Europe Ponders Next Steps on Greenland, Markets Fall on Greenland, More
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News when you want it with Bloomberg News Now. I'm Dan Schwartzman. German Finance Minister Lars Klingbeil telling reporters in Berlin today that President Trump reached a red line with his threat to hit NATO allies with additional tariffs for opposing his bid to annex Greenland. Klingbeil said, quote, We are constantly experiencing new provocations. We are constantly experiencing new antagonism, which President Trump is seeking. And here we Europeans must make it clear that the limit has been reached. The minister speaking alongside his French counterpart said there was a European toolbox available to use to respond to economic blackmail, which they believe should be now examined. Klingbeil was responding to Trump's announcement over the weekend to impose a 10% tariff on goods from eight European countries starting February 1st, rising to 25% in June, unless there's a deal for the, quote, purchase of Greenland.
British Prime Minister Keir Starmer says the decision is not Trump's to make. Any decision about the future status of Greenland
belongs to the people of Greenland and the Kingdom of Denmark alone. That right is fundamental.
and we support it. That's British Prime Minister Keir Starmer. Meanwhile, President Trump has linked his claims on Greenland to not being awarded the Nobel Peace Prize in a letter to Norway's Prime Minister. The president says the world is not secure unless the U.S. has, quote, complete and total control of Greenland. The Nobel Peace Prize, though, isn't decided by the Norwegian government, but is awarded by an independent committee. Markets are reacting negatively to the news on Greenland, with futures all down anywhere from nine-tenths of a percent to over one and a half percent, while European markets are also roiled down anywhere from 0.4% to over 1.5%. At least 39 people are reported dead after a high-speed train carrying around 300 passengers traveling between Malaga and Madrid derailed and hit another train coming in the opposite direction.
The accident took place around 7.45 p.m. local time. Spain has one of the world's largest high-speed train networks, which consists of private and state-owned players. Spanish Prime Minister Pedro Sanchez declared three days a morning and canceled his trip to Davos. Russian President Vladimir Putin's spokesman Dmitry Peskov says that Putin, quote, received through diplomatic channels, unquote, an invitation to join President Trump's Board of Peace for the reconstruction of Gaza. Petrov says the Kremlin is reviewing the invitation and is looking to get more details from the U.S. Others invited to the board include the leaders of Turkey, Brazil, Argentina, and Canada, amongst others. Gold and silver jumped to record highs as President Trump's push to take over Greenland spurred fears of a trade war between the U.S.
and Europe. Precious metals have rallied sharply this year, with many analysts expecting the gains to continue, citing geopolitical risks and uncertainty undermining growth prospects and trust in the U.S. dollar. Spot gold traded near $4,670 an ounce, while silver surged as much as 4.4%. Overall, precious metals have rallied sharply this year following dramatic gains in 2025.
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