U.S. President Donald Trump has announced new tariffs on some European countries for their opposition to the U.S. plan to take over Greenland. This comes ahead of the Supreme Court’s ruling on whether the Trump tariffs are legal, which could come as soon as next week.
Trump Announces Tariffs On 8 European Countries
In a Truth Social post, the U.S. president stated that they will change 10% tariff on all goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland, starting February 1. He further declared that these tariffs will increase to 25% on June 1.
He also mentioned that this tariff will remain due and payable until they reach a deal for the complete and total purchase of Greenland. Interestingly, this development comes just ahead of a Supreme Court ruling on the Trump tariffs. The court will determine whether the president has the authority to impose these tariffs under the 1977 International Emergency Economic Powers Act.
Explaining the rationale for these latest tariffs, Trump highlighted how these countries had moved into Greenland for “purposes unknown,” although likely to defend against the U.S. move to take over Greenland. He claimed that their move is a “very dangerous situation for the safety, security, and survival” of this planet.
“Therefore, it is imperative that, in order to protect Global Peace and Security, strong measures be taken so that this potentially perilous situation ends quickly, and without question,” the president said while announcing the latest tariffs. He added that the U.S. is open to negotiation with Denmark and any of these other countries.
The Bitcoin price remained largely unchanged following the announcement of these Trump tariffs. The flagship crypto is currently trading at around $95,200, down in the last 24 hours.
Crypto Traders Bet Against the U.S. Acquiring Greenland
Polymarket data shows that crypto traders are betting against the U.S. acquiring Greenland before next year. There is currently only a 20% chance that the acquisition will occur by December 31, and only a 9% chance by March 31.
However, it is worth noting that the odds climbed from around 17% to 20% following the announcement of these Trump tariffs. It remains to be seen if this would compel Denmark to sell the island.
Trump claimed that it was time for Denmark to give back, as world peace is at stake, with China and Russia allegedly wanting the island. He said there was nothing Denmark could do about the move by these two countries, and that it was better for them to hand it over to the U.S., which has the power to protect the land.
