President Donald Trump is calling off his threat to impose tariffs on an array of European countries over Greenland.
He made the announcement via a Truth Social post shortly after meeting with NATO Secretary General Mark Rutte at the World Economic Forum on Wednesday in Davos, Switzerland.
Trump said that he and Rutte formed a “framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region.”
“Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st,” Trump wrote.
Trump also said more information about the deal was forthcoming, and that Vice President JD Vance, Secretary of State Marco Rubio, and Special Envoy Steve Witkoff will be part of a negotiation team.
During an interview with CNBC’s Joe Kernen shortly after the announcement, Trump repeatedly declined to offer details of the deal.
“It’s a little bit complex, but we’ll explain it down the line,” Trump said.
But when asked about the duration of the deal, Trump simply said it would last “forever.”
Stocks surged following the announcement, in a sign that the “TACO trade” had won out again.
Over the weekend, Trump announced that he would be imposing tariffs on Sweden, Norway, France, Germany, the United Kingdom, the Netherlands, and Finland unless those countries agreed to a deal to transfer control of Greenland to the United States.
A 10% tariff was set to take effect on February 1, with an increase to 25% in June if those countries didn’t comply.
The threat rattled markets and cast a shadow over discussions in Davos.
During a speech earlier on Wednesday, Trump seemed to rule out using force to acquire the territory, after telling reporters on Tuesday that they would “find out” how he was willing to go to get it.
“I don’t have to use force, I don’t want to use force, I won’t use force,” Trump said. “All the United States is asking for is a place called Greenland.”
