Trump publicly expressed disgust at European allies for refusing to join US‑led military action against Iran, questioning NATO's automatic defense commitment.
Spain, Italy and France have barred US bombers and transport jets from key Mediterranean bases such as Sigonella in Sicily and Rota in Spain.
Analysts warn the rift could “hollow out” NATO, raising war‑risk premiums for Eurozone assets and prompting a multi‑trillion‑euro rearmament phase.
A 2023 US law requires a two‑thirds Senate vote to formally withdraw from NATO, but a de‑facto collapse remains a significant market tail risk.