EU calls emergency summit as Trump escalates Greenland tariff threat. Euro a little lower.

Trump's announcement to impose new tariffs over the purchase of Greenland has escalated tensions with European allies, set to implement 10% tariffs starting February 1, potentially rising to 25% by June. In response, the EU plans to hold an emergency summit to showcase unity and counter intimidation. Additionally, a suspended package of €93 billion in retaliatory tariffs on U.S. goods will take effect if negotiations fail. The UK Prime Minister criticized these tariffs, emphasizing the shared security interests within NATO. This geopolitical tension signals downside risks for European trading sentiment, with the Euro showing slight declines.