President Donald Trump’s war with Iran threatens to deal a severe blow to a global economy still grappling with the impact of his historic tariff hike.

Banco Santander SA Executive Chair Ana Botinsought to play down the rift that has opened between the US and Spain, following US President Donald Trump’s threats to cut trade with the country.

Donald Trump said he will “cut off all trade with Spain” after the country denied access to its military bases for his bombing campaign against Iran, spurring a sharp rebuke from Madrid that the US president must respect international trade agreements.

The US plans to complete several trade investigations that will allow President Donald Trump to impose new tariffs within five months to replace the levies struck down by the Supreme Court, US Trade Representative Jamieson Greer said.

German Chancellor Friedrich Merz said he intended to discuss with President Donald Trump the next steps in the war on Iran amid questions about the US administration’s endgame after it launched strikes on the Islamic Republic.

The Iran conflict has thrust container shipping from an industry bracing for a capacity glut to another potential “black swan” supply crunch.