In an abrupt about-face on Wednesday, President Trump said he was calling off planned tariffs on European nations over his pursuit of Greenland. Trump cited the “framework of a future deal” reached with NATO Secretary General Mark Rutte.
“This solution, if consummated, will be a great one for the United States of America, and all NATO Nations. Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st,” Trump wrote on Truth Social.
The turn in direction came after Trump arrived at the World Economic Forum in Davos, Switzerland, on Wednesday, with his revived tariff threats against allies over his pursuit of Greenland having roiled markets and upended trading relationships forged just months earlier.
In a keynote address, Trump said he was seeking “immediate negotiations” over Greenland but also appeared to rule out the use of force to acquire the Danish territory.
“You can say yes, and we will be very appreciative, or you can say no, and we will remember,” Trump said.
Trump over the weekend said the US would implement 10% tariffs on eight European countries that he says are getting in the way of a US purchase of Greenland, rising to 25% on June 1 if no agreement is in place. The tariffs would begin Feb. 1 and apply to “any and all goods sent to” the US. Europe hit back at Trump on Wednesday by putting its trade deal with the US on hold. The European Parliament decided to freeze a ratification vote in response to Trump’s threat to take over Greenland.
EU capitals have also entered discussions to implement tariffs of up to $108 billion on American products after Trump posted his plan to levy new tariffs on Europe on Saturday. But Trump predicted that his Greenland pursuit would not force the bloc to rethink its trade agreement with the US or its pledged investments in the country.
Meanwhile, the US Supreme Court’s first three opportunities to issue a verdict this year on the implications and legality of Trump’s global duties on trade partners have come and gone without a decision. The high court did not hand down a ruling on Tuesday, and it is unclear when it could rule next.
Read more: What Trump promised with his ‘Liberation Day’ tariffs — and what he delivered
LIVE 66 updates 
Trump backs away from his tariff Greenland tariff threats
President Trump says he is backing away from a threat of 10% tariffs on eight European nations over the Greenland issue, saying a meeting with the NATO secretary general has yielded “the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region.”
As a result, Trump added, “I will not be imposing the Tariffs that were scheduled to go into effect on February 1st.”
The still-to-be finished Greenland deal, which the president didn’t give any significant details on in his post, means that the tariff threats are now off after days of ups and downs in the market after Trump threatened the tariffs over the weekend and then backed away from military action Wednesday morning in a speech before taking tariffs of the table in the afternoon in his Truth Social post.
The news came after a meeting where Trump told reporters that NATO Secretary General Mark Rutte was doing a “fantastic job” and went out of his way to praise increased NATO-member defense spending.
“Further information will be made available as discussions progress,” Trump added, noting that Vice President JD Vance, Secretary of State Marco Rubio, and Special Envoy Steve Witkoff would head up the talks.
EU freezes US trade deal approval over Greenland threats
‘You all follow us down and you follow us up’: Trump rebuts talk that world can decouple from US
President Trump traveled to Davos on Wednesday and began with a combative message to Europe: You may not like what the US is doing, but you can’t ignore us.
The president opened his speech at the World Economic Forum outlining what he described as an economic miracle in the US and said that it is good news for Europe because the “USA is the economic engine on the planet.”
“When America booms, the entire world booms,” Trump said. “It’s been the history … you all follow us down, and you follow us up.”
The pointed comments came in addition to an extended discussion of Greenland and appeared to be a direct response to Canadian Prime Minister Mark Carney, who spoke at Davos on Tuesday with a pointed speech of his own in which he called a rules-based order led by the United States “a pleasant fiction.”
Carney sketched out a future in which Canada, Europe, and other smaller nations could be aligned without the US.
Without calling out Trump by name, Carney called on both companies and countries to make their own path when, as he put it, “great powers abandon even the pretense of rules and values for the unhindered pursuit of their power and interest.”
Trump ripped Carney’s speech, calling it “ungrateful.”
“Canada lives because of the United States,” Trump said. “Remember that, Mark, next time you make your statements.”
JPMorgan CEO Dimon on tariffs: ‘I don’t think, in general, it’s a good idea’
JPMorgan (JPM) CEO Jamie Dimon spoke out about tariffs at the World Economic Forum in Davos on Wednesday.
Dimon said he doesn’t think tariffs in “general are a good idea.”
“I’m not a tariff guy. I don’t think, in general, it’s a good idea,” Dimon said.
The JPMorgan CEO did say there are times when tariffs are acceptable.
“There are three parts to trade, and some require tariffs. One part is national security, and we should do what we have to do around national security, around rare earths, and pharmaceutical ingredients and some that may require policy that is not typical, like tariffs.
Dimon said companies can not succeed if there are no barriers, quotas, tariffs or pay-for-play.
“The second one is unfair trade, and I just don’t think furniture or t-shirts are important trade, but there is unfair trade. If you are subsidizing China in this case, and anyone who tries to compete is gonna get sunk because of subsidies, then you should counter that with quotas or tariffs.”
Trump arrives in Davos as Greenland spat continues
President Trump has officially landed in Davos, Switzerland, for the World Economic Forum. Trump’s flight was delayed after Air Force One reported a minor mechanical problem.
Trump plans to have meetings with various parties and will give a speech at Davos today.
The US President’s Davos address comes as markets and some US allies have raised concerns about his pursuit of Greenland.
EU ‘fully prepared’ to hit back over Trump’s Greenland tariffs
Bloomberg News reports:
ECB’s Lagarde sees little impact on inflation from more tariffs
Bessent dismisses Danish Treasury sales as ‘irrelevant’
US Treasury Secretary Scott Bessent brushed off Denmark’s sale of US Treasurys on Tuesday at the World Economic Forum in Davos. Bessent said he is “not concerned at all,” and told reporters it is irrelevant.
“It’s less than $100 million,” the Treasury Secretary said. “They’ve been selling Treasurys for years.”
On Tuesday, Danish pension operator AkademikerPension announced it would be selling around $100 million in US Treasurys. Anders Schelde, AkademikerPension’s investing chief, said the move was due to “poor US government finances.”
The “sell America” trade has bounced back this week after Trump escalated his battle with European leaders over Greenland. US stocks and bond prices have dropped as tensions between the two sides escalate.
Trump also threatened to impose 200% tariffs on French wine and champagne, following France’s leader, Emmanuel Macron, texting Trump and telling him he was “confused” over his choice to take over Greenland and that he would not be joining his Board of Peace for Gaza committee.
The US president said on Monday that he will impose 10% tariffs on the EU as part of his push to acquire Greenland; the duties would take effect on February 1 and would rise to 25%. Trump doubled down on his pursuit of Greenland on Tuesday as he headed to Davos, saying the EU “won’t resist too much.”
Novartis CEO: By mid-2026, we will not be ‘exposed to tariffs’
Novartis (NVS) CEO Vas Narasimhan said he expects the company’s agreement with the US to help shield it from any possible tariffs.
In an interview with CNBC, Narasimhan said that by the middle of this year, the company will not be “exposed to tariffs.”
Reuters reports:
Tariffs are bumping up product prices: Amazon CEO
Tue, January 20, 2026 at 9:31 PM UTC Trump doubts Greenland threats will spoil EU trade deal
Tue, January 20, 2026 at 8:38 PM UTC Trump on how far he’ll go to acquire Greenland: ‘You’ll find out’
In a press briefing on Tuesday, President Trump said the US would pursue other strategies to acquire Greenland if the Supreme Court were to rule against his administration’s tariffs.
“We have other alternatives,” Trump said, “but what we’re doing now is the best, the strongest, the fastest, the easiest, the least complicated.”
When asked how far the US is willing to go to acquire Greenland, Trump answered, “You’ll find out.”
Trump said the US has “a lot” of meetings with Greenland scheduled at the World Economic Forum in Davos. Trump is expected to travel to Davos tonight.
Stocks were headed toward their worst day in two months on Tuesday as the markets digested Trump’s threats of fresh tariffs against European countries in order to obtain control of the Arctic territory.
Tue, January 20, 2026 at 4:04 PM UTC Supreme Court does not issue tariff ruling today
The Supreme Court issued three opinions on Tuesday, but none of them were the highly anticipated ruling on whether President Trump has the authority under the International Emergency Economic Powers Act (IEEPA) to issue tariffs.
The court heard oral arguments on the case, formally called Learning Resources, Inc. v. Trump, in November of last year and is expected to deliver an opinion before June. The Supreme Court did not say when the next decision day will be.
If the Supreme Court strikes down the tariffs, it could result in the US repaying more than $130 billion in tariff refunds. A negative ruling against Trump would be one of the largest legal blows to the administration’s policies so far. If that were to happen, “WE’RE SCREWED!” the president posted on Truth Social earlier this month.
Tue, January 20, 2026 at 11:26 AM UTC Trump says he will meet with ‘various parties’ in Davos concerning Greenland
President Trump posted on Truth Social that, following a phone call with the Secretary General of NATO, Mark Rutte, he will have a meeting at the World Economic Forum in Davos with various parties concerning Greenland.
“As I expressed to everyone, very plainly, Greenland is imperative for National and World Security. There can be no going back — On that, everyone agrees! The United States of America is the most powerful Country anywhere on the Globe, by far,” Trump posted.
“Much of the reason for this is a rebuilding of our Military during my First Term, which rebuilding continues at even more expedited pace. We are the only POWER that can ensure PEACE throughout the World — And it is done, quite simply, through STRENGTH! PRESIDENT DONALD J. TRUMP,” Trump added.
Tue, January 20, 2026 at 11:21 AM UTC EU tells Trump ‘a deal is a deal’ as Greenland threats escalate
Tue, January 20, 2026 at 9:56 AM UTC Market reaction to Trump’s Greenland threats
President Trump’s pursuit of Greenland has caused widespread concern, with European leaders expressing confusion at the president’s actions and protests taking place in Greenland. Markets have also been affected by the Trump administration’s latest moves.
Here’s how different pockets are reacting to Trump’s latest pursuit.
US futures: Nasdaq 100 futures (NQ=F) fell as much as 2%, while the Dow Jones Industrial Average futures (YM=F) pulled back 1.6% and S&P 500 futures (ES=F) fell 1.8%, as trade tensions escalated due to Trump’s Greenland threats.
Bonds: Bond prices dropped, as the threats made US investments look less attractive and raised fears that prices for goods would rise. The biggest losses were in long-term bonds; the 30-year Treasury yield rose to above 4.90%.
Dollar: The dollar fell to its lowest level in two weeks and currency hedging costs climbed as President Donald Trump showed no signs of backing down in his campaign for control of Greenland and threatened new tariffs on France.
French wine and champagne makers: Shares of French firms that make or are exposed to wine and spirits were hit. Champagne Luxury giant LVMH (MC.PA) — the owner of beverage brands like Veuve Clicquot (VRV.F) and Krug — was 2% lower, while peer Remy Cointreau (RMC.BE) shed 2%, and Laurent-Perrier (LPE.DU) dipped 1%.
Gold: Gold (GC=F) rose past $4,700 an ounce to a record high, while silver also reached an all-time peak.
Tue, January 20, 2026 at 9:34 AM UTC Trump repeats Greenland claims, says EU won’t push back hard
President Trump doubled down on his pursuit of Greenland on Monday, speaking in Florida, he said the EU won’t resist too much.
Bloomberg News reports:
Tue, January 20, 2026 at 9:27 AM UTC US Treasury Secretary Bessent brushes off ‘hysteria’ over Greenland-spurred trade war
Tue, January 20, 2026 at 9:23 AM UTC Trump floats 200% champagne tariff and reveals Macron’s text
President Trump took a swipe at French leader Emmanuel Macron on Monday, saying he would put 200% tariffs on French wine and champagne following Macron’s decision not to join his peace initiative.
“Nobody wants him because he’s going to be out of office very soon,” Trump told reporters.“I’ll put a 200% tariff on his wines and champagnes and he’ll join,” he added.
Macron declined Trump’s request due to his pursuit of Greenland, sending a text to the US president.
The Trump administration established the Board of Peace for Gaza over the weekend. It consists of Russian President Vladimir Putin, Argentine President Javier Milei, and Canadian Prime Minister Mark Carney. Other invitees include Turkey’s President Recep Tayyip Erdogan and Brazil’s leader Luiz Inacio Lula da Silva.
Bloomberg News reports:
Mon, January 19, 2026 at 10:00 PM UTC EU weaponizing US assets a risk: Deutsche Bank
Deutsche Bank (DB) has warned that if President Trump keeps up his threats of tariffs on Europe over Greenland, the European governments might start selling off their US assets, worth around $8 trillion. The results could lead to a weaker US economy and dollar. The move could also make the euro stronger, as investors move their money out of the US and back into Europe.
Bloomberg News reports: