP on defense by 2035, a target set last year.
Market Reaction
Spanish financial markets reacted negatively to Trump's comments:
- Spanish bonds: The yield on Spain's benchmark 10-year bond rose 7 basis points to 3.5408%, extending a sell-off that had begun prior to the press conference.
- IBEX 35 index: Spain's benchmark equity index fell more than 1%.
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Source
US Top News and AnalysisWestern
Part of this Story
Trump Threatens to Cut All Trade with Spain Over NATO Spending, Then Reverses