EU discusses $108 billion in retaliatory tariffs’; Danish PM says Europe ‘will not be blackmailed’
EU capitals have entered discussions to implement tariffs of up to $107.71 billion on American products after President 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%.
“Tariff threats undermine transatlantic relations and risk a dangerous downward spiral,” the eight nations said in a joint statement Sunday, as EU members planned to meet to discuss possible countermeasures.
Danish Prime Minister Mette Frederiksen praised the consistent message from the rest of the continent, saying “Europe will not be blackmailed,” a view echoed by Germany’s finance minister and Sweden’s prime minister.
US Treasury Secretary Scott Bessent was asked Sunday on NBC’s Meet the Press whether Trump’s stance toward Europe is a negotiating tactic. But Bessent seemed to indicate the president wouldn’t change his mind.
“Europeans project weakness, US projects strength,” he said. “The president believes enhanced security is not possible without Greenland being part of the US.”
On Saturday, protesters rallied in Denmark and Greenland, with thousands in Greenland’s capital city of Nuuk chanting “Kalaallit Nunaat” — the island’s name in Greenlandic — as they marched to the U.S. embassy.
Those protests came after former NATO head and former Danish prime minister Anders Fogh Rasmussen said Trump was speaking like a “gangster” and using Greenland as a “weapon of mass distraction” from the war in Ukraine.
Meanwhile, the US Supreme Court’s first two 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 court heard arguments in early November. Both conservative- and liberal-leaning justices asked skeptical questions of the method by which the president imposed his most sweeping duties. Trump imposed his tariffs by invoking a 1977 law meant for national emergencies.
The Trump administration also made appeals to the court last year, and in recent weeks, Trump has frequently expressed concern over the ruling, saying losing the ability to tariff other countries would be a “terrible blow” to the US. On Monday, he went even further.
“If the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!” he wrote on social media.
Canadian Prime Minister Mark Carney and China’s President Xi Jinping have reached a deal to cut tariffs on Chinese electric vehicles, in return for lower duties on Canadian farm products.
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.
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 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.
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.
Lawmakers introduce bill to create $2.5B critical minerals stockpile
Republicans and Democratic lawmakers have joined forces to introduce a bill that would create a $2.5 billion stockpile of critical minerals, such as rare earths, in a bid to stabilise market prices and encourage more domestic mining.
The bill is Washington’s latest attempt to offset what policymakers view as China’s manipulation of prices for lithium, nickel, rare earths, and other critical minerals.
It also comes shortly after China agreed to ease export restrictions on rare earth materials, as part of its one-year trade truce with the US.
US, Taiwan reach trade deal to cut tariffs, boost investment
The US and Taiwan reached a trade deal Thursday that will see tariffs cut between the nations, while the US said Taiwan would boost its investment in the US semiconductor industry.
According to a fact sheet from the US Commerce Department, Taiwanese semiconductor companies invest $250 billion to boost financing in American operations. The Taiwanese government will also “provide credit guarantees of at least $250 billion” to the companies for additional investment, the US said.
The department said the US “reciprocal” tariff rate on Taiwanese goods would drop to 15%, down from 20%.
The deal was announced as Trump’s most sweeping tariffs still face judgment before the Supreme Court. If the high court rules against Trump’s levies, it could impede his ability to set “reciprocal” tariff rates, though other methods — like levying tariffs on certain sectors — look to be on firmer legal ground.
South Korea to keep monitoring US chip tariffs to minimise impact
Trump holds off on critical minerals tariffs after probe
President Trump announced on Wednesday that he will be opting out for now on imposing tariffs on rare earths, lithium, and other critical minerals. Trump has requested that his administration seek supplies from international trading partners.
Precious metals such as silver (SI=F) retreated following a rally after the US said it would hold off from imposing tariffs on critical minerals.
Earlier this week, US Treasury Secretary Scott Bessent held a G-7 meeting to discuss rare earth materials and to seek alternative suppliers to China, in a bid to reduce Western dependence on Beijing for the minerals.
Despite the lack of a tariff ruling from the US Supreme Court, one expert offers some advice to global nations waiting with bated breath for the verdict: “Calm.”
Another Supreme Court decision day passes without a ruling on President Trump’s tariffs
The Supreme Court convened on Wednesday and issued three opinions — but not the one that markets are watching most closely around President Trump’s tariffs.
The rulings concerned issues like warrantless entries, while the tariff decision was put off for another day. The court also issued an opinion last Friday.
The ruling in the tariffs case, formally known as Learning Resources, Inc. v. Trump, is still expected between now and the end of the court’s session in June. It is centered on the 1977 law called the International Emergency Economic Powers Act, which gives the president the ability to declare an economic emergency and take action but doesn’t specifically outline tariffs as a remedy.
Trump and his team had seized on the law to declare a variety of emergencies — over issues ranging from fentanyl to trade imbalances and more — and impose blanket tariffs in response.
Trump set the stage for this week’s decision with weeks of Truth Social posts, including one on Monday declaring that a negative decision would mean “WE’RE SCREWED!”
China’s 2025 rare earth exports hit highest since at least 2014 despite restrictions
China’s exports of rare earth materials in 2025 hit the highest level since at least 2014, a sign that Beijing is delivering on its promise, as agreed as part of the one-year trade truce with the US, to start shipping rare earths.
In retaliation for President Trump’s “Liberation Day” tariffs, China restricted shipments of several elements in April.
US approves Nvidia H200 chip exports to China with some conditions
President Trump gave the go-ahead on Tuesday for the sale of Nvidia’s (NVDA) H200 AI chips to China. Nvidia said in a statement that this latest move by Trump “strikes a thoughtful balance that is great for America” and will help the company compete in the global chip market.
However, sources claim that China’s customs department has told agents not to allow the H200 chip into the country.
China’s customs agents told Nvidia’s H200 chips are not permitted
China has pushed back on Nvidia’s (NVDA) H200 AI chips, with Beijing’s customs department telling agents this week that the chips are not permitted to enter China, according to people familiar with the matter.
The H200 chip from Nvidia is the second most powerful and was approved by the Trump administration for export to China this week. There is strong demand for the chip from Chinese companies, but it is unclear if Beijing is planning restrictions.
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