Trump indicates condition for elimination of US tariffs on 8 European countries

US President Donald Trump on Wednesday announced that he will not apply tariffs that were to take effect on February 1 on the eight European countries if the latter do not allow the US to take control of Greenland.

On Saturday, Trump had announced that he will impose a 10% tariff on Denmark, the United Kingdom, and other countries participating in NATO military exercises starting next month.

Trump had said that if those countries do not comply with his demands by June, tariffs will rise to 25%.

The US president’s announcement over the weekend sent shockwaves through global markets, NBC News reports. Stocks rose to a daily high after his announcement that the tariffs would be lifted.

Hours before Trump’s announcement, the European Parliament had blocked final approval of a landmark trade deal Trump struck with the bloc last summer.