Spain’s economic endorsement of China is a major Trump rebuke
Could warmer ties between Madrid and Beijing help move EU closer to China?
DESPITE being the eurozone’s fourth-largest economy and a major middle power, Spain rarely makes the world headlines. However, Prime Minister Pedro Sanchez’s recent trip to Beijing (Apr 11 to 15) represents perhaps the strongest European economic rebuke to US President Donald Trump since 2019 – when Group of Seven nation Italy signed up to Beijing’s Belt and Road infrastructure initiative.
It was only on Mar 3 that Trump threatened to put relations with Spain into a deep freeze. The US president declared in the Oval Office that “Spain has been terrible” over the Iran war, adding that the US did not “want anything to do with Spain”. He noted he had told US Treasury Secretary Scott Bessent “to cut off all dealings” with Madrid.
Following Trump’s outburst, Bessent claimed trade embargoes could be enforced under the US International Emergency Economic Powers Act. He also asserted that Madrid’s attempts to forge closer trade relations with China were akin to “cutting your own throat”, warning that Chinese manufacturers would increasingly dump goods into Spain.
TRENDING NOW
DBS completes US$1 billion significant risk transfer deal, a first for Singapore bank
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Singapore private housing is ‘decoupling’ from HDB market as buyer pools diverge: NUS survey
Not in education, employment or training: Why more Hong Kong youths are opting out of work