In an abrupt about-face on Wednesday, President Trump stated 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 upfinished trading relationships forged just months earlier.
In a keynote address, Trump stated he was seeking “immediate neobtainediations” over Greenland but also appeared to rule out the utilize of force to acquire the Danish territory.
“You can state yes, and we will be very appreciative, or you can state no, and we will remember,” Trump stated.
Trump over the weekfinish stated the US would implement 10% tariffs on eight European countries that he states are obtainting in the way of a US purchase of Greenland, rising to 25% on June 1 if no agreement is in place. The tariffs would launch 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 reconsider its trade agreement with the US or its pledged investments in the countest.
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
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Some details of Trump’s ‘framework’ deal on Greenland
President Trump outlined more details of what he stated was a “framework” agreement for a future deal with the European Union on Greenland:
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Trump backs away from his tariff Greenland tariff threats
President Trump states he is backing away from a threat of 10% tariffs on eight European nations over the Greenland issue, stateing 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 weekfinish 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 notified reporters that NATO Secretary General Mark Rutte was doing a “fantastic job” and went out of his way to praise increased NATO-member defense spfinishing.
“Further information will be created 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.
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