Donald Trump has confirmed the US will not impose punitive tariffs on European nations on February 1 after sparking fears of a trade war over his proposed takeover of Greenland.Mr Trump last week threatened to slap 10 per cent tariffs on imports from the UK, Denmark, Germany, France, Norway, the Netherlands, Sweden and Finland after the European nations refused to support his proposed annexation of Greenland. In a Truth Social post, Mr Trump revealed the US would not push ahead with the levy increase.He said: “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.
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“This solution, if consummated, will be a great one for the United States of America, and all Nato nations. “Based upon this understanding, I will not be imposing the tariffs that were scheduled to go into effect on February 1.”Additional discussions are being held concerning the Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress.””Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and various others, as needed, will be responsible for the negotiations — They will report directly to me. Thank you for your attention to this matter!”The announcement comes just 24 hours after Mr Trump declared he would “100 per cent” push ahead with the tariff threat.Mr Trump had suggested February 1’s trade tax would precede a levy increase to 25 per cent if European nations refused to accept his proposed annexation of Greenland by June 1. Tariffs could have knocked an eyewatering £15billion off the UK’s economic output by June 2026, the British Chambers of Commerce has warned. However, the US President’s U-turn triggered an almost instant bounce for the American markets, with the S&P 500 surging by 1.52 per cent and Dow Jones receiving a 1.5 per cent boost. LATEST DEVELOPMENTSThe markets had received a modest boost earlier today after Mr Trump ruled out using force to secure the “right, title and ownership” of Greenland. During his meeting with Mr Trump in Davos, Mr Rutte thanked the US President for his role in advancing the 2025 pledge for Nato members to contribute five per cent of their GDP to defence or security spending by 2035.It is not yet known if the European Union will U-turn on its decision to suspend the ratification of its trade deal with the US. Mr Trump’s decision to drop his tariff threat came after leading allies condemned his proposed annexation of Greenland.Sir Keir Starmer and Reform UK leader Nigel Farage have both spoken out against Mr Trump in recent days.The Prime Minister told MPs earlier today that he “will not yield” to pressure from the US President over the future of Greenland. During a fiery exchange at Prime Minister’s Questions, Sir Keir told MPs: “The future of Greenland is for the people of Greenland and the Kingdom of Denmark alone.”He added: “President Trump deployed words on Chagos yesterday that were different to his previous words of welcome and support when I met him in the White House.”He deployed those words yesterday for the express purpose of putting pressure on me and Britain in relation to my values and principles on the future of Greenland.”However, Labour MP Steve Witherden urged the Prime Minister to “close ranks with our European allies and commit to retaliatory tariffs” against the US over Greenland.”The thug in the White House has shown that he doesn’t listen to grovelling or sycophancy,” he added.”He’ll continue to harm British interests no matter how compliant we are and, like all bullies, he will always find the weakest link.”
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