Global markets rally as Trump halts Greenland tariffs
Trump said he had requested urgent negotiations on a potential US acquisition of Greenland but emphasized that he would not use force. He also confirmed that he met with NATO Secretary General Mark Rutte, establishing a framework for a possible future deal covering Greenland and the broader Arctic region.
Following these developments, Trump announced he would suspend previously planned Greenland-related tariffs on European nations. Earlier, he had scheduled a 10% tariff on Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland to take effect on February 1, with plans to raise it to 25% by June 1.
Meanwhile, the US Supreme Court is hearing a case over Trump’s attempt to dismiss Federal Reserve Board Member Lisa Cook. During Wednesday’s two-hour hearing, Judge Brett Kavanaugh warned that firing Cook without judicial review could “weaken, if not shatter, the independence of the Federal Reserve.” A decision is pending, but optimism is growing that the court may block Trump’s action.
Amid these developments, US stock indices rallied, with the S&P 500 up 1.16%, the Nasdaq rising 1.18%, and the Dow Jones increasing 1.21%. Futures trading on Thursday morning also opened positive.
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