Overview
- Trump set 10% tariffs on goods from eight European and NATO countries starting Feb. 1, rising to 25% on June 1, and later threatened 200% duties on French wine and champagne.
- EU leaders scheduled an emergency summit to consider retaliatory tariffs estimated around €93 billion and potential use of the Anti‑Coercion Instrument.
- U.S. stocks fell on reopening, futures pointed to steep losses, Treasury yields climbed as bond prices dropped, the dollar weakened, and gold and silver hit record highs as the “Sell America” trade resurfaced.
- Greenland’s Prime Minister Jens‑Frederik Nielsen reaffirmed the island is not for sale and rejected pressure, echoing Denmark’s stance on sovereignty.
- Treasury Secretary Scott Bessent urged calm in Davos and expressed confidence in a resolution, while investors monitored a possible near‑term Supreme Court ruling on tariff authority.