President Donald Trump on Wednesday said that he would not impose tariffs on eight European countries that were set to go into effect on Feb. 1 unless those countries allowed the United States to take control of Greenland.
On Saturday, Trump said he would hit Denmark, the U.K. and other countries involved in NATO exercises with a 10% tariff starting next month.
“Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region,” Trump wrote on Truth Social.
“Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st,” he added.
Trump had said if those countries did not comply with his demands by June, the tariff would rise to 25%.
Trump’s comments over the weekend roiled global markets.
Stocks soared to the highs of the day on Trump’s announcement that the tariffs were off.
This is a developing story. Please check back for updates.
