Ed Elson

Meanwhile, the dollar slid, Bitcoin declined, and gold hit a record high.

Okay, what else is happening?

President Trump has upped the stakes for a Greenland acquisition, presenting Europe with a new tariff ultimatum.

Over the weekend, he announced 10% tariffs on eight European countries starting February 1st.

According to Trump's Truth Social post, the rate will rise to 25% in June unless there is a deal reached for what he called, quote, "'the complete and total purchase of Greenland.'"

The targeted countries are putting up a united front, warning this could spark, quote, a dangerous downward spiral.

French President Emmanuel Macron is urging the EU to use its trade bazooka, more formally known as the anti-coercion instrument, which could lock the US out of European markets.

Meanwhile, Danish officials are skipping the World Economic Forum in Davos in protest, and Denmark deployed additional troops

to Greenland on Monday.

European stocks had their worst day in two months yesterday, and gold and silver hit fresh all-time highs, another signal that investors are searching for safety.

So, here to discuss what is at stake with potentially another trade war between America and Europe, we are joined by pod favourite Robert Armstrong.

U.S.

financial commentator for the Financial Times and author of the Unhedged newsletter.

Rob, welcome back once again to Profiteer Markets.

Good to see you at the end of a very strange weekend.

A very strange weekend indeed.

We want to jump right into it.

So we've got 10% going up to 25% tariffs on eight European countries that have expressed solidarity with Greenland.

We've got Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland.

Let's just start with your initial reactions, Rob.