Europe Reacts to Trump/Greenland, Markets Fall on Greenland News, 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 Monday 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're 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 percent tariff on goods from eight European countries starting February 1st, rising to 25 percent in June, unless there's a deal for the, quote, purchase of Greenland.
Bloomberg's Brendan Murray says some countries are already starting to look away from the U.S. for new trade partners.
Canada made no, they weren't shy about the fact that they are now seeing China as a more reliable trading partner than the US. Remember over the weekend, we had the Europeans, the European Union signing a new free trade agreement with the Mercosur countries in South America.
That's Bloomberg's Brendan Murray. The European Union is discussing potentially imposing tariffs on 93 billion euros of U.S. goods if President Trump follows through on his threat to hit European countries with tariffs unless it's a deal for the, quote, purchase of Greenland. The president made the threat after the countries undertook a NATO military exercise on this semi-autonomous Danish territory. The EU is also weighing additional countermeasures beyond the tariffs, but will first try to find a diplomatic solution. Representatives from the EU's 27 countries met Sunday to begin preparing options. Meanwhile, Hennion and Walsh Asset Management CIO Kevin Mann says it is important for investors not to overreact.
Time will tell exactly what happens with tariffs and trades 2.0, what the Supreme Court will decide. But what we do know is that trying to time the market is often an exercise in futility. And I do think regardless of the outcome of tariffs and trade 2.0, there are many other opportunities for investors to consider if they only follow where all the money is going to be spent in the new year.
That's Hennion and Walsh Asset Management CIO Kevin Mann. 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 awarded by the Norwegian government, but instead by an independent committee. Markets reacting negatively to the news on Greenland with futures all down. from three quarters of a percent to 1.4 percent, while European markets are also roiled down anywhere from four tenths of a percent to one and a half percent. According to Spain's transport minister, at least 39 people are dead after a high-speed train carrying around 300 passengers traveling between Madrid and Malaga derailed and hit another train coming in the opposite direction.
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