Trump Trade: Trump threatens Spain with tariffs over defense spending

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

TARIFFS ON SPAIN: U.S. President Donald Trump has threatened trade penalties, including potential tariffs, against Spain, saying he is not happy with the European nation’s refusal to increase defense spending to 5% and calling such a move disrespectful to NATO, Reuters’ Steve Holland and Nandita Bose report. “I’m very unhappy with Spain. They’re the only country that didn’t raise their number up to 5%… so I’m not happy with Spain,” the president told reporters at the White House. “I was thinking of giving them trade punishment through tariffs because of what they did, and I think I may do that,” he added.

SOYBEANS: President Donald Trump stated in a Truth Social post, “I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act. We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution. As an example, we can easily produce Cooking Oil ourselves, we don’t need to purchase it from China.”

RARE EARTH: U.S. Trade Representative Jamieson Greer thinks China realized “they overstepped” and thinks the sides will be able to “work through it.” The 100% China tariff that President Trump has pledged will depend on what the Chinese do, Greer added while being interviewed on CNBC.