President Donald Trump told CNBC he will perform a U-turn on European tariffs after he gained “the concept of a deal” over Greenland, which he is intent on purchasing.
Trump had threatened tariffs of 10% on eight NATO countries on Feb. 1 if he did not receive a Greenland deal. He said it would go up to 25% on June 1 if he still didn’t have a purchase deal in place.
The European response saw the U.S. dollar drop amid investor worries on Tuesday.
Once Trump announced a reversal on the tariffs tied to a potential purchase on Wednesday, Wall Street markets came back to life, with more gains on Thursday.
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Global markets also rebounded.
