Trump Announces 10% Tariffs on Eight European Countries Over Greenland

TLDR

• Trump announced 10% tariffs on Denmark, Norway, Sweden, France, Germany, U.K., Netherlands, and Finland starting February 1, 2025
• Tariffs will increase to 25% by June 1 unless a deal is reached for U.S. purchase of Greenland
• Trump claims these countries moved into Greenland for “purposes unknown” and pose a threat to global security
• Bitcoin price remained stable around $95,200 following the tariff announcement
• Polymarket shows only 20% chance of U.S. acquiring Greenland by December 31, 2025

President Donald Trump declared new tariffs on eight European nations on Saturday in a Truth Social post. The tariffs target Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland.

The 10% tariffs will begin on February 1, 2025. They apply to all goods sent from these countries to the United States.

Trump stated the tariffs will increase to 25% on June 1, 2025. The levies will remain in place until a deal is reached for the complete purchase of Greenland.

The announcement comes just before a Supreme Court ruling on tariff legality. The court will decide if Trump has authority to impose these tariffs under the 1977 International Emergency Economic Powers Act.

Trump explained that these countries had moved into Greenland for “purposes unknown.” He claims their presence creates a “very dangerous situation for the safety, security, and survival” of the planet.

Reaction from Europe

Thousands of protesters rallied in Denmark and Greenland on Saturday against Trump’s plans. In Greenland’s capital city of Nuuk, demonstrators chanted “Kalaallit Nunaat,” the island’s name in Greenlandic, as they marched to the U.S. embassy.

Bitcoin and Crypto Market Response

The Bitcoin price remained largely unchanged following the tariff announcement. The flagship crypto is currently trading around $95,200, down slightly in the last 24 hours.

Polymarket data shows crypto traders are betting against the U.S. acquiring Greenland before next year. There is currently a 20% chance the acquisition will occur by December 31, 2025, and only a 9% chance by March 31.

The odds climbed from around 17% to 20% following the tariff announcement. This suggests some traders believe the tariffs could pressure Denmark to sell.

Supreme Court Decision Pending

The Supreme Court has not yet issued its verdict on the implications and legality of Trump’s tariffs. The court heard arguments in early November 2024.

Both conservative and liberal justices asked skeptical questions about the method Trump used to impose his tariffs. Trump invoked the 1977 International Emergency Economic Powers Act, which was designed for national emergencies.

Companies like Costco have filed lawsuits against the U.S. government hoping to secure refunds on import duties. These cases depend on whether the court rejects Trump’s authority to impose tariffs.

Trump has expressed concern over the potential ruling. On Monday, he wrote on social media: “If the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!”

The tariffs will remain in effect until Denmark agrees to sell Greenland to the United States.

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