Lizzie Burden

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I'm Lizzie Burden.

US President Donald Trump says he won't impose extra tariffs on goods from European countries opposed to the efforts to acquire Greenland.

In a social media post, Trump cited the framework of a future deal reached with NATO as the reason for the change.

It followed a meeting with NATO Secretary General Mark Rutter at the World Economic Forum in Davos.

Speaking to reporters in the conference centre shortly afterwards, the US President offered further insight into the deal.

How so?

Can you give us some details, please?

Does it still include the United States having ownership of Greenland like you said you wanted?

Despite Trump's optimism, the US president did not give any details on what the agreement entails.

The New York Times reports that discussions included a compromise in which Denmark would give the US sovereignty over small pockets of land on Greenland for the construction of military bases.

In markets, global stocks are rallying after President Trump abandoned his tariff threats against the eight European nations.

Asian shares rose with momentum looking set to carry into Europe as markets went risk on and safe havens such as gold dropped.

Bloomberg's international economics and policy correspondent Mike McKee says that the pivot has driven markets.

Mike McKee speaking there as the president's policy shift appeared to vindicate investors who adhere to the taco trade.

That is buying any dip caused by U.S.

tariff threats because they argue Trump always chickens out when there's a major market sell off.

We now have the stock 600 up 1.1 percent five minutes since the European cash trade.

And UK business leaders want to keep Keir Starmer as Prime Minister, but they're open to backing Farage's reform UK at the next election.