Overview
- President Trump threatened new import levies of 10% from February 1 on Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain, rising to 25% on June 1 unless the U.S. is allowed to buy Greenland.
- S&P 500 and Nasdaq futures fell roughly 0.9% and 1.1% as the dollar weakened against the yen and Swiss franc, while gold surged to a record high near $4,670 an ounce.
- European officials condemned the move and prepared options that include reactivating a suspended €93 billion package of counter‑tariffs that could snap back as early as February 6, alongside discussions of using the Anti‑Coercion Instrument.
- Asia-Pacific markets were set to open softer as traders also awaited China’s fourth‑quarter GDP and December activity data for fresh cues on regional growth.
- U.S. stock and bond markets are closed for Martin Luther King Jr. Day, creating thin liquidity, and investors are watching for policy signals from Trump’s Wednesday Davos address where housing reforms are expected to feature.