€93 Billion and the Trade “Bazooka.”
The number of the day is €93 billion — the scale of retaliatory tariffs the European Union is considering if the United States moves ahead with new trade penalties. The trigger is extraordinary. US President Donald Trump’s renewed ambition to acquire Greenland, and his warning that EU countries opposing the plan could face tariffs starting at 10% in February and rising to 25% by June.
This marks a dramatic shift in global trade tensions. Trade wars were once mainly about the US and China; now, they threaten to erupt between traditional allies within NATO. European leaders, having previously absorbed US tariffs, are signalling that patience is running out. Germany has warned against blackmail, while Finland cautions of a dangerous downward spiral.
Greenland, a semi-autonomous territory of Denmark, sits at the centre of the dispute, with Trump framing the issue as one of security and competition with Russia and China. The EU has countered with alternatives, including expanded US bases and joint missile defence.
Markets are already reacting. Gold has hit a new all-time high, reflecting investor anxiety, while equities have slipped and luxury stocks like Richemont are under pressure. For now, the focus is on €93 billion — but the EU’s much-talked-about trade “bazooka” could make this confrontation far bigger.
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