Overview
- President Trump announced 10% tariffs from February 1 rising to 25% on June 1 on imports from Germany, Denmark, Finland, France, the Netherlands, Norway, Sweden and the UK to force support for a U.S. bid to acquire Greenland.
- EU leaders have set a special meeting for later this week to coordinate a response and are assessing use of the Anti‑Coercion Instrument.
- Reports indicate a retaliation package of roughly €93 billion is being prepared, including counter‑tariffs and possible limits on U.S. companies’ access to public procurement.
- The European Parliament has effectively put a previously negotiated EU–US tariff agreement on hold following the tariff threats.
- NATO and bilateral contacts intensified as Dutch NATO chief Mark Rutte and UK Prime Minister Keir Starmer spoke with Trump ahead of Davos, while bipartisan U.S. senators criticized the plan and Finance Minister Scott Bessent defended its security rationale.