Jack Sidders and Stephen Carroll

News when you want it with Bloomberg News Now.

I'm Jack Sidders.

And I'm Stephen Carroll.

President Trump has linked his desire for the US to own Greenland to not being awarded the Nobel Peace Prize.

In a letter obtained by Bloomberg, Trump told Norway's Prime Minister, Janne Skarstor, that he no longer feels an obligation to think purely of peace.

Our chief European correspondent, Oliver Crook, broke the news of the letter's contents on Bloomberg Radio.

Oliver Crook speaking there.

After the US president on Saturday announced a 10% levy due to take effect next month and rising to 25% by June on eight European countries, including the UK, Germany, France and Denmark.

The move came after the nations committed to holding token NATO military drills in Greenland.

Those EU leaders will hold an emergency meeting in the coming days to discuss possible retaliation to Trump's latest tariff threat.

Member states are discussing several options, including levies on more than $100 billion of US goods.

Meanwhile, French President Emmanuel Macron says the bloc should consider using its most powerful trade tool, the anti-coercion instrument.

That would allow the EU to impose additional tariffs, new taxes on tech companies or targeted curbs on investment in the bloc.

Speaking on Sunday, Italy's Prime Minister Giorgio Maloney sought to cool tensions between the world's biggest trading partners after speaking to President Trump.

Despite Giorgio Maloney's efforts, Trump's plan to impose tariffs over Greenland calls into question the validity of the trade deal sealed last year between the EU and the US.

That deal has already been partially implemented, but still needs approval from the European Parliament, which is now likely to halt the process.

The annual gathering of the world's business elite in Davos is set to be dominated by Donald Trump's rewriting of the global economic order.

Bloomberg's James Walcock has more.

That's news when you want it with Bloomberg News Now.

I'm Jack Sidders.