A projection of the euro currency sign is shown on the facade of the headquarters of the European Central Bank (ECB) on December 30, 2025 in Frankfurt am Main, West Germany.
Kirill Kudryavtsev Afp | Getty Images
Prime Minister of Greenland Jens-Frederik Nielsen stood firm on the island’s self-government, rejecting any suggestion that trade pressure could change the island’s political future.
“Recent US statements, including threats of tariffs, will not change that line. We will not be pressured,” Nielsen said, according to Google Translate.
Europe is thinking about it bringing out his bazooka trade and imposing 93 billion euros ($108 billion) in tariffs on the U.S. after President Donald Trump. threatened to impose duties on eight European countries unless an agreement is reached to sell Greenland.
At an emergency meeting in Brussels on Sunday, France called on the European Union to use an “anti-coercion tool”. Financial Times reported.
What the tool is designed to detect EU defines as “economic coercion” that could affect trade and investment in the bloc. Retaliation can go beyond tariffs to financial restrictions, intellectual property measures, and restrictions on government procurement.
The scale of the impact has earned the tool a reputation as Europe’s “bazooka” of trade, and not all EU members are keen to use it. Karsten Nickel, deputy director of research at Teneo, told CNBC that Germany is so dependent on exports that it has tended to shy away from using it.
But no matter where you are on the continent, there is no escaping Trump’s tariffs. Sectors most affected Includes auto industry, including Germany BMW and listed in Milan Star as members; Fancy names like France LVMH and Dry; and pharmaceutical giants including Denmark New Nordisk and Switzerland Roche.
No industry seems to be on Trump’s mind like French wine and champagne, which the president threatened with 200% tariffs on Tuesday after French President Emmanuel Macron reportedly refused to join the Gaza “Peace Council.”
The news sent shockwaves through the markets. related to futures Dow Jones Industrial Average showed a decline of more than 600 points at Tuesday’s open. European stocks fell sharply on Monday, while safe-haven assets gold and silver was shooting to reach new heightsjust days after breaking previous records.
This is just Trump’s reaction to the first round of tariffs. If the EU retaliates with targeted tariffs or a trade bazooka, the economic fallout could widen.
— CNBC’s Holly Ellyatt contributed to this report.
What you need to know today
And finally…
Japan’s Snap Election: Reckless Risk or Calculated Gamble?
Less than half a year after becoming the new Prime Minister of Japan, he dissolved the Lower House on January 23, sent voters to the polls on February 8, and called an extraordinary election. According to experts, this decision is mainly aimed at taking advantage of Takichi’s high approval rating and strengthening the ruling Democratic Party.
A strong majority would allow Takaichi to give a tough political mandate to foreign leaders, including US President Donald Trump, said Sam Yochim, an economist at Swiss private bank EFG. He noted that Takaichi may have a possible meeting with the US president in early March.
– Lim Hui Jie