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News when you want it with Bloomberg News Now. I'm Monica Ricks. We're following breaking news out of Washington where President Trump just announced a 10% tariff on European countries rallying to Denmark's side in his pursuit of Greenland.
Trump threatened in a social media post to impose tariffs starting February 1st and says they'll be raised to 25% in June unless a deal is reached for the, quote, complete and total purchase of Greenland. The tariffs will apply to Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland.
It comes as protests erupt across Greenland and Denmark today, where a bipartisan congressional delegation has been working to de-escalate tensions. Republican Alaska Senator Lisa Murkowski. Greenland needs to be viewed as our ally, not as an asset.
Denmark is part of NATO, and these talks come as other countries within the alliance, including France and Germany, send military support to help secure the territory. Delaware Senator Chris Coons.
I think I speak for every senator and House member here in that we deeply value NATO and that this 80-year-old alliance, this partnership has been absolutely critical to the United States' security and prosperity and success.
It's not immediately clear what authority Trump would use and how he would seek to apply new tariffs to these countries, but he's previously relied on the International Emergency Economic Powers Act for similar threats. His use of that authority, though, is based on a landmark case at the Supreme Court with a ruling expected soon.
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