Who is the biggest loser of Trump's decision to stop trade with Madrid?
The announcement by U.S. President Donald Trump to cut trade relations with Spain was due to financial and political disagreements, including Madrid's refusal to increase military spending to 5% of GDP by 2035—a target requested by the United States within NATO. Trump described Spain as "a very bad partner" for not committing to military expenditure and warned of boycotting all trade relations with it. Although Spain raised its military spending to 2.1% in 2025, this did not meet Trump's demands, leading to a 2.7% drop in Madrid's stock market. Madrid's fears of severed relations include being deprived of supplies of American gas, on which Spain has become increasingly dependent since the war in Ukraine.
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