Overview
- President Trump set tariffs at 10% from Feb. 1 on imports from Denmark, the UK, France, Germany, Norway, Sweden, the Netherlands and Finland, rising to 25% on June 1 absent a Greenland deal.
- Global equities declined, the dollar weakened against the Swiss franc and yen, and gold and silver hit record highs as investors shifted to haven assets.
- European leaders condemned the move and are weighing retaliation, including reactivating €93 billion in suspended tariffs and using the EU Anti‑Coercion Instrument that could target services or investment.
- UK leaders criticized the threats, with the prime minister delivering an emergency address and Chancellor Rachel Reeves canceling a planned London Stock Exchange appearance as markets slid.
- The IMF flagged renewed trade tensions as a downside risk to global activity, while strategists warned of dollar pressure and potential capital rebalancing away from US assets.