Trump wants to halt trade with Spain using IEEPA. The International Emergency Economic Powers Act. The same law he cited when he slapped tariffs on nearly every country. The Supreme Court struck those down.
So he's running the same play again. Different country. Same legal theory. Same outcome guaranteed. This is like watching a man walk into a glass door, dust himself off, and sprint full speed at the same door.
IEEPA lets the president respond to national emergencies. Spain presumably poses one now. Maybe they're hoarding jamón. Maybe their flamenco dancers are too good. The threat is real and imminent and requires cutting off all trade immediately.
Greer says Trump can do this. Greer is whoever wrote the opinion that retail traders will now treat as gospel. They'll buy Spanish default swaps. They'll short the euro. They'll text their cousin who took one semester of international law and ask if this means war.
The Supreme Court already ruled on this. They said no. The tariffs got scrapped. But that was last time. This time will be different because Trump really means it now. He's got Spain in his sights. The man who lost a legal battle over this exact issue is definitely going to win the second one.
Retail traders are pricing in a full Spain embargo. They're googling what Spain exports. Olives maybe. Wine definitely. They're building entire portfolios around the coming olive crisis. Their stop losses are tighter than Trump's legal arguments.
The Supreme Court will strike this down too. Then Trump will try it on Portugal.
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