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The prime minister and the president held a closed door meeting in Ankara, where they talked about football and the World Cup. When Sánchez walked out of the meeting room, the smile on his face had not yet faded.
The closed-door meeting between the Prime Minister and the President in Ankara was about football and the World Cup. When Sánchez walked out of the meeting room, the smile on his face had not yet faded.
The market immediately priced it in: Spain's 10-year bond yield jumped to 3.5408%, surging 7 basis points in a single day, and the IBEX 35 index fell below 1%.
That's the real cost of "talking football." While the Foreign Ministry's press release was still being drafted, the bond market had already stripped everything bare.
A few hours earlier, Trump had shown Sánchez no respect at the NATO summit. Standing shoulder to shoulder with NATO Secretary General Rutte in front of the cameras, he directly called Spain a "lousy partner" and a "wasted cause," even calling Spaniards "incorrigibly bad people." Then he turned and instructed Treasury Secretary Bessent: "Cut off all trade." After a moment's thought, he added: "Including visits."
Directly halting bilateral trade and freezing diplomatic visits. This went far beyond a locker room quarrel; it was equivalent to pulling out a red card.
The trigger was a military spending bill. Trump drew a new line for NATO: defense spending must reach 5% of GDP by 2035. More than double the old 2% target, a host of European countries gritted their teeth and signed.
Spain refused to sign. In 2025, military spending had just broken through 2% of GDP, and the agreement negotiated separately with NATO only recognized 2.1%, less than half of the 5% target. This gap couldn't be filled by adjusting a few budget items; it would require overturning the entire fiscal framework.
Looking at the books, Trump's criticism wasn't unfounded; the money indeed wasn't enough. But Spain had another set of books: it hadn't skimped on personnel. 3,000 soldiers were deployed across 17 overseas missions—taking on tasks for the UN, NATO, and the EU—from Baltic air policing to Mediterranean maritime patrols, with boots firmly on the ground in the trenches.
It's like a key player who takes a base salary but tops the charts in games played and distance covered. You criticize his meager paycheck, and he counters with his perfect attendance record.
Trump doesn't buy the "not enough money, but make up for it with effort" argument. U.S. Trade Representative Greer directly brought the IEEPA (International Emergency Economic Powers Act) to the table. This law authorizes the president, in a state of emergency, to bypass Congress and impose embargoes or freeze assets with a single word.
Greer then shifted his tone and added: "After the meeting, the president may no longer wish to take this step."
What exactly was discussed in the closed-door meeting in Ankara? Sánchez said it was football.
On Trump's side, before the return plane had even landed, his tone had already shifted. The president who had been cursing in front of the cameras just hours earlier told reporters traveling with him that Spain had "completely turned around" and was "very generous."
He revealed that Spain had agreed to a "major payment demand." Exactly how much this money was, under what name, to whom, and how it was calculated—none of the three parties said a word.
German Chancellor Merz stepped in to smooth things over, saying Sánchez had assured allies that he was "truly making the utmost effort." The phrase "utmost effort" sounds like a commitment, but it's really just an attitude. There was no timeline, no specific figures, and not even a penalty clause to hold anyone accountable.
Back in Spain, the glossing continued. Sánchez's office insisted that "bilateral relations are good." The Health Minister let slip the word "bullying" in an interview, revealing a hint of the government's true internal sentiment.
The books are still on the table. 2.1% vs. 5%, 3,000 people scattered across 17 overseas missions.
After a chat about football, bond yields rose by 7 basis points. From "cut off all trade" to "very generous," there was only the distance of a single flight between them.