Trump tariffs live updates: EU discusses $108 billion in retaliatory tariffs; Danish PM says Europe 'will not be blackmailed'

President Trump has threatened 200% tariffs on French wine and champagne, while doubling down on his Greenland pursuit, after France's leader Emmanuel Macron rejected Trump's call to join his peace initiative. “Nobody wants him because he’s going to be out of office very soon,” Trump told reporters Monday. “I’ll put a 200% tariff on his wines and champagnes and he’ll join.” As Trump heads to the World Economic Forum in Davos, the US president appears to be adding fuel to the fire when it comes to his European counterparts. Earlier in Monday, a letter from Trump to the Norwegian Prime Minister Jonas Gahr Store, was published by Bloomberg and seemed to link Trump's rationale for wanting to purchase Greenland with the fact he didn't win the Nobel Peace Prize. “Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace,” Trump says in the letter obtained by Bloomberg. EU capitals have 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. Trump said the US would implement 10% tariffs on eight European countries he says are getting in the way of a US purchase of Greenland. The tariffs would begin Feb. 1 and apply to "any and all goods sent to" the US. The levies on Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland would be raised to 25% on June 1 if no agreement is in place. "China and Russia want Greenland, and there is not a thing that Denmark can do about it. They currently have two dogsleds as protection, one added recently," Trump wrote. "Only the United States of America, under PRESIDENT DONALD J. TRUMP, can play in this game, and very successfully, at that!" The countries — Denmark, Sweden, France, Germany, the Netherlands and Finland, Britain and Norway — are already subject to US tariffs between 10% and 15%. US Treasury Secretary Scott Bessent said he was confident that the US and Europe would find a solution over the Trump administrations aim to take over Greenland. "I am confident that the leaders will not escalate and that this will work out in a manner that ends up in a very good place for all," Bessent said while at the World Economic Forum in Davos. 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 Board of Peace for Gaza was established by the Trump administration over the weekend and 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. President Trump's pursuit of Greenland has caused widespread concern and hysteria, with European leaders expressing confusion at the president's actions and protests taking place in Greenland. The markets have also been affected by the Trump administration's latest moves. Here's how the markets are reacting to Trump's latest pursuit. US futures: Nasdaq 100 futures (NQ=F) fell 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: Treasury bond prices dropped after President Trump threatened tariffs on Greenland. These 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 4.909%. Jenny McCall 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. 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. Americans bear almost all the cost of Trump tariffs A study, conducted by a German think tank, has concluded that American importers are paying almost entirely for President Trump's tariffs on imported goods. Trump links Greenland threats to Nobel Peace Prize snub President Trump has claimed in a letter to the Norwegian Prime Minister Jonas Gahr Stor that his desire to purchase Greenland is due to his not being awarded the Nobel Peace Prize. Trump initially said that his claims on Greenland related to reasons of national security; some have claimed it may be down to the natural minerals that the island has. But now it appears him being snubbed for the peace prize award last year is the real reason. Europe can wield this $8T ‘sell America’ weapon as Trump reignites a trade war over Greenland As the EU weighs retaliatory measures against President Trump due to his 10% tariff threat, experts believe the EU's greatest weapon in its arsenal may be its financial markets. EU eyes tariffs on $108 billion of US goods over new Trump threat The European Union is looking to impose tariffs on $108 billion of US goods after President Trump threatened to hit European countries with a 10% levy. Relations between the EU and the US started to unravel over the weekend as Trump continued his pursuit of Greenland. The US president said he would unleash 10% tariffs on goods from eight European countries starting from February 1, rising to 25% in June, unless a deal is struck on the "purchase of Greenland." Trump issued the threat after the EU said it would undertake token NATO military planning exercises in the semi-autonomous Danish territory. It's not just tariffs that the EU is looking to impose as its 27 countries met Sunday to discuss options; the union is also weighing additional countermeasures beyond the tariffs, but ultimately it will try to reach a diplomatic solution first. Trump has been keen to purchase Greenland since he returned to office, saying it is for national security reasons and has said he will take the island the "easy way" or the "hard way". Some believe that Greenland's natural resources, which include rare earth minerals, uranium and iron and the fact that it could have significant oil and gas reserves, are the main reasons for Trump's demands. Now that Trump has removed Venezuelan President Nicolás Maduro, his pursuit of Greenland has increased. EU poses retaliation tariffs against US totaling $107B European capitals may hit the U.S. with 93 billion euros ($107.71 billion) worth of tariffs or restrict American companies from the bloc's market in response to U.S. President Donald Trump's threats to NATO allies opposed to his campaign to take over Greenland, the Financial Times reported on Sunday. The retaliation measures are being drawn up to give European leaders leverage in pivotal meetings with Trump at the World Economic Forum in Davos this week, the FT report said, citing officials involved in the preparations for the meetings in Switzerland. Bessent dismisses 'weak' Europe pushback on Trump plan to annex Greenland US Treasury Secretary Scott Bessent on Sunday dismissed European countries' threat to nix a trade deal negotiated last year between the EU and the US as President Trump announced new tariffs to force a sale of Greenland to the US. Bessent made the remarks on NBC's Meet the Press, Reuters reported: 'Europe will not be blackmailed': countries consider countermeasures to new Trump tariffs To no one's surprise, European Union states roundly condemned President Trump's plan to implement new tariffs on eight European countries until the U.S. is allowed to buy Greenland. The countries — Denmark, Sweden, France, Germany, the Netherlands and Finland, Britain and Norway — are already subject to US tariffs between 10% and 15%, and have sent military personnel to Greenland in a show of support for the island, a territory of Denmark. "Tariff threats undermine transatlantic relations and risk a dangerous downward spiral," the eight nations said in a joint statement Sunday. 'The U.S.-EU trade war is back on': Trump plan for new tariffs over Greenland set to jolt markets President Trump said Saturday that the US would impose 10% tariffs on eight European countries "until such time as a Deal is reached for the Complete and Total purchase of Greenland, effective Feb. 1. The tariffs would be raised to 25% if no agreement is in place by June 1, the president said. European leaders and the governments of Greenland and Denmark have strongly pushed back against Trump's quest to acquire the Arctic island, with his latest focus on a purchase of the country, which is an independent territory of Denmark. Reuters reports that markets are beginning to react to the news, which threatens to upend a recent trade agreement between the EU and US. Trump says US will levy 10% tariff on most of Europe over quest to purchase Greenland In a lengthy Truth Social post Saturday morning, President Trump said the US would impose 10% tariffs on eight European countries "until such time as a Deal is reached for the Complete and Total purchase of Greenland." The tariffs would begin Feb. 1, the president wrote, and will apply to "any and all goods sent to" the US. The levies on Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland would be raised to 25% on June 1 if no agreement is in place. Trump alluded to the levies Friday during a roundtable event on healthcare, but did not offer specifics on which countries and how much. Germany, France, Sweden, and Norway have committed to sending military personnel to Greenland for what they called a reconnaissance mission. Greenland is an autonomous territory within Denmark, and the Danish foreign minister has said there is still "fundamental disagreement" with the US about control of Greenland. But Trump has insisted that the US "needs" the island country to prevent expansion into the region by Russia and China. He repeated the claim on Saturday. "World Peace is at stake! China and Russia want Greenland, and there is not a thing that Denmark can do about it. They currently have two dogsleds as protection, one added recently. Only the United States of America, under PRESIDENT DONALD J. TRUMP, can play in this game, and very successfully, at that!" Reuters reported later Saturday that ambassadors from the EU's 27 countries would hold an emergency meeting on Sunday in light of Trump's latest remarks. Trump didn't offer any specific details about what the tariff would look like and moved on from the topic to talk about healthcare instead. His comments follow tense talks between officials from the US and Denmark, which is responsible for Greenland's defense, about the autonomous territory's future. Trump has renewed his interest in taking control of Greenland following the US strike on Venezuela that removed its leader, Nicolás Maduro. "One way or the other, we're going to have Greenland," Trump said previously, noting that he'd prefer a negotiated settlement. Since the talks at the White House, NATO countries Germany, France, Sweden, and Norway have committed to sending military personnel to the island for what they have called a reconnaissance mission. Denmark's foreign minister has said that Denmark and Greenland “still have a fundamental disagreement” with the US about control of the island. Jenny McCall Taiwan touts 'best tariff deal' with US amid Beijing's objections Taiwan's Premier Cho Jung-tai praised the country's new trade deal with the US, saying it's the "best tariff deal" enjoyed by countries that sell more to the US than they buy. The Trump administration has targeted countries that tend to export more to the US than they import — in other words, have a large trade surplus. However, China is less than happy with the deal; Beijing views Taiwan as a Chinese territory and therefore opposes the latest agreement. Taiwan aims to be strategic AI partner in US tariff deal After reaching a deal to cut tariffs and boost its investment in the US, Taiwan aim's to become a close strategic partner with the US in the area of AI, Vice Premier Cheng Li-chiun said on Friday. Canada, breaking with US, agrees to cut tariff on Chinese EVs in return for lower tariffs Canadian Prime Minister Mark Carney announced on Friday that Canada and China have reached a deal for Beijing to cut tariffs on its canola by March 1. This latest move between the two countries is a sign that the trade rift, which disrupted crop flows, is starting to thaw. In return, Canada agreed to cut tariffs on Chinese electric vehicles. Canada will allow up to 49,000 Chinese EVs at a tariff of 6.1%, Carney said after talks with Chinese leader Xi Jinping. This is the first visit from a Canadian prime minister since 2017, as Canada seeks to build its strategic alliances with the country's second-largest trading partner after the US. It is also a sign that China may start to rebuild some of its strategic allies, while Canada may be breaking from the US.

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Source: Yahoo Entertainment

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