Trump cancels EU Tariff Threat
On January 21, 2026, President Donald Trump announced the cancellation of his proposed tariff threats against several European nations. The decision followed a meeting with NATO Secretary-General Mark Rutte at the World Economic Forum in Davos, Switzerland.
Key Details of the Cancellation
The Threat: Trump had previously threatened to impose a 10% import tariff starting February 1, 2026—potentially rising to 25% by June—on goods from Denmark, the UK, France, Germany, the Netherlands, Finland, Sweden, and Norway.
The Cause: The tariffs were intended as leverage to pressure these nations into negotiating the U.S. acquisition or increased control of Greenland.
The Resolution: Trump stated he would drop the tariffs after agreeing with NATO on a "framework of a future deal" regarding Arctic security and Greenland. While details were sparse, he mentioned ongoing discussions regarding a "Golden Dome" missile defense network for the region.
Context and Reactions
European Pushback: Before the cancellation, the European Parliament had frozen work on a major U.S.-EU trade deal in protest. Leaders like French President Emmanuel Macron and UK Prime Minister Keir Starmer had firmly rejected the "blackmail" and threatened retaliatory measures worth billions.
Sovereignty Remains: Denmark and Greenland officials welcomed the removal of the tariff threat but reiterated that "Greenland is not for sale" and that Danish sovereignty must be respected.
Market Impact: Global stock markets, which had dipped following the initial tariff threats, saw a significant recovery after the Davos announcement.
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