President Donald Trump has vowed not to take Greenland by force, cuing sighs of relief from other NATO leaders.
After making a long-winded argument on Wednesday at the World Economic Summit about why the Danish territory should be in U.S. hands, Trump made a pledge.
‘We probably won’t get anything unless I decide to use excessive strength and force, where we would be – frankly – unstoppable,’ Trump first said.
‘But I won’t do that. OK,’ he continued. ‘Now everyone says, “Oh, good.”‘
Stocks immediately bounced back up at the news that there would be no military intervention, which could have led to a breakup of NATO.
They had fallen Tuesday after Trump threatened to impose tariffs on eight European allies to get his way on Greenland.
The Dow and S&P500 each ticked up by 0.7 percent while the tech-heavy Nasdaq rallied 0.6 percent. Treasury yields dropped and the dollar increased against other currencies.
Trump’s comments came after the president wouldn’t reveal to reporters on Tuesday his red line, answering only ‘you’ll find out’ when asked how far he would go to acquire Greenland.
President Donald Trump pledged not to take Greenland, a Danish territory, by force
Snow-covered houses line a hillside in Nuuk, Greenland, the territory’s capital
The leaders of Denmark, a member of the NATO alliance, have repeatedly said they’re not interested in selling off the large island territory, which Trump argued Wednesday was part of the U.S.’s purview, due to it being located in North America.
On Wednesday, Trump still demanded ‘full ownership’ of Greenland.
‘All we’re asking for is to get Greenland, including the right title and ownership, because you need the ownership to defend it. You can’t defend it on a lease,’ the president argued.
This is a breaking news story and will be updated.
