Data: FactSet; Chart: Matt Phillips President Trump's threat to "cut off all trade" with Spain was immediately a market event — at least in Europe. Why it matters: Well into Trump's second term, foreign investors aren't totally dismissing the president's trade threats, even if the legal authority, the path to implementing them and the ultimate outcome remain unclear. The U.S. Supreme Court narrowed one of Trump's most aggressive trade authorities. But trade tensions are still flaring up in wa