Erica Herskowitz

EU leaders will hold an emergency meeting to explore possible retaliatory measures.

The EU has legally established a toolbox that can respond to economic blackmail with sensitive measures and some leaders urging the use of the anti-coercion instrument, which has never been used.

to respond to Trump's threats.

In an interview with NBC's Meet the Press on Sunday, Treasury Secretary Scott Besson said the U.S.

won't back down on taking over Greenland, citing the continent is too weak to ensure its security.

Treasury Secretary Scott Besant.

Meanwhile, UK Prime Minister Keir Starmer is taking a stand against Trump's threats of new tariffs on European nations and says they would damage the British economy, adding the use of tariffs against allies is completely wrong.

UK Prime Minister Keir Starmer.

In Europe, stocks are slumping and gold hit a fresh record as trade tensions between the U.S.

and Europe flare.

But 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.

The tensions are also adding to the significance of a pending U.S.

Supreme Court ruling on some of Trump's earlier tariffs, with a decision possible as soon as tomorrow.

U.S.

markets are closed in observance of Martin Luther King Day, but market futures are reacting negatively to the latest on Greenland, with futures all down between three quarters and one and a half percent.

European stocks are also in the red.

The FTSE in London is down a third of a percent.

The CAC in Paris down more than one and a half percent.

The DAX in Germany down one and a quarter percent.