Erica Herskowitz

Bloomberg's Brendan Murray.

Trump's latest tariff announcement has sent European shares tumbling from a near record high.

The FTSE in London lost a third of a percent.

The CAC in Paris fell one and three quarters percent.

The DAX in Germany fell one and a quarter percent.

And U.S.

markets are closed in observance of Martin Luther King Day.

But market futures are also reacting negatively to the latest on Greenland, with futures all down between three quarters and one and a half percent.

Hennion and Walsh Asset Management CIO Kevin Mann says it's important for investors not to overreact.

Hennion and Walsh Asset Management CIO Kevin Mann.

If Trump follows through with the full 25% tariff threat, it could cut the targeted country's U.S.

exports by as much as 50%, with Germany being one of the most exposed countries, according to Bloomberg Economics estimates.

Meanwhile, President Trump's proposed Board of Peace has gotten off to a rough start, questioned by Europe, criticized by Israel, and celebrated by friends of the Kremlin.

Trump wants the full constitution and remit of the committee signed in Davos Thursday, but some elements of the small print have left invitees wondering whether to accept.

Trump is demanding that nations pay a billion dollars for permanent membership of the board, Bloomberg reported, a condition since confirmed by the White House.

That's blindsided world leaders and left many bewildered.

Meanwhile, according to a Kremlin spokesperson, Russian President Vladimir Putin has been invited by Trump to join the peace board.

Moscow aims to contact the U.S.

side to clarify all the details of the proposal.

The high-speed train collision in southern Spain has claimed at least 39 lives and left 11 others hospitalized in intensive care.