Overview
- In early Asian trading Monday, gold briefly topped $4,690 per ounce and silver hit $94.12, marking intraday record highs.
- European stocks opened lower, with Germany’s DAX slipping below 25,000 and auto shares under pressure.
- President Trump tied stepped tariffs of 10% from Feb. 1 rising to 25% from June 1 to European acceptance of U.S. control of Greenland.
- The measures target eight European NATO countries including Germany, Denmark, France and the United Kingdom, drawing a joint condemnation.
- EU leaders called a special summit and are weighing roughly €93 billion in counter-tariffs, while Germany signaled an EU–US trade deal is on hold and U.S. markets are closed for Martin Luther King Day.