Banco Santander SA Executive Chair Ana Botin sought to minimize the diplomatic rift between the US and Spain after President Trump threatened to cut trade with the country. Speaking from New York, Botin described the relationship as "amazing" and centuries-old, predicting it would resume "very soon" despite Trump's threats.

Trump had directed Treasury Secretary Scott Bessent to "cut off all trade with Spain" after the country denied access to its military bases for US bombing campaigns against Iran. The comments rattled markets as Santander is Spain's largest bank with substantial US operations. The company recently agreed to acquire Webster Financial Corp. for $12 billion as part of its US expansion strategy.

The Spanish government pushed back, noting that as an EU member, Spain's trade relationships fall under European oversight. A government official stated that any US review of trade ties must respect private company autonomy, international law, and existing EU-US bilateral agreements. Spanish Prime Minister Pedro Sanchez has condemned US and Israeli operations against Iran as "unjustified, dangerous military intervention outside international law."