Iran War Enters Fourth Day, Trump says latest attack was 'pretty substantial' (Full Q&A)
Summary
- The US is in "Day 4" of a war with Iran ("Midnight Hammer"), claiming to have decimated Iranian air defenses and detection capabilities.
- Trump explicitly threatens a total trade embargo on Spain for refusing to increase NATO spending and denying military base access.
- Venezuela's oil industry is fully active and "making more money than ever" under US supervision to offset war-driven oil price spikes.
- A universal 15% tariff is currently in effect, with the Supreme Court reaffirming the President's power to embargo nations without Congress.
- Relations with the UK are strained over the Chagos Islands lease and energy policy ("windmills"), while Germany is viewed as a constructive ally.
Trade Ideas
Donald Trump
President of the United States
"We have unlimited middle and upper ammunition... We're hitting them very hard... They no longer have air protection. They no longer have any detection facilities at all left." The destruction of air defense systems requires high-end suppression (SEAD) weaponry (Raytheon/Lockheed). The "unlimited" usage of munitions implies an immediate need for replenishment cycles. These defense primes are the primary beneficiaries of kinetic warfare that depletes stockpiles. LONG. War consumption drives immediate revenue recognition for munitions and missile systems. Sudden ceasefire or diplomatic resolution reducing the need for replenishment.
Donald Trump
President of the United States
"I told Scott to cut off all dealings with Spain... We're going to cut off world trade with Spain... I could tomorrow... stop all business having to do with Spain." Trump explicitly threatens a total economic embargo using confirmed Supreme Court powers. Spain is singled out as the only NATO member refusing to pay. This is an existential threat to the Spanish economy (EWP) and its major global banks (Santander, BBVA) which rely on international USD clearing and trade access. SHORT. The political risk premium for Spanish assets is now extreme. Spain capitulates immediately to NATO spending demands, removing the embargo threat.
Donald Trump
President of the United States
"Venezuela is going to make more money than they ever made... We've taken out 100 million barrels of oil already... It's been seamless." Trump confirms that despite the war, Venezuelan oil is flowing to the US to offset prices. Chevron (CVX) is the primary US supermajor with the license and infrastructure to operate in Venezuela. If Venezuela is "making money," Chevron is the conduit. LONG. Chevron benefits from the geopolitical premium on oil while having unique access to the specific supply source Trump is protecting. Oil prices crash post-war as Trump predicts ("prices are going to drop lower than even before").
Donald Trump
President of the United States
"I'm not happy with the UK either... This is not Winston Churchill that we're dealing with... They've got windmills all over the place that are ruining the country." The "Special Relationship" is fractured. Trump views the current UK leadership as weak and their energy policy as flawed. While not threatened with an embargo like Spain, the lack of diplomatic cover and criticism of their energy grid suggests underperformance for the UK economy relative to favored allies like Germany. AVOID. Political friction with the US creates headwinds for the British Pound and UK equities. UK leadership changes to a pro-Trump figure, restoring relations.
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This Bloomberg Markets video, published March 03, 2026, features Donald Trump discussing RTX, LMT, GD, EWP, SAN, BBVA, CVX, EWU. 4 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Donald Trump · Tickers: RTX, LMT, GD, EWP, SAN, BBVA, CVX, EWU